{"id":44533,"date":"2026-04-09T20:02:24","date_gmt":"2026-04-09T20:02:24","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44533\/"},"modified":"2026-04-09T20:02:24","modified_gmt":"2026-04-09T20:02:24","slug":"frantisek-taborsky-%e9%a0%90%e6%b8%ac%e6%b3%a2%e8%98%ad%e5%a4%ae%e8%a1%8c%ef%bc%88nbp%ef%bc%89%e5%b0%87%e5%88%a9%e7%8e%87%e7%b6%ad%e6%8c%81%e6%96%bc-3-75%ef%bc%8c%e6%94%b6%e7%b7%8a%e9%a0%90%e6%9c%9f","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/44533\/","title":{"rendered":"Frantisek Taborsky \u9810\u6e2c\u6ce2\u862d\u592e\u884c\uff08NBP\uff09\u5c07\u5229\u7387\u7dad\u6301\u65bc 3.75%\uff0c\u6536\u7dca\u9810\u671f\u964d\u6eab\u52a9\u6ce2\u862d\u8332\u7f85\u63d0\u56de\u5347"},"content":{"rendered":"

ING\u8868\u793a\uff0c\u6ce2\u862d\u570b\u5bb6\u9280\u884c\uff08National Bank of Poland\uff0cNBP\uff09\u53ef\u80fd\u5728\u8f03\u9577\u6642\u9593\u5167\u628a\u653f\u7b56\u5229\u7387\uff08\u592e\u884c\u7528\u4ee5\u5f71\u97ff\u5e02\u5834\u5229\u606f\u7684\u57fa\u6e96\u5229\u7387\uff09\u7dad\u6301\u4e0d\u8b8a\uff0c\u73fe\u70ba3.75%\u3002\u8a72\u884c\u6307\u51fa\uff0c\u662f\u6b21\u6703\u8b70\u4e0d\u6703\u516c\u5e03\u65b0\u7684\u7d93\u6fdf\u9810\u6e2c\uff0c\u4ea6\u662f3\u6708\u6e1b\u606f\u5f8c\u9996\u6b21\u6703\u8b70\uff0c\u5e02\u5834\u7126\u9ede\u5c07\u653e\u5728\u884c\u9577\u8a18\u8005\u6703\u3002<\/p>\n

\u7f8e\u4f0a\u5ba3\u5e03\u505c\u706b\u5f8c\uff0c\u5e02\u5834\u5df2\u5254\u9664\u7d041.5\u6b21\u539f\u5148\u9810\u671f\u7684\u52a0\u606f\u5e45\u5ea6\u3002\u4ee5\u4e00\u5e74\u671f\u8a08\uff0c\u5229\u7387\u5b9a\u50f9\u4ecd\u4f4e\u65bc20\u500b\u57fa\u9ede\uff08bp\uff0c\u7b49\u65bc0.01\u500b\u767e\u5206\u9ede\uff09\uff0cING\u7a31\u9019\u662f\u4e2d\u6771\u6b50\uff08CEE\uff09\u5730\u5340\u6700\u4f4e\u3002<\/p>\n

\u653f\u7b56\u8207\u901a\u8139\u80cc\u666f<\/h3>\n

ING\u6307\uff0c\u653f\u5e9c\u5728\u71c3\u6599\u5e02\u5834\u7684\u63aa\u65bd\uff0c\u9810\u6599\u53ef\u4ee4\u901a\u8139\u5927\u81f4\u7dad\u6301\u5728\u592e\u884c\u5bb9\u8a31\u5340\u9593\uff08tolerance band\uff0c\u901a\u8139\u53ef\u63a5\u53d7\u7684\u4e0a\u4e0b\u6ce2\u5e45\uff09\u5167\u3002\u8a72\u884c\u9810\u6e2c\uff0c\u5229\u7387\u5c07\u5728\u8f03\u9577\u6642\u9593\u5167\u7dad\u6301\u4e0d\u8b8a\u3002<\/p>\n

\u6b50\u5143\u514c\u6ce2\u862d\u8332\u7f85\u63d0\uff08EUR\/PLN\uff09\u9304\u5f97\u4e00\u5e74\u4f86\u6700\u5927\u55ae\u65e5\u8dcc\u5e45\uff0c\u62b9\u53bb\u6230\u4e8b\u524d\u4e0a\u5347\u5e45\u5ea6\u7d04\u4e00\u534a\u3002ING\u8868\u793a\uff0c\u8a72\u8ca8\u5e63\u5c0d\u53ca\u5340\u5167\u5e02\u5834\u4ecd\u4e3b\u8981\u53d7\u5730\u7de3\u653f\u6cbb\u6d88\u606f\u727d\u52d5\uff1b\u5373\u4f7f\u98a8\u96aa\u60c5\u7dd2\uff08risk sentiment\uff0c\u6295\u8cc7\u8005\u9858\u610f\u627f\u64d4\u98a8\u96aa\u7684\u7a0b\u5ea6\uff09\u4fdd\u6301\u6b63\u9762\u3001\u505c\u706b\u5f97\u4ee5\u7dad\u6301\uff0c\u532f\u50f9\u91cd\u8fd44.220\u4ee5\u4e0b\u6216\u9700\u6642\u66f4\u9577\u3002<\/p>\n

\u7b56\u7565\u8207\u95dc\u9375\u6c34\u5e73<\/h3>\n

\u76ee\u524d\u74b0\u5883\u82072025\u5e74\u8f03\u6e05\u6670\u7684\u53cd\u5f48\u4e0d\u540c\u3002\u9ad8\u5229\u7387\u5c0d\u8332\u7f85\u63d0\u6709\u652f\u6301\uff0c\u4f46\u5730\u7de3\u653f\u6cbb\u4e0d\u78ba\u5b9a\u6027\u518d\u73fe\uff0c\u6216\u4ee4\u6ce2\u52d5\u52a0\u5287\u3002\u4ea4\u6613\u54e1\u53ef\u8003\u616e\u8cb7\u5165\u77ed\u5e74\u671fEUR\/PLN\u8de8\u5f0f\u671f\u6b0a\uff08short-dated straddle\uff0c\u540c\u6642\u8cb7\u5165\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\uff0c\u62bc\u6ce8\u77ed\u671f\u5927\u5e45\u4e0a\u843d\uff09\uff0c\u4ee5\u6355\u6349\u672a\u4f86\u6578\u5468\u4efb\u4f55\u65b9\u5411\u7684\u986f\u8457\u6ce2\u5e45\u3002<\/p>\n

\u6ce2\u862d\u8207\u6b50\u5143\u5340\u7684\u606f\u5dee\uff08interest rate differential\uff0c\u5169\u5730\u5229\u7387\u5dee\u8ddd\uff09\u73fe\u6642\u8f032025\u5e74\u66ab\u505c\u52a0\u606f\u6642\u66f4\u5438\u5f15\u3002\u9019\u4ee4\u5728\u9060\u671f\u5408\u7d04\uff08forward contracts\uff0c\u6309\u9810\u5b9a\u50f9\u683c\u5728\u672a\u4f86\u63db\u532f\u7684\u5408\u7d04\uff09\u4e2d\u6536\u53d6\u8332\u7f85\u63d0\uff08receiving PLN\uff0c\u6301\u6709\u8332\u7f85\u63d0\u9ad8\u606f\u5009\u4f4d\uff09\u6210\u70ba\u8f03\u6709\u5438\u5f15\u529b\u7684\u5957\u606f\u4ea4\u6613\uff08carry trade\uff0c\u501f\u5165\u4f4e\u606f\u8ca8\u5e63\u3001\u8cb7\u5165\u9ad8\u606f\u8ca8\u5e63\u8cfa\u53d6\u5229\u5dee\uff09\u3002\u53ea\u8981\u532f\u50f9\u76f8\u5c0d\u7a69\u5b9a\uff0c\u7b56\u7565\u53ef\u671b\u5e36\u4f86\u6b63\u56de\u5831\u3002<\/p>\n

\u6230\u524d4.220\u4ee5\u4e0b\u4ecd\u5c6c\u9577\u7dda\u53c3\u8003\uff0c\u4f46\u77ed\u671f\u7126\u9ede\u57284.250\u652f\u6301\u4f4d\uff08support\uff0c\u50f9\u683c\u5e38\u898b\u627f\u63a5\u5340\uff09\u3002\u8a72\u6c34\u5e73\u81ea2026\u5e742\u6708\u4ee5\u4f86\u66fe\u5169\u5ea6\u5b88\u4f4f\uff1b\u82e5\u8dcc\u7a7f\uff0c\u6216\u53cd\u6620\u8332\u7f85\u63d0\u9032\u4e00\u6b65\u8f49\u5f37\uff1b\u82e5\u5b88\u4e0d\u4f4f\uff0c\u532f\u50f9\u6216\u8fc5\u901f\u4e0a\u8a66\u7d044.320\u963b\u529b\u4f4d\uff08resistance\uff0c\u50f9\u683c\u4e0a\u5347\u6642\u5e38\u898b\u963b\u529b\u5340\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

Taborsky\u6599\u6ce2\u862d\u592e\u884c\u6309\u5175\u4e0d\u52d5\uff0c\u5229\u7387\u5b883.75%\uff1b\u5e02\u5834\u964d\u606f\u61a7\u61ac\u964d\u6eab\uff0c\u8cc7\u91d1\u56de\u6d41\u63a8\u6ce2\u862d\u8332\u7f85\u63d0\u524d\u53cd\u5f48\uff0c\u5f8c\u5e02\u7126\u9ede\u8f49\u5411\u901a\u8139\u53ca\u653f\u7b56\u6307\u5f15\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-44533","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\/zh\/wp-json\/wp\/v2\/posts\/44533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=44533"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/44533\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=44533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=44533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=44533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}