{"id":53034,"date":"2026-08-20T10:26:39","date_gmt":"2026-08-20T10:26:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/hazinenin-uzun-vadeli-geri-alimlari-artirmasiyla-dolar-mayis-dip-seviyesini-gordu-jackson-hole-oncesi-getirilerde-yukselis-sinirlandi\/"},"modified":"2026-08-20T10:26:39","modified_gmt":"2026-08-20T10:26:39","slug":"hazinenin-uzun-vadeli-geri-alimlari-artirmasiyla-dolar-mayis-dip-seviyesini-gordu-jackson-hole-oncesi-getirilerde-yukselis-sinirlandi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/hazinenin-uzun-vadeli-geri-alimlari-artirmasiyla-dolar-mayis-dip-seviyesini-gordu-jackson-hole-oncesi-getirilerde-yukselis-sinirlandi\/","title":{"rendered":"Hazine\u2019nin uzun vadeli geri al\u0131mlar\u0131 art\u0131rmas\u0131yla dolar May\u0131s dip seviyesini g\u00f6rd\u00fc; Jackson Hole \u00f6ncesi getirilerde y\u00fckseli\u015f s\u0131n\u0131rland\u0131"},"content":{"rendered":"

ABD dolar\u0131, DXY ile \u00f6l\u00e7\u00fcld\u00fc\u011f\u00fcnde, ABD Hazine Bakanl\u0131\u011f\u0131\u2019n\u0131n uzun vadeli tahvil geri al\u0131mlar\u0131n\u0131 art\u0131raca\u011f\u0131n\u0131 a\u00e7\u0131klamas\u0131n\u0131n ard\u0131ndan uzun vadeli getirileri a\u015fa\u011f\u0131 \u00e7ekmesiyle May\u0131s\u2019tan bu yana en zay\u0131f seviyesine geriledi. Hazine, 9 Eyl\u00fcl-4 Kas\u0131m tarihleri aras\u0131ndaki bir sonraki yeniden ihra\u00e7 \u00e7eyre\u011fi boyunca, uzun vadeli geri al\u0131m operasyonlar\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc 2 milyar dolardan en az 4 milyar dolara \u00e7\u0131karaca\u011f\u0131n\u0131 bildirdi. Arz y\u00f6netimindeki bu de\u011fi\u015fim, piyasalar\u0131n oda\u011f\u0131n\u0131 yeniden ABD faizlerine \u00e7evirdi; politika yap\u0131c\u0131lar\u0131n ilave s\u0131k\u0131la\u015ft\u0131rmaya gidilip gidilmeyece\u011fine ili\u015fkin tart\u0131\u015fmas\u0131 ise hen\u00fcz netle\u015fmedi.<\/p>\n

Temmuz FOMC tutanaklar\u0131, yetkililerin ilave faiz art\u0131\u015f\u0131 olas\u0131l\u0131\u011f\u0131n\u0131 tart\u0131\u015ft\u0131\u011f\u0131n\u0131, ancak yak\u0131n vadede s\u0131k\u0131la\u015ft\u0131rman\u0131n gerekli oldu\u011fu sonucuna varmad\u0131klar\u0131n\u0131; ayr\u0131ca sonraki verilerin ilave ad\u0131m atma aciliyetini azaltt\u0131\u011f\u0131n\u0131 g\u00f6sterdi. Bir sonraki kataliz\u00f6r, Fed Ba\u015fkan\u0131 Warsh\u2019\u0131n gelecek hafta Kansas City Fed\u2019in Jackson Hole sempozyumunda yapaca\u011f\u0131 konu\u015fma. Uzun vadeli getiriler geri al\u0131m plan\u0131 nedeniyle bask\u0131lan\u0131rken, dolardaki genel zay\u0131flama alt\u0131n ve \u0130svi\u00e7re frang\u0131na (CHF) y\u00f6nelik taleple ayn\u0131 d\u00f6neme denk geldi. \u00d6te yandan daha y\u00fcksek getirileri orta-uzun vadede destekleyebilecek unsurlar\u2014YZ kaynakl\u0131 finansman ihtiya\u00e7lar\u0131, kal\u0131c\u0131 mali a\u00e7\u0131klar ve y\u00fckselen JGB getirileri\u2014yerinde duruyor.<\/p>\n

Dolar Zay\u0131fl\u0131\u011f\u0131 Piyasalar \u00dczerinde Bask\u0131 Kuruyor<\/h3>\n

D\u00f6viz piyasalar\u0131nda dikkat \u00e7ekici bir de\u011fi\u015fime tan\u0131k oluyoruz: ABD Dolar Endeksi (DXY) May\u0131s 2026\u2019dan bu yana en d\u00fc\u015f\u00fck seviyesine gerileyerek 101,50 seviyesinin hemen \u00fczerinde seyrediyor. Bu a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131n\u0131n ana nedeni, ABD Hazine Bakanl\u0131\u011f\u0131\u2019n\u0131n 9 Eyl\u00fcl\u2019den itibaren uzun vadedeki tahvil geri al\u0131mlar\u0131n\u0131 en az 4 milyar dolara \u00e7\u0131kararak ikiye katlama y\u00f6n\u00fcndeki stratejik karar\u0131. T\u00fcrev i\u015flem yapan yat\u0131r\u0131mc\u0131lar\u0131n, bu likidite enjeksiyonunun \u00f6n\u00fcm\u00fczdeki haftalarda uzun vadeli Hazine getirileri \u00fczerindeki bask\u0131y\u0131 art\u0131rmas\u0131na haz\u0131rl\u0131kl\u0131 olmas\u0131 gerekiyor.<\/p>\n

Opsiyon Stratejileri ve Etkinlik Riskleri<\/h3>\n

Opsiyon piyasas\u0131nda, \u00f6zellikle g\u00fcvenli liman varl\u0131klara kar\u015f\u0131 k\u0131sa USD pozisyonu i\u00e7eren yap\u0131larla dolar zay\u0131fl\u0131\u011f\u0131n\u0131n s\u00fcrmesine y\u00f6nelik konumlanmay\u0131 \u00f6neriyoruz. Alt\u0131n ons fiyat\u0131 son d\u00f6nemde 2.500 dolar civar\u0131nda rekor seviyelere yak\u0131n seyretmesine ra\u011fmen, \u0130svi\u00e7re frang\u0131 (CHF) ve alt\u0131n opsiyonlar\u0131nda ima edilen volatilite g\u00f6rece ucuz kal\u0131yor. Yat\u0131r\u0131mc\u0131lar olas\u0131 para birimi de\u011fer erozyonuna kar\u015f\u0131 korunma aray\u0131\u015f\u0131ndayken, CHF al\u0131m opsiyonlar\u0131 veya alt\u0131n al\u0131m opsiyonlar\u0131 cazip bir risk-getiri oran\u0131 sunuyor.<\/p>\n

Ayr\u0131ca, gelecek hafta Fed Ba\u015fkan\u0131 Warsh\u2019\u0131n konu\u015fmas\u0131n\u0131n planland\u0131\u011f\u0131 Jackson Hole sempozyumunun yak\u0131ndan izlenmesini tavsiye ediyoruz. Faiz vadeli i\u015flemleri h\u00e2lihaz\u0131rda Fed\u2019in mevcut \u201cbekle-g\u00f6r\u201d duru\u015funu korumas\u0131na y\u00fcksek olas\u0131l\u0131k atfederken, n\u00f6tr ya da hafif g\u00fcvercin bir tonun dolardaki d\u00fc\u015f\u00fc\u015f\u00fc h\u0131zland\u0131rmas\u0131 muhtemel. Yat\u0131r\u0131mc\u0131lar, s\u0131n\u0131rs\u0131z a\u015fa\u011f\u0131 y\u00f6nl\u00fc riske maruz kalmadan bu yakla\u015fan etkinlik riskinden faydalanmak i\u00e7in k\u0131sa vadeli USD sat\u0131m opsiyonlar\u0131n\u0131 kullanabilir.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

Dolar endeksi May\u0131s\u2019tan beri dipte: Hazine uzun vade tahvil geri al\u0131m\u0131n\u0131 4 milyar dolara \u00e7\u0131kar\u0131nca getiriler d\u00fc\u015ft\u00fc. Piyasa Jackson Hole\u2019da Warsh\u2019\u0131 beklerken alt\u0131n-CHF talebi art\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":49971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-53034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t