{"id":13354,"date":"2017-06-08T21:51:40","date_gmt":"2017-06-08T19:51:40","guid":{"rendered":"http:\/\/insiderfx.pl\/?p=13354"},"modified":"2026-03-22T20:14:13","modified_gmt":"2026-03-22T19:14:13","slug":"draghi-studzi-oczekiwania-euro-podatne-spadek","status":"publish","type":"post","link":"http:\/\/insiderfx.pl\/en\/draghi-studzi-oczekiwania-euro-podatne-spadek\/","title":{"rendered":"Draghi studzi oczekiwania. Euro podatne na spadek?"},"content":{"rendered":"<p>Dzisiejsza konferencja Mario Draghiego nale\u017ca\u0142a do jednych z mniej ciekawych w ostatnich miesi\u0105cach. Najwa\u017cniejsz\u0105, ale zarazem ma\u0142o znacz\u0105c\u0105 zmian\u0105 by\u0142o dostosowanie<em> forward guidance<\/em> w kwestii tego, \u017ce EBC ju\u017c nie oczekuje, i\u017c stopy procentowe mog\u0105 by\u0107 obni\u017cane jeszcze ni\u017cej. Aktualnie EBC stwierdza, i\u017c &#8222;stopy pozostan\u0105 na obecnych poziomach przed d\u0142u\u017cszy czas oraz znacznie po okresie zako\u0144czenia programu QE&#8221;.<\/p>\n<p>Cho\u0107 euro nieco zyska\u0142o po samej decyzji, to rado\u015b\u0107 byk\u00f3w by\u0142a zdecydowanie kr\u00f3tkotrwa\u0142a, gdy\u017c rynek oczekiwa\u0142 dok\u0142adnie takiego scenariusza. Wszystkie oczy zosta\u0142y wi\u0119c zwr\u00f3cone na konferencj\u0119 prasow\u0105, kt\u00f3ra jednak niewiele nowego wnios\u0142a. Draghi skrz\u0119tnie unika\u0142 odpowiedzi na liczne pytania w kwestii tego, kiedy mo\u017ce rozpocz\u0105\u0107 si\u0119 potencjalnie proces zmniejszania skupu aktyw\u00f3w oraz, czy ewentualna podwy\u017cka stopy depozytowej mo\u017ce zosta\u0107 dokonana jeszcze przed ca\u0142kowitym zako\u0144czeniem programu luzowania ilo\u015bciowego.<\/p>\n<p style=\"text-align: center;\">[btn text=&#8221;Sprawd\u017a Profesjonalny Research InsiderFX&#8221; tcolor=#FFF thovercolor=#FFF link=&#8221;http:\/\/insiderfx.pl\/research\/&#8221; target=&#8221;_blank&#8221;]\n<p>Z istotniejszych aspekt\u00f3w nale\u017cy podkre\u015bli\u0107, \u017ce EBC wci\u0105\u017c dostrzega mocny impet wzrostu gospodarczego w EMU, a tak\u017ce wskazuje, \u017ce ryzyka dla kontynuacji owego wzrostu s\u0105 zbilansowane (wcze\u015bniej wskazywano na mo\u017cliwe ryzyka skierowane w negatywnym kierunku). Tym samym jest to niewielka, jastrz\u0119bia zmiana, kt\u00f3r\u0105 rynek ju\u017c w pe\u0142ni wyceni\u0142 jeszcze przed dzisiejszym posiedzeniem.<\/p>\n<p>Poza tym zgodnie z oczekiwaniami, a tak\u017ce wczorajszymi plotkami obni\u017ceniu uleg\u0142y projekcje inflacyjne na kolejne lata, a\u017c do roku 2019. I tak EBC prognozuje obecnie inflacj\u0119 w roku 2017 na poziomie 1,5%, w roku 2018 1,3% oraz w roku 2019 na pu\u0142apie 1,6%. S\u0105 to wyra\u017anie ni\u017csze pu\u0142apy, kt\u00f3re kwestionuj\u0105 to, czy EBC w og\u00f3le zdo\u0142a osi\u0105gn\u0105\u0107 sw\u00f3j cel inflacyjny w tej dekadzie (nieco poni\u017cej 2%) w taki spos\u00f3b (trwa\u0142y), kt\u00f3ry umo\u017cliwi\u0142by dokonanie podwy\u017cki kosztu pieni\u0105dza. Warto doda\u0107, \u017ce jako jeden z g\u0142\u00f3wnych czynnik\u00f3w ni\u017cszej inflacji Draghi wskaza\u0142 ni\u017csze ceny ropy. Z drugiej strony aktualnie widziana jest kontynuacja poprawy gospodarczej (odzwierciedlenie zbilansowanych ryzyk), co prze\u0142o\u017cy\u0142o si\u0119 na podwy\u017cszenie prognoz PKB.<\/p>\n<figure id=\"attachment_13357\" aria-describedby=\"caption-attachment-13357\" style=\"width: 658px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_2-1.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-13357\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_2-1.png\" alt=\"\" width=\"658\" height=\"208\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_2-1.png 658w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_2-1-600x190.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_2-1-300x95.png 300w\" sizes=\"(max-width: 658px) 100vw, 658px\" \/><\/a><figcaption id=\"caption-attachment-13357\" class=\"wp-caption-text\">Prognozy EBC z czerwca, \u017ar\u00f3d\u0142o: EBC, FT, InsiderFX Research<\/figcaption><\/figure>\n<p>Tym samym wydaje si\u0119, \u017ce przyjdzie nam jeszcze poczeka\u0107 do\u015b\u0107 d\u0142ugo, zanim Draghi zdecyduje si\u0119 na wykonanie bardziej jastrz\u0119biego kroku. Na ten moment nie ma mowy o wychodzeniu z lu\u017anej polityki, co przy zrewidowanych w d\u00f3\u0142 prognozach inflacyjnych mo\u017ce zawa\u017cy\u0107 na kursie wsp\u00f3lnej waluty. Nale\u017cy r\u00f3wnie\u017c doda\u0107, \u017ce poprzez efekt <em>pass-through<\/em> EBC nie b\u0119dzie chcia\u0142 dopuszcza\u0107 do nadmiernej aprecjacji euro, <a href=\"http:\/\/insiderfx.pl\/5-powodow-dla-krotkoterminowego-shorta-eurusd\/\" target=\"_blank\" rel=\"noopener noreferrer\">co powinno by\u0107 kolejnych argumentem do sprzeda\u017cy EURUSD<\/a> w najbli\u017cszym czasie.<\/p>\n<p>Warto wskaza\u0107 r\u00f3wnie\u017c, \u017ce euro dynamicznie zyskiwa\u0142o wzgl\u0119dem dolara, co by\u0142o po cz\u0119\u015bci podyktowane r\u00f3wnie\u017c s\u0142abszymi danymi z USA oraz <a href=\"http:\/\/insiderfx.pl\/dolar-bity-dwoch-frontow-trump-centrum-uwagi\/\" target=\"_blank\" rel=\"noopener noreferrer\">zamieszaniem politycznym wok\u00f3\u0142 Trumpa<\/a> (dzisiaj by\u0142y szef FBI James Comey zeznawa\u0142 przed Komisj\u0105 Senack\u0105, niemniej nie powiedzia\u0142 niczego, co mog\u0142oby mie\u0107 wi\u0119kszy wp\u0142yw na rynek walutowy). Od strony rynku stopy procentowej nic si\u0119 nie zmieni\u0142o, a zatem EURUSD pozostaje wci\u0105\u017c znacz\u0105co przewarto\u015bciowany. Aktualnie spread dwuletnich obligacji USA i Niemiec sugeruje poziom w rejonie 1,08.<\/p>\n<figure id=\"attachment_13358\" aria-describedby=\"caption-attachment-13358\" style=\"width: 1335px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1.png\"><img decoding=\"async\" class=\"size-full wp-image-13358\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1.png\" alt=\"\" width=\"1335\" height=\"460\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1.png 1335w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1-600x207.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1-300x103.png 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1-768x265.png 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/ed-1-1024x353.png 1024w\" sizes=\"(max-width: 1335px) 100vw, 1335px\" \/><\/a><figcaption id=\"caption-attachment-13358\" class=\"wp-caption-text\">EURUSD a spread dwuletnich obligacji USA i Niemiec, \u017ar\u00f3d\u0142o: Bloomberg, InsiderFX Research<\/figcaption><\/figure>\n<p>Technicznie r\u00f3wnie\u017c mamy oznaki s\u0142abn\u0105cej si\u0142y byk\u00f3w (cho\u0107 do ko\u0144ca dzisiejszej sesji zosta\u0142o jeszcze troch\u0119 czasu, a o godzinie 23 rynek mo\u017ce si\u0119 mocniej ruszy\u0107, kiedy opublikowane zostan\u0105 wyniki exit poll wybor\u00f3w parlamentarnych z UK). Na interwale H4 parze uda\u0142o si\u0119 prze\u0142ama\u0107 lokalne wsparcie w okolicy 1,1250, kt\u00f3re zosta\u0142o potwierdzone na kolejnej \u015bwieczce.<\/p>\n<figure id=\"attachment_13359\" aria-describedby=\"caption-attachment-13359\" style=\"width: 1309px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1.png\"><img decoding=\"async\" class=\"size-full wp-image-13359\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1.png\" alt=\"\" width=\"1309\" height=\"508\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1.png 1309w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1-600x233.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1-300x116.png 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1-768x298.png 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/Screenshot_3-1-1024x397.png 1024w\" sizes=\"(max-width: 1309px) 100vw, 1309px\" \/><\/a><figcaption id=\"caption-attachment-13359\" class=\"wp-caption-text\">EURUSD, H4, \u017ar\u00f3d\u0142o: InsiderFX Research<\/figcaption><\/figure>\n<p>Wszystko, czego obecnie potrzeba nied\u017awiedziom z technicznego punktu widzenia to zamkni\u0119cie si\u0119 na interwale dziennym w s\u0105siedztwie aktualnych poziom\u00f3w. Gdyby czwartkowa sesja zako\u0144czy\u0142a si\u0119 przy obecnych, b\u0105d\u017a ni\u017cszych poziomach, w\u00f3wczas by\u0142by to naprawd\u0119 powa\u017cny sygna\u0142 do sprzeda\u017cy. Wydaje si\u0119 jednak, \u017ce decyzja inwestycyjna powinna zosta\u0107 podj\u0119ta dopiero po og\u0142oszeniu wynik\u00f3w wybor\u00f3w w UK (exit poll mog\u0105 by\u0107 niewystarczaj\u0105ce, je\u015bli przewaga Konserwatyst\u00f3w nie b\u0119dzie zbyt du\u017ca).<\/p>\n<figure id=\"attachment_13360\" aria-describedby=\"caption-attachment-13360\" style=\"width: 1462px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13360\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1.png\" alt=\"\" width=\"1462\" height=\"573\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1.png 1462w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1-600x235.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1-300x118.png 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1-768x301.png 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2017\/06\/chart-1-1-1-1024x401.png 1024w\" sizes=\"(max-width: 1462px) 100vw, 1462px\" \/><\/a><figcaption id=\"caption-attachment-13360\" class=\"wp-caption-text\">EURUSD, D1, \u017ar\u00f3d\u0142o: InsiderFX Research<\/figcaption><\/figure>\n<p>Zdecydowana wygrana partii Theresy May powinna zepchn\u0105\u0107 euro w parze z funtem, co tak\u017ce mog\u0142oby zawa\u017cy\u0107 na EURUSD (spodziewam si\u0119 wi\u0119kszego potencja\u0142u do spadk\u00f3w na EURGBP, ani\u017celi do wzrost\u00f3w GBPUSD). Podsumowuj\u0105c, g\u0142\u00f3wna para walutowa wci\u0105\u017c wygl\u0105da na przewarto\u015bciowan\u0105 i to z r\u00f3\u017cnych punkt\u00f3w widzenia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dzisiejsza konferencja Mario Draghiego nale\u017ca\u0142a do jednych z mniej ciekawych w ostatnich miesi\u0105cach. Najwa\u017cniejsz\u0105, ale zarazem ma\u0142o znacz\u0105c\u0105 zmian\u0105 by\u0142o dostosowanie forward guidance w kwestii tego, \u017ce EBC ju\u017c nie oczekuje, i\u017c stopy procentowe mog\u0105 by\u0107 obni\u017cane jeszcze ni\u017cej. Aktualnie EBC stwierdza, i\u017c &#8222;stopy pozostan\u0105 na obecnych poziomach przed d\u0142u\u017cszy czas oraz znacznie po okresie [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12774,"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-13354","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>Draghi studzi oczekiwania. Euro podatne na spadek? - InsiderFX | Finanse bez stresu<\/title>\n<meta name=\"description\" content=\"Dzisiejsza konferencja Mario Draghiego nale\u017ca\u0142a do jednych z mniej ciekawych w ostatnich miesi\u0105cach. 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