{"id":11312,"date":"2016-08-25T10:40:06","date_gmt":"2016-08-25T08:40:06","guid":{"rendered":"http:\/\/insiderfx.pl\/?p=11312"},"modified":"2026-03-22T20:14:42","modified_gmt":"2026-03-22T19:14:42","slug":"rosnie-zmiennosc-jackson-hole","status":"publish","type":"post","link":"http:\/\/insiderfx.pl\/en\/rosnie-zmiennosc-jackson-hole\/","title":{"rendered":"Ro\u015bnie zmienno\u015b\u0107 przed Jackson Hole. Czy Yellen rozczaruje?"},"content":{"rendered":"<p>W\u015br\u00f3d idyllicznych krajobraz\u00f3w brutalna rzeczywisto\u015b\u0107, czy taka mieszanka mo\u017ce zako\u0144czy\u0107 si\u0119 konstruktywnymi dyskusjami? Jackson Hole &#8211; ma\u0142e miasteczko w stanie Wyoming w USA, co roku go\u015bci &#8222;najgrubsze ryby&#8221; ze \u015bwiata bankowo\u015bci centralnej.<\/p>\n<p>Ju\u017c od kilkudziesi\u0119ciu lat koniec sierpnia przenosi przys\u0142owiowo stolic\u0119 \u015bwiatowej finansjery do w G\u00f3ry Skaliste. Wydarzenie to sta\u0142o si\u0119 bardziej obserwowane jednak dopiero od kilku lat, g\u0142\u00f3wnie z racji tego, \u017ce zacz\u0119to podejmowa\u0107 tutaj bardziej daleko id\u0105ce decyzje. To w\u0142a\u015bnie w Jackson Hole Ben Bernanke og\u0142osi\u0142 drug\u0105 transz\u0119 QE, a Draghi zasugerowa\u0142 mo\u017cliwo\u015b\u0107 suwerennego skupu obligacji rz\u0105dowych. Tym razem oczekuje si\u0119 s\u0142\u00f3w o innym zabarwieniu.<\/p>\n<p>Wszystkie oczy skierowane s\u0105 na FED, kt\u00f3ry w do\u015b\u0107 nieudolny spos\u00f3b zacz\u0105\u0142 prowadzi\u0107 restrykcyjn\u0105 polityk\u0119 monetarn\u0105, no w\u0142a\u015bnie, czy mo\u017cemy to tak w og\u00f3le nazwa\u0107? Pr\u00f3cz jednej podwy\u017cki st\u00f3p w grudniu, kt\u00f3ra <em>de facto <\/em>nie ma wi\u0119kszego, realnego wp\u0142ywu na gospodark\u0119 bior\u0105c pod uwag\u0119 jak nisko znajduj\u0105 si\u0119 stopy FED nie zrobi\u0142 nic. Przespano okres \u015bwietnych danych makro, jakie jeszcze przed wakacjami by\u0142y publikowane. W\u00f3wczas zas\u0142aniano si\u0119 ryzykiem Brexitu. M\u00f3wi\u0105c jednak prawd\u0119 FED obawia\u0107 si\u0119 mo\u017ce zupe\u0142nie czego\u015b innego, mianowicie jak gospodarka zareaguje w d\u0142u\u017cszym terminie na wychodzenie z zerowych st\u00f3p procentowych. To w\u0142a\u015bnie FED zapocz\u0105tkowa\u0142 t\u0119 niekonwencjonaln\u0105 polityk\u0119, i to w\u0142a\u015bnie FED powinien testowa\u0107 jak jej zako\u0144czenie wp\u0142ynie na realn\u0105 gospodark\u0119.<\/p>\n<p>Wracaj\u0105c jednak do samego sympozjum w Jackson Hole, kt\u00f3re startuje ju\u017c dzisiaj i potrwa do soboty, warto zauwa\u017cy\u0107, \u017ce rynek spodziewa si\u0119 wi\u0119kszej zmienno\u015bci. Przynajmniej je\u015bli chodzi o aktywa kraj\u00f3w emerging markets, gdzie zmienno\u015b\u0107 uderzy\u0142a ostatnio w 8-tygodniowy szczyt. Drug\u0105 kwesti\u0105 jest to, \u017ce spory wk\u0142ad w ten ruch ma zmienno\u015b\u0107 na meksyka\u0144skim peso (MXN) i po\u0142udniowoafryka\u0144skim randzie (ZAR).<\/p>\n<figure id=\"attachment_11313\" aria-describedby=\"caption-attachment-11313\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-11313 size-full\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1.png\" alt=\"Zmienno\u015b\u0107 na walutach EM, \u017ar\u00f3d\u0142o: Bloomberg\" width=\"1200\" height=\"675\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1.png 1200w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1-600x338.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1-300x169.png 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1-768x432.png 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/08\/1x-1-10-1-1024x576.png 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-11313\" class=\"wp-caption-text\">Zmienno\u015b\u0107 na walutach EM, \u017ar\u00f3d\u0142o: Bloomberg<\/figcaption><\/figure>\n<p>Pierwsza waluta traci\u0142a z racji na obni\u017cenie perspektywy ratingu przez agencj\u0119 S&amp;P z mo\u017cliwo\u015bci\u0105 ci\u0119cia samej oceny kredytowej. Druga waluta zni\u017ckowa\u0142a z racji doniesie\u0144, i\u017c specjalny oddzia\u0142 policji wyda\u0142 komunikat, by obecny minister finans\u00f3w RPA (Gordhan) zg\u0142osi\u0142 si\u0119 na komisariat. Sprawa dotyczy\u0107 ma podobno szpiegowania wysoko postawionych polityk\u00f3w w okresie, kiedy Gordhan przewodniczy\u0142 krajowej agencji podatkowej. Oficjalnie prawnicy ministra finans\u00f3w doradzili, by ten nie odpowiada\u0142 na wezwanie policji, gdy\u017c prawnie nie ma ku temu podstaw. To jednak ponownie wywar\u0142o fal\u0119 spekulacji, \u017ce &#8222;co\u015b mo\u017ce by\u0107 na rzeczy&#8221;. W efekcie implikowana zmienno\u015b\u0107 na ZAR mocno wzros\u0142a, ci\u0105gn\u0105\u0107 za sob\u0105 ca\u0142y koszyk EM.<\/p>\n<p><strong>Zobacz tak\u017ce:<\/strong> <a href=\"http:\/\/insiderfx.pl\/en\/czy-zamrozenie-produkcji-ropy-cos-wniesie\/\" target=\"_blank\" rel=\"noopener\">Ropa pod\u0105\u017ca za kolejn\u0105 analiz\u0105. Co wniesie zamro\u017cenie produkcji?<\/a><\/p>\n<p>W ci\u0105gu ostatnich dni jednak prawdopodobie\u0144stwo podwy\u017cki st\u00f3p do ko\u0144ca roku w USA zwi\u0119kszy\u0142o si\u0119 z 47% do 54%. Wida\u0107 zatem, \u017ce oczekiwania rosn\u0105, a to wywiera presj\u0119 na Yellen. Je\u015bli szefowa FED zawiedzie, w\u00f3wczas USD mo\u017ce by\u0107 podatny na wi\u0119ksz\u0105 wyprzeda\u017c. Z drugiej strony wzgl\u0119dem takich walut jak AUD czy NZD przestrze\u0144 do spadk\u00f3w wydaje si\u0119 ograniczona. Wi\u0119ksze zwy\u017cki na kiwi mog\u0142yby doprowadzi\u0107 do prze\u0142amania wa\u017cnych opor\u00f3w technicznych, co nawet w obliczu wczorajszej podwy\u017cki prognozy wyp\u0142aty dla nowozelandzkich farmer\u00f3w za kilogram mleka ze strony Fonterry jest raczej nad wyraz.<\/p>\n<p>Dlatego te\u017c, maj\u0105c na uwadze ostatnie tygodnie w wykonaniu USD, kt\u00f3re nie by\u0142y najlepsze wydaje si\u0119, \u017ce ryzyka s\u0105 skierowane bardziej w kierunku aprecjacji USD. Nale\u017cy r\u00f3wnie\u017c doda\u0107, \u017ce oczekiwania rynkowe wskazuj\u0105, \u017ce szefowa FED ma zasygnalizowa\u0107 go\u0142\u0119bi\u0105 podwy\u017ck\u0119, oczekuj\u0105c tylko jednego ruchu w tym roku. Niemniej bez wskazania w bardziej dobity spos\u00f3b terminu podwy\u017cki, notowania dolara nie powinny przejmowa\u0107 si\u0119 w znacz\u0105cy spos\u00f3b jej s\u0142owami &#8211; zdaniem HSBC.<\/p>\n<p>Z kolei Citi przeprowadzi\u0142 ankiet\u0119, z kt\u00f3rej wynika, i\u017c blisko 50% respondent\u00f3w oczekuje w takim scenariuszu (zapowied\u017a go\u0142\u0119biej podwy\u017cki) wzrost\u00f3w na walutach EM, wzrost\u00f3w SP500, wzrostu rentowno\u015bci na kr\u00f3tkim ko\u0144cu (2Y) i spadku na d\u0142ugim (10Y).<\/p>","protected":false},"excerpt":{"rendered":"<p>W\u015br\u00f3d idyllicznych krajobraz\u00f3w brutalna rzeczywisto\u015b\u0107, czy taka mieszanka mo\u017ce zako\u0144czy\u0107 si\u0119 konstruktywnymi dyskusjami? Jackson Hole &#8211; ma\u0142e miasteczko w stanie Wyoming w USA, co roku go\u015bci &#8222;najgrubsze ryby&#8221; ze \u015bwiata bankowo\u015bci centralnej. Ju\u017c od kilkudziesi\u0119ciu lat koniec sierpnia przenosi przys\u0142owiowo stolic\u0119 \u015bwiatowej finansjery do w G\u00f3ry Skaliste. Wydarzenie to sta\u0142o si\u0119 bardziej obserwowane jednak dopiero [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archiwum-analiz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ro\u015bnie zmienno\u015b\u0107 przed Jackson Hole. 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