\u0130ngiltere h\u00fck\u00fcmeti, \u0130ran kaynakl\u0131 enerji fiyat \u015foklar\u0131n\u0131n hanelere etkisini azaltmay\u0131 hedefleyen, \u201chedefli\u201d bir hayat pahal\u0131l\u0131\u011f\u0131 paketi a\u00e7\u0131klad\u0131. Ama\u00e7, \u201ckurtarma paketi\u201d (devletin geni\u015f \u00e7apl\u0131 ve pahal\u0131 destekle piyasay\u0131 ayakta tutmas\u0131) benzeri b\u00fcy\u00fck harcamalardan ka\u00e7\u0131nmak. Bu yakla\u015f\u0131m\u0131n enflasyon \u00fczerindeki bask\u0131y\u0131 s\u0131n\u0131rlamas\u0131 ve piyasalarda bozulma riskini azaltmas\u0131 hedefleniyor.<\/p>\n
May\u0131s ay\u0131na ili\u015fkin \u0130ngiltere \u201c\u00f6nc\u00fc PMI\u201d (sat\u0131n alma y\u00f6neticileri endeksi; \u015firketlerin \u00fcretim ve sipari\u015f e\u011filimini \u00f6l\u00e7en erken g\u00f6sterge) verisi, \u00f6zel sekt\u00f6rde bir y\u0131l\u0131 a\u015fk\u0131n s\u00fcrenin ard\u0131ndan ilk kez daralmaya i\u015faret etti. Bile\u015fik \u00fcretim endeksi (hizmet ve imalat\u0131n toplam\u0131) nisanda 52,6 puanken 48,5 puana geriledi. D\u00fc\u015f\u00fc\u015fe zay\u0131flayan hizmet sekt\u00f6r\u00fc \u00f6nc\u00fcl\u00fck etti.<\/p>\n
\u0130stihdam 20\u2019nci ay \u00fcst \u00fcste azald\u0131; i\u015f kay\u0131plar\u0131 hizmet sekt\u00f6r\u00fcnde yo\u011funla\u015ft\u0131. \u0130\u015f d\u00fcnyas\u0131 g\u00fcveni Nisan 2025\u2019ten bu yana en d\u00fc\u015f\u00fck seviyeye indi.<\/p>\n
G\u00fcncelleme, kal\u0131c\u0131 enflasyon bask\u0131lar\u0131yla birlikte resesyon (ekonomik k\u00fc\u00e7\u00fclme) riskinin artt\u0131\u011f\u0131n\u0131 ortaya koydu. Bu ko\u015fullar\u0131n GBP\/USD (sterlin\/dolar) hareketlerini \u015fekillendiren unsurlar oldu\u011fu belirtildi.<\/p>\n
\u0130ngiltere\u2019de bile\u015fik PMI\u2019\u0131n 48,5\u2019e sert d\u00fc\u015fmesi, net bir ekonomik daralmaya i\u015faret ediyor. Ayr\u0131ca nisan ay\u0131 T\u00dcFE (t\u00fcketici fiyat endeksi; enflasyonun ana g\u00f6stergesi) %3,8 ile Merkez Bankas\u0131 hedefinin belirgin \u015fekilde \u00fczerinde kald\u0131. Bu \u201cstagflasyon\u201d (y\u00fcksek enflasyon ile zay\u0131f b\u00fcy\u00fcmenin ayn\u0131 anda g\u00f6r\u00fclmesi) ortam\u0131, sterlin \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 yarat\u0131yor. Piyasada, GBP\/USD paritesinin bu hafta 1,2250 civar\u0131ndaki destek (fiyat\u0131n d\u00fc\u015f\u00fc\u015fte tutunmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131 seviye) b\u00f6lgesini test etti\u011fi g\u00f6r\u00fcl\u00fcyor.<\/p>\n
\u0130ngiltere Merkez Bankas\u0131\u2019n\u0131n (BoE) bir yanda resesyonla m\u00fccadele, di\u011fer yanda kal\u0131c\u0131 enflasyonu d\u00fc\u015f\u00fcrme ikilemi piyasadaki belirsizli\u011fi art\u0131r\u0131yor. Bu durum tek y\u00f6ne \u201ckesin\u201d pozisyon almay\u0131 daha riskli hale getirirken, bir\u00e7ok yat\u0131r\u0131mc\u0131 y\u00f6n tahmini yerine \u201coynakl\u0131k\u201d (fiyat dalgalanmas\u0131) al\u0131m\u0131na y\u00f6neliyor. Bunun i\u00e7in opsiyonlar (belirli vadede, belirli fiyattan al\u0131m-sat\u0131m hakk\u0131 veren t\u00fcrev ara\u00e7lar) kullan\u0131l\u0131yor. GBP\u2019de d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 korunmak i\u00e7in \u201cput opsiyonu\u201d (fiyat d\u00fc\u015ferse kazan\u00e7 sa\u011flayan\/koruma sa\u011flayan opsiyon) talebi artarken, FTSE 100 endeksinde \u201cstraddle\u201d (ayn\u0131 vadede al\u0131m ve sat\u0131m opsiyonunu birlikte alma; sert hareketten iki y\u00f6nde de faydalanma stratejisi) i\u015flemleri \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n
H\u00fck\u00fcmetin mali denge hamlesi, UK Gilt (\u0130ngiltere devlet tahvili) piyasas\u0131 i\u00e7in kritik. Hedefli deste\u011fin b\u00fcy\u00fck \u00f6l\u00e7ekli bir \u201ckurtarma\u201dya d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc alg\u0131s\u0131, tahvil yat\u0131r\u0131mc\u0131s\u0131n\u0131 tedirgin ederek uzun vadeli faizlerin k\u0131sa vadeli faizlere g\u00f6re daha h\u0131zl\u0131 y\u00fckselmesine yol a\u00e7abilir. Bu harekete \u201cbear steepener\u201d denir (faiz e\u011frisinin dikle\u015fmesi; uzun vadeli getirilerin daha fazla y\u00fckselmesi). 2022 sonundaki Gilt piyasas\u0131 dalgalanmas\u0131 hat\u0131rlan\u0131rken, yat\u0131r\u0131mc\u0131lar\u0131n bu riske kar\u015f\u0131 faiz vadeli i\u015flemleri (gelecekteki faiz seviyelerine dair i\u015flem yap\u0131lan t\u00fcrev s\u00f6zle\u015fmeler) ile pozisyon ald\u0131\u011f\u0131 belirtiliyor.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sterlinde kritik viraj: \u0130ngiltere hedefli hayat pahal\u0131l\u0131\u011f\u0131 paketiyle b\u00fcy\u00fck kurtarmadan ka\u00e7\u0131n\u0131rken, \u00f6nc\u00fc PMI 48,5\u2019e inip daralmay\u0131 i\u015faret etti. %3,8 enflasyon stagflasyon bask\u0131s\u0131 yarat\u0131yor; opsiyon\/oynakl\u0131k talebi ve Gilt\u2019te bear steepener riski \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-47201","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\/47201","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=47201"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/47201\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=47201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=47201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=47201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}