Dolar yeniden zirveye tırmanışta: Fed politikaları ve enerji fiyatları baskıyı sürdürüyor

Kısaca

Dolar 101,00 sınırını aşarak iki aylık zirveye çıktı; 2 yıl vadeli getiriler yüzde 5,00’e yaklaşırken 10 ve 30 yıllık getiriler yüzde 5,20’nin üzerinde seyretti. Fed’den gelecek iletişim ve petrol fiyatlarının yönü, kısa vadede doları etkileyen ana kırılganlar oldu. Piyasa oyuncuları yıl sonunda ilave sıkılaştırma ihtimalini fiyatlıyor; izlenmesi gereken nokta faiz kararları ve enerji fiyatları hareketleri

Ana mesele

Dolar yeniden güç kazanıyor; Fed’in sıkılaştırma ihtimali ve enerji fiyatları baskıyı sürdürüyor.

Ne değişti?

olası Fed faiz artışının yıl sonuna kadar 25 baz puan olarak kalabileceği beklentisi güçleniyor

Beni nasıl etkiler?

Okuyucular için para politikası belirsizliği ve döviz-kurları etkileyen gelişmeler dikkatle izlenmeli

Ne oldu?

Dolar endeksi (DXY) 101,00 üzerinde seyretti; kısa vadeli getiriler yükseldi.

Neden şimdi?

Fed’in sıkılaşmaya devam etmesi ve petrol fiyatlarının yükselişi doları destekledi.

Neden önemli?

Döviz kurlarındaki hareketler ihracat ve ithalat maliyetlerini doğrudan etkiler, enflasyon ve politikalar üzerinde baskıyı artırır.

Kimler etkileniyor?

• İhracatçı ve ithalatçı şirketler
• Yatırımcılar
• Tüketiciler ve enflasyon konusunda hassas sektörler

Sektör ve piyasa etkisi

Küresel döviz piyasaları ve enerji maliyetleri üzerindenyle Türkiye piyasalarını da etkileyebilir

Riskler

• Enerji fiyatlarındaki yükselişin sürmesi enflasyonu baskılayabilir
• Fed kararları hızlı değişebilir
• Gelişen piyasalarda kurlar dalgalanabilir

Takip edilmesi gerekenler

• Fed iletişimi ve faiz kararları
• Petrol ve enerji fiyatları yönü
• ABD ekonomik verileri (nonfarm payrolls)
• Küresel siyasi riskler

Haberin tamamı

The US Dollar added to its recent move higher, hitting two-month tops. Hawkish Fedspeak and solid data reinforced the Greenback’s uptrend.Next of note on the docket will be the US Nonfarm Payrolls.The week that wasThe US Dollar (USD) saw its recent bounce reinvigorated this week, gathering extra pace and popping to new two-month highs in a context of further advance of US Treasury yields across the curve, rising bets for extra tightening by the Federal Reserve (Fed) in the next few months, unabated uncertainty from the Middle East conflict and firmer-than-estimated US data releases.Against this backdrop, the US Dollar Index (DXY) has managed to surpass the 101.00 barrier for the first time since the end of July, posting gains in nine out of the last 12 days, while reversing two consecutive months of declines.The Greenback’s move higher has found extra wings in the sharp uptick in US Treasury yields. Indeed, 2-year yields have approached the 5.00% mark for the first time in more than two years, the 10-year yields advanced to 5.20%, the highest level since June 2007, and the 30-year yields have gone past 5.20%, levels last seen in early June 2002.Exceptionalism, Oil and further tighteningThe sharp move higher in the US Dollar has been underpinned by constant bets for extra rate hikes by the Fed in the latter part of the year. Currently, investors see around 36 basis points of extra tightening by year-end, while they favour another 25-basis-point hike at the October 28 meeting.This week’s marked rebound of crude Oil prices was another driver of the bull run in the buck, always amid the omnipresent absence of any progress in negotiations to put an end to the US-Iran-Hormuz conflict. Crude Oil prices go up, inflation concerns follow, rate hike bets increase… repeatThe cherry on the pie was an unexpected increase in preliminary prints of US business activity for the month of September, collaborating with the vision that US “exceptionalism” is nowhere near to subside.The Fed’s September hike was only the beginningThe Federal Reserve's 25-basis-point rate increase last week was followed by a clear message from policymakers: inflation remains too high, and further tightening may still be required. Officials argued that resilient demand, solid economic activity and persistent supply-side pressures had shifted the debate towards whether rates would need to rise again before year-end.Austan Goolsbee (Chicago) said both supply and demand were increasingly contributing to inflation, warning that stronger demand would require a more forceful policy response. Alberto Musalem (St. Louis) also argued that another rate increase was likely needed, favouring earlier, gradual tightening rather than delaying action. Other officials, including Susan Collins, Thomas Barkin, Michelle Bowman, John Williams and Anna Paulson, echoed similar concerns, emphasising persistent inflation risks and suggesting that additional policy tightening may be needed.Rate setters also warned against assuming that supply shocks would ease quickly, while noting that persistently high inflation could eventually become embedded in consumers’ expectations. At the same time, they said future policy decisions would be guided by incoming economic data, not market moves or political considerations.Indeed, the September hike was presented as a response to persistent inflation rather than a one-off adjustment. While officials are not signalling a predetermined path, the combination of broad price pressures, firm demand and repeated references to another hike makes further tightening a realistic possibility before the end of the year.Longs unwind as bullish conviction fadesData for the week ending September 15 by the Commodity Futures Trading Commission (CFTC) show a sharp deterioration in non-commercial bullish positioning in the US Dollar. Indeed, net longs fell to just under 10.6K contracts, with the 4-week change weakening to just around 8.5K contracts. This is a clear acceleration in the recent loss of bullish momentum.Open interest also declined sharply to around 43.8K contracts. Since net longs and participation decreased together, the move primarily indicates long liquidation and investors leaving the market rather than a rush into fresh USD shorts.Speculative exposure dropped to 24.44% (from 30.43%), with its percentile easing to 44.2. The Net Position Percentile also fell sharply to 45.2, moving close to neutral territory. That said, the USD’s once-constructive positioning advantage has therefore largely faded.All in all, the data point to a market in transition. USD positioning is still net long, but the sharp liquidation, negative 4-week trend and neutral percentile readings suggest that bullish conviction has weakened considerably. For now, the figures indicate a loss of optimism rather than a fully fledged bearish consensus.What’s next for the US DollarNext week will be particularly significant, with the US labour market in focus as we see the releases of JOLTS Job Openings, the ADP report, and finally, the Nonfarm Payrolls.In addition, the ISM will publish its Manufacturing gauge, while a slew of Fed speakers should keep investors’ attention on the rise.Forecast: Fundamentals remain on the Dollar's sideThe US Dollar has found its mojo again in recent weeks, supported by a combination of resilient economic activity, rising Treasury yields and a Fed that still argues that the fight against inflation is not over yet. Renewed geopolitical tensions and the higher energy prices have only reinforced that narrative, helping to restore the Greenback's appeal as a yield play and as a traditional safe-haven asset.Still, the latest CFTC numbers suggest investors are less convinced of the bullish USD story. Speculative longs have come down, which is a good sign of positioning normalising, but the macro backdrop is still very supportive. This divergence in the data does not indicate a trend change is imminent, but it does suggest further gains

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Kaynaklar

• FXStreet