Yunanistan\u2019\u0131n t\u00fcketici fiyat endeksi (T\u00dcFE) May\u0131s ay\u0131nda geriledi; y\u0131ll\u0131k enflasyon \u00f6nceki %5,4 seviyesinden %5,2\u2019ye yava\u015flad\u0131. Veriler, ay boyunca fiyat art\u0131\u015f h\u0131z\u0131nda s\u0131n\u0131rl\u0131 bir ivme kayb\u0131na i\u015faret ediyor.<\/p>\n
Enflasyon y\u0131ll\u0131k bazda y\u00fcksek seyrini korusa da, son okuma man\u015fet oranda k\u00fc\u00e7\u00fck bir a\u015fa\u011f\u0131 y\u00f6nl\u00fc kayma oldu\u011funu g\u00f6steriyor. A\u00e7\u0131klamada T\u00dcFE, May\u0131s ay\u0131 seviyesinin bir y\u0131l \u00f6nceki ayn\u0131 ay ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131 y\u0131ll\u0131k (y\u0131ll\u0131k bazda) \u00f6l\u00e7\u00fcm olarak sunuluyor.<\/p>\n
Yunanistan\u2019da enflasyonun %5,2\u2019ye gerilemesini, y\u00fcksek seviyesine ra\u011fmen dezenflasyonun s\u00fcrd\u00fc\u011f\u00fcne dair bir i\u015faret olarak g\u00f6r\u00fcyoruz. Bu veri, Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB) yakla\u015fan politika toplant\u0131s\u0131 \u00f6ncesinde daha geni\u015f de\u011ferlendirmesine girdi sa\u011flayacak. Kritik nokta, bunun daha b\u00fcy\u00fck ekonomilerden gelen enflasyon verileriyle nas\u0131l \u00f6rt\u00fc\u015ft\u00fc\u011f\u00fc; zira Euro B\u00f6lgesi\u2019nin May\u0131s ay\u0131 \u00f6nc\u00fc tahmini enflasyonun %2,7\u2019ye y\u00fckseldi\u011fini g\u00f6stermi\u015fti.<\/p>\n
Bu \u00e7er\u00e7evede faiz ve tahvil t\u00fcrevlerini \u00f6zellikle ilgi \u00e7ekici buluyoruz. H\u00e2lihaz\u0131rda yakla\u015f\u0131k 130 baz puan olan Yunanistan 10 y\u0131ll\u0131k devlet tahvili ile Alman Bund\u2019lar\u0131 aras\u0131ndaki fark\u0131n, dezenflasyon e\u011filiminin s\u00fcrmesi halinde daha da daralabilece\u011fini \u00f6ng\u00f6r\u00fcyoruz. Daha d\u00fc\u015f\u00fck getiri oynakl\u0131\u011f\u0131ndan veya daralan spread\u2019den faydalanan opsiyon stratejileri k\u0131sa vadede avantajl\u0131 g\u00f6r\u00fcn\u00fcyor.<\/p>\n
Hisse taraf\u0131nda bu veri, Yunan hisse senetleri i\u00e7in istikrarl\u0131 bir g\u00f6r\u00fcn\u00fcme destek veriyor; Atina Genel Endeksi bu y\u0131l zaten %8 y\u00fckseli\u015f kaydetti. Daha d\u00fc\u015f\u00fck enflasyona ve istikrarl\u0131 t\u00fcketici talebine en duyarl\u0131 alanlar olduklar\u0131 i\u00e7in Yunan bankac\u0131l\u0131k ve d\u00f6ng\u00fcsel t\u00fcketim odakl\u0131 ETF\u2019lerde al\u0131m (call) opsiyonlar\u0131na bak\u0131yoruz. Ancak ECB\u2019nin bir sonraki toplant\u0131s\u0131n\u0131n ard\u0131ndan daha net y\u00f6nlendirme (forward guidance) gelene kadar temkinli kalaca\u011f\u0131z.<\/p>\n
Bu Yunanistan verisinin tek ba\u015f\u0131na Euro\u2019da belirgin bir hareket yaratmas\u0131 olas\u0131 de\u011fil. Paritenin y\u00f6n\u00fcn\u00fc, toplam Euro B\u00f6lgesi enflasyon verileri ve ECB\u2019nin ABD Merkez Bankas\u0131\u2019na (Fed) k\u0131yasla tonu belirleyecek. Euro B\u00f6lgesi\u2019nde enflasyon genel olarak %2 hedefinin \u00fczerinde kald\u0131\u011f\u0131 i\u00e7in, bu \u00f6zel a\u00e7\u0131klaman\u0131n ECB\u2019nin \u015fahin bir \u201cbekle-g\u00f6r\u201d duru\u015fu (pause) tezini de\u011fi\u015ftirece\u011fini d\u00fc\u015f\u00fcnm\u00fcyoruz; bu da EUR\/USD paritesine k\u0131sa vadeli destek sa\u011flayabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Yunanistan\u2019da T\u00dcFE May\u0131s\u2019ta s\u00fcrpriz \u015fekilde geriledi: y\u0131ll\u0131k enflasyon %5,4\u2019ten %5,2\u2019ye indi. Dezenflasyon sinyali, tahvil spreadlerinde daralma ve opsiyon stratejilerini \u00f6ne \u00e7\u0131kar\u0131rken, hisseleri destekliyor; Euro\u2019da etki s\u0131n\u0131rl\u0131.<\/p>\n","protected":false},"author":87,"featured_media":47684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49655","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\/49655","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=49655"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47684"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}