\u0130svi\u00e7re\u2019nin t\u00fcketici fiyat endeksi (T\u00dcFE), nisan ay\u0131nda y\u0131ll\u0131k bazda %0,6 artt\u0131. \u00d6nceki veride art\u0131\u015f %0,3\u2019t\u00fc.<\/p>\n
Veriler, y\u0131ll\u0131k t\u00fcketici fiyat art\u0131\u015f\u0131n\u0131n 0,3 puan y\u00fckseldi\u011fini g\u00f6steriyor. Bu g\u00fcncelleme, nisan ay\u0131ndaki enflasyonu ge\u00e7en y\u0131l\u0131n ayn\u0131 ay\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131r.<\/p>\n
Enflasyonun %0,6\u2019ya y\u00fckselmesi (h\u00e2l\u00e2 d\u00fc\u015f\u00fck olsa da) k\u0131sa vadeli g\u00f6r\u00fcn\u00fcm\u00fc de\u011fi\u015ftirdi. Bu durum, \u0130svi\u00e7re Merkez Bankas\u0131\u2019n\u0131n (SNB) hazirandaki toplant\u0131s\u0131nda yeni bir faiz indirimi yapma olas\u0131l\u0131\u011f\u0131n\u0131 belirgin \u015fekilde d\u00fc\u015f\u00fcr\u00fcyor. SNB, 2025\u2019te faiz indiren ilk merkez bankalar\u0131ndan biri olmu\u015ftu; ancak bu veri, \u015fimdilik daha temkinli bir \u201cbekle-g\u00f6r\u201d duru\u015funun \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
D\u00f6viz t\u00fcrevlerinde (kur \u00fczerine yap\u0131lan s\u00f6zle\u015fmeler) odak, daha g\u00fc\u00e7l\u00fc bir \u0130svi\u00e7re frang\u0131na kay\u0131yor. EUR\/CHF kurunun (euro\/\u0130svi\u00e7re frang\u0131 paritesi) 0,97 civar\u0131nda seyretti\u011fi ortamda, daha d\u00fc\u015f\u00fck bir EUR\/CHF ihtimaline g\u00f6re pozisyon almak g\u00fcndeme gelebilir. EUR\/CHF \u00fczerinde put opsiyonu (kur d\u00fc\u015ferse de\u011fer kazanan opsiyon) veya CHF \u00fczerinde call opsiyonu (CHF g\u00fc\u00e7lenirse kazan\u00e7 sa\u011flayan opsiyon) almak, SNB\u2019nin Avrupa Merkez Bankas\u0131\u2019na (ECB) k\u0131yasla daha \u201c\u015fahin\u201d (enflasyonla m\u00fccadele i\u00e7in faizi y\u00fcksek tutmaya yatk\u0131n) bir \u00e7izgiye kayaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcn\u00fc do\u011frudan fiyatlaman\u0131n bir yoludur.<\/p>\n
Faiz piyasalar\u0131nda, k\u0131sa vadeli \u0130svi\u00e7re faiz vadeli i\u015flemlerinde (gelecek tarihte belirli faiz seviyesine g\u00f6re de\u011ferlenen kontratlar) sat\u0131\u015f bask\u0131s\u0131 bekliyoruz; \u00e7\u00fcnk\u00fc piyasa yak\u0131n vadede faiz indirimi ihtimalini azaltarak fiyatl\u0131yor. Swap piyasas\u0131na (sabit faiz ile de\u011fi\u015fken faizin takas edildi\u011fi piyasa) bak\u0131ld\u0131\u011f\u0131nda, haziranda faiz indirimi i\u00e7in \u00f6rt\u00fck olas\u0131l\u0131k (fiyatlara yans\u0131yan beklenti) ge\u00e7en ay %70\u2019in \u00fczerindeyken bug\u00fcn %50\u2019nin alt\u0131na indi. Yat\u0131r\u0131mc\u0131lar pozisyonlar\u0131n\u0131 g\u00fcncelledik\u00e7e bu yeniden fiyatlama s\u00fcrebilir.<\/p>\n
Bu tablo, \u0130svi\u00e7re hisseleri i\u00e7in de zorluk yarat\u0131yor ve koruyucu stratejileri daha cazip k\u0131l\u0131yor. G\u00fc\u00e7lenebilecek frank\u0131n (ihracat\u00e7\u0131 \u015firketlerin gelirlerini bask\u0131layabilir) ve daha ucuz bor\u00e7lanma ihtimalinin zay\u0131flamas\u0131n\u0131n birle\u015fimi, \u0130svi\u00e7re Piyasa Endeksi (SMI) \u00fczerinde bask\u0131 olu\u015fturabilir.<\/p>\n
\u00d6n\u00fcm\u00fczdeki haftalar i\u00e7in maliyeti g\u00f6rece d\u00fc\u015f\u00fck bir korunma amac\u0131yla SMI \u00fczerinde put opsiyonu al\u0131m\u0131n\u0131 de\u011ferlendiriyoruz.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u0130svi\u00e7re\u2019de T\u00dcFE nisan ay\u0131nda %0,6\u2019ya s\u0131\u00e7rad\u0131; SNB\u2019nin haziranda faiz indirimi ihtimali zay\u0131fl\u0131yor. Piyasa frang\u0131n g\u00fc\u00e7lenmesini fiyatl\u0131yor; EUR\/CHF a\u015fa\u011f\u0131 bask\u0131da, SMI i\u00e7in put hedge \u00f6ne \u00e7\u0131k\u0131yor.<\/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-46157","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\/46157","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=46157"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}