{"id":45971,"date":"2026-05-01T18:55:46","date_gmt":"2026-05-01T18:55:46","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/makhlouf-orta-dogudaki-catismanin-uzamasina-iliskin-belirsizligin-enerji-fiyatlarini-daha-uzun-sure-yuksek-tutabilecegi-uyarisinda-bulundu-reuters\/"},"modified":"2026-05-01T18:55:46","modified_gmt":"2026-05-01T18:55:46","slug":"makhlouf-orta-dogudaki-catismanin-uzamasina-iliskin-belirsizligin-enerji-fiyatlarini-daha-uzun-sure-yuksek-tutabilecegi-uyarisinda-bulundu-reuters","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/makhlouf-orta-dogudaki-catismanin-uzamasina-iliskin-belirsizligin-enerji-fiyatlarini-daha-uzun-sure-yuksek-tutabilecegi-uyarisinda-bulundu-reuters\/","title":{"rendered":"Makhlouf, Orta Do\u011fu\u2019daki \u00e7at\u0131\u015fman\u0131n uzamas\u0131na ili\u015fkin belirsizli\u011fin enerji fiyatlar\u0131n\u0131 daha uzun s\u00fcre y\u00fcksek tutabilece\u011fi uyar\u0131s\u0131nda bulundu (Reuters)"},"content":{"rendered":"

ECB Y\u00f6netim Konseyi \u00fcyesi Gabriel Makhlouf, Reuters\u2019a g\u00f6re Orta Do\u011fu\u2019daki \u00e7at\u0131\u015fman\u0131n ne zaman bitece\u011fine dair net bir takvim olmamas\u0131n\u0131n, enerji fiyatlar\u0131n\u0131n daha uzun s\u00fcre y\u00fcksek kalabilece\u011fi endi\u015fesini art\u0131rd\u0131\u011f\u0131n\u0131 s\u00f6yledi. Makhlouf, enflasyon beklentilerinin **hedefe ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 kaybetme** (piyasalar\u0131n enflasyonun orta vadede %2\u2019ye d\u00f6nece\u011fine olan inanc\u0131n\u0131n zay\u0131flamas\u0131) riski a\u00e7\u0131s\u0131ndan yak\u0131ndan izlenmesi gerekti\u011fini belirtti.<\/p>\n

Makhlouf, \u00fcretim, ta\u015f\u0131mac\u0131l\u0131k ve hizmetlerde **maliyet kaynakl\u0131 bask\u0131lar** (\u015firketlerin artan maliyetleri fiyatlara yans\u0131tmas\u0131) gibi dolayl\u0131 etkileri takip edece\u011fini s\u00f6yledi. Ayr\u0131ca \u00fccretlerin farkl\u0131 zamanlarda belirlendi\u011fi i\u00e7in, \u00fccretler \u00fczerinden gelebilecek **ikinci tur etkilerin** (ilk fiyat art\u0131\u015flar\u0131n\u0131n \u00fccretleri, ard\u0131ndan \u00fccret art\u0131\u015flar\u0131n\u0131n tekrar fiyatlar\u0131 yukar\u0131 itmesi) daha ge\u00e7 ortaya \u00e7\u0131kabilece\u011fini ekledi.<\/p>\n

Market Reaction And Euro Outlook<\/h3>\n

Piyasalarda EUR\/USD, ABD seans\u0131nda yatay seyretti ve 1,1750\u2019nin \u00fczerinde art\u0131da i\u015flem g\u00f6rd\u00fc.<\/p>\n

2025 sonuna do\u011fru dile getirilen \u201cenerji fiyatlar\u0131 uzun s\u00fcre y\u00fcksek kalabilir\u201d endi\u015fesinin yerinde oldu\u011fu g\u00f6r\u00fcld\u00fc. Orta Do\u011fu\u2019daki \u00e7at\u0131\u015fma bu y\u0131l\u0131n ilk \u00e7eyre\u011finde Brent petrol\u00fcn\u00fc 105 dolar\u0131n \u00fczerine ta\u015f\u0131d\u0131. \u015eu anda 98 dolar civar\u0131nda dengelenen bu y\u00fcksek seviyeler, bug\u00fcn g\u00f6rd\u00fc\u011f\u00fcm\u00fcz enflasyon verilerine do\u011frudan yans\u0131yor.<\/p>\n

Bu nedenle enflasyon beklentilerinin %2 hedefinden kopup kopmad\u0131\u011f\u0131 yak\u0131ndan izlenmeli. Euro B\u00f6lgesi\u2019nin Nisan 2026 i\u00e7in a\u00e7\u0131klanan \u00f6nc\u00fc HICP tahmini (t\u00fcketici fiyatlar\u0131 endeksi) enflasyonun %3,1 ile inat\u00e7\u0131 kald\u0131\u011f\u0131n\u0131 ve ge\u00e7en y\u0131l g\u00f6r\u00fclen a\u015fa\u011f\u0131 y\u00f6nl\u00fc e\u011filimi tersine \u00e7evirdi\u011fini g\u00f6sterdi. Bu durum, piyasalar\u0131n ECB\u2019nin faiz indirimi beklentilerini daha ileri tarihe \u00f6telemesine yol a\u00e7t\u0131.<\/p>\n

Dolayl\u0131 etkiler, \u00f6zellikle \u00fcretim ve ta\u015f\u0131mac\u0131l\u0131kta maliyet kaynakl\u0131 enflasyon yak\u0131ndan takip ediliyor. **T\u00fcrev piyasalarda** (dayanak varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler) i\u015flem yapanlar i\u00e7in bu, 2026 d\u00f6rd\u00fcnc\u00fc \u00e7eyrekten \u00f6nce ECB faiz indirimi bekleyen **opsiyon fiyatlar\u0131n\u0131n** (belirli bir tarihe kadar belirli fiyattan alma\/satma hakk\u0131) pahal\u0131 kalm\u0131\u015f olabilece\u011fine i\u015faret ediyor. Haziran\u2019da ECB\u2019nin \u015fahin kalma olas\u0131l\u0131\u011f\u0131na kar\u015f\u0131 **faiz swaplar\u0131yla** (taraflar\u0131n sabit-de\u011fi\u015fken faiz \u00f6demelerini takas etti\u011fi s\u00f6zle\u015fmeler) riskten korunma mant\u0131kl\u0131 g\u00f6r\u00fcn\u00fcyor.<\/p>\n

Wages Inflation And Policy Implications<\/h3>\n

\u00dccretler \u00fczerinden gelebilecek ikinci tur etkiler g\u00f6r\u00fcn\u00fcr olmaya ba\u015flad\u0131. Euro B\u00f6lgesi\u2019nde 2026 ilk \u00e7eyrek **m\u00fczakere edilmi\u015f \u00fccret art\u0131\u015f\u0131** %4,7 ile g\u00fc\u00e7l\u00fc geldi; bu, i\u00e7 kaynakl\u0131 fiyat bask\u0131lar\u0131n\u0131n birikti\u011fine i\u015faret ediyor. Bu veri, \u00e7ekirdek e\u011filimin (enerji-g\u0131da gibi kalemlerden ar\u0131nd\u0131r\u0131lm\u0131\u015f temel bask\u0131lar\u0131n) birka\u00e7 \u00e7eyrek daha kolay gerilemeyebilece\u011fi g\u00f6r\u00fc\u015f\u00fcn\u00fc destekliyor.<\/p>\n

Bu tablo, EUR\/USD\u2019nin neden dayan\u0131kl\u0131 kald\u0131\u011f\u0131n\u0131 da a\u00e7\u0131kl\u0131yor. Parite 1 May\u0131s 2026 itibar\u0131yla 1,1800\u2019\u00fcn \u00fczerinde kal\u0131c\u0131 seyrediyor. Politika ayr\u0131\u015fmas\u0131\u2014daha temkinli bir ECB\u2019ye kar\u015f\u0131 h\u00e2l\u00e2 olas\u0131 indirim sinyali veren Fed\u2014euro lehine bir g\u00f6r\u00fcn\u00fcm yarat\u0131yor. Yat\u0131r\u0131mc\u0131lar EUR\/USD\u2019de y\u00fckseli\u015fe maruz kalmak i\u00e7in **al\u0131m opsiyonlar\u0131n\u0131** (belirli fiyattan alma hakk\u0131) de\u011ferlendirebilir; 2024\u2019te g\u00f6r\u00fclen 1,2000 seviyesi hedef olarak izlenebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orta Do\u011fu belirsizli\u011fi enerji fiyatlar\u0131n\u0131 y\u00fcksek tutabilir: ECB\u2019li Makhlouf enflasyon beklentilerinde \u201chedef kopmas\u0131\u201d riskine i\u015faret. HICP %3,1, \u00fccret art\u0131\u015f\u0131 %4,7; faiz indirimi \u00f6teleniyor, EUR\/USD diren\u00e7li.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-45971","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=45971"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45971\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}