\u0130svi\u00e7re\u2019nin ihracat\u0131 Nisan ay\u0131nda 22.286 milyon seviyesine gerileyerek bir \u00f6nceki ayki 24.458 milyondan d\u00fc\u015ft\u00fc. Ayl\u0131k bazdaki bu d\u00fc\u015f\u00fc\u015f, Mart ay\u0131ndaki daha y\u00fcksek seviyenin ard\u0131ndan gelen bir geri \u00e7ekilmeye i\u015faret ediyor.<\/p>\n
Man\u015fet veriye e\u015flik eden herhangi bir sekt\u00f6r veya var\u0131\u015f \u00fclkesi k\u0131r\u0131l\u0131m\u0131 payla\u015f\u0131lmad\u0131 ve rakamla birlikte ilave d\u0131\u015f ticaret bile\u015fenleri de yay\u0131mlanmad\u0131. Dolay\u0131s\u0131yla son veri, Nisan ay\u0131 d\u0131\u015f sat\u0131\u015flar\u0131n\u0131 yaln\u0131zca toplam ayl\u0131k b\u00fcy\u00fckl\u00fck \u00fczerinden ortaya koyuyor.<\/p>\n
Nisan ay\u0131 \u0130svi\u00e7re ihracat\u0131nda g\u00f6r\u00fclen belirgin ayl\u0131k d\u00fc\u015f\u00fc\u015f, \u0130svi\u00e7re Frang\u0131\u2019nda (CHF) olas\u0131 bir zay\u0131flamaya i\u015faret ediyor. \u0130svi\u00e7re mallar\u0131na y\u00f6nelik d\u0131\u015f talepteki bu gerileme, uluslararas\u0131 ortaklar\u0131n CHF sat\u0131n alma ihtiyac\u0131n\u0131 azalt\u0131yor. Bu nedenle EUR\/CHF ve USD\/CHF gibi paritelerin yukar\u0131 y\u00f6nl\u00fc trend olu\u015fturma olas\u0131l\u0131\u011f\u0131n\u0131 daha y\u00fcksek g\u00f6r\u00fcyoruz.<\/p>\n
Bu ihracat verisi, CHF\u2019ye ili\u015fkin negatif g\u00f6r\u00fc\u015f\u00fcm\u00fcz\u00fc g\u00fc\u00e7lendiriyor; \u00f6zellikle de May\u0131s ay\u0131 enflasyonunun \u0131l\u0131ml\u0131 %1,3 seviyesinde gelmesi, \u0130svi\u00e7re Merkez Bankas\u0131\u2019na (SNB) g\u00fcvercin bir duru\u015funu korumas\u0131 i\u00e7in alan tan\u0131yor. Tarihsel olarak SNB, ihracat odakl\u0131 ekonomiyi desteklemek i\u00e7in frang\u0131 zay\u0131flatma konusunda teredd\u00fct etmemi\u015ftir. Bu \u00e7er\u00e7evede, \u00f6n\u00fcm\u00fczdeki birka\u00e7 hafta i\u00e7inde vadesi dolacak USD\/CHF al\u0131m opsiyonlar\u0131n\u0131 de\u011ferlendirerek pozisyon al\u0131yoruz.<\/p>\n
\u0130svi\u00e7re Piyasa Endeksi\u2019ne (SMI) ili\u015fkin de temkinliyiz; zira Nestl\u00e9, Roche ve Richemont gibi ana bile\u015fenler yabanc\u0131 sat\u0131\u015flara y\u00fcksek \u00f6l\u00e7\u00fcde ba\u011f\u0131ml\u0131. Son veriler, \u00f6zellikle Almanya gibi kilit pazarlarda sanayi \u00fcretiminin de zay\u0131flad\u0131\u011f\u0131 ve son a\u00e7\u0131klamada %0,4 darald\u0131\u011f\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda, bu \u015firketlerin k\u00e2rl\u0131l\u0131klar\u0131n\u0131n r\u00fczg\u00e2r\u0131 arkadan almak yerine kar\u015f\u0131dan alabilece\u011fine i\u015faret ediyor. Geli\u015fen bu zay\u0131fl\u0131\u011fa kar\u015f\u0131 SMI \u00fczerinde koruyucu put spread stratejilerini ihtiyatl\u0131 bir hedge olarak g\u00f6r\u00fcyoruz.<\/p>\n
K\u00fcresel talebe ili\u015fkin belirsizlik, beklenen fiyat oynakl\u0131\u011f\u0131n\u0131 yukar\u0131 \u00e7ekiyor. EUR\/CHF opsiyonlar\u0131nda ima edilen volatilitenin son iki haftada %4,2 dip seviyesinden %5,1\u2019e y\u00fckseldi\u011fini g\u00f6zlemledik. Bu, piyasan\u0131n daha b\u00fcy\u00fck hareketleri fiyatlamaya ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor ve uzun straddle gibi stratejileri daha cazip h\u00e2le getirebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u0130svi\u00e7re ihracat\u0131 Nisan\u2019da 24.458 milyondan 22.286 milyona indi: CHF i\u00e7in negatif sinyal. EUR\/CHF ve USD\/CHF y\u00fckseli\u015f e\u011filiminde; SNB g\u00fcvercin alan bulabilir. SMI\u2019da hedge, opsiyon volatilitesi art\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":47744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-47935","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/47935","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=47935"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/47935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47744"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=47935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=47935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=47935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}