{"id":87678,"date":"2026-07-28T12:53:19","date_gmt":"2026-07-28T10:53:19","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=87678"},"modified":"2026-07-28T12:53:21","modified_gmt":"2026-07-28T10:53:21","slug":"dolar-libra-a-frank-jak-kurz-dolaru-k-libre-ovlivnuji-rozdily-v-urokovych-sazbach","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/cfd-cs\/dolar-libra-a-frank-jak-kurz-dolaru-k-libre-ovlivnuji-rozdily-v-urokovych-sazbach\/","title":{"rendered":"Dolar, libra a frank: Jak kurz dolaru k lib\u0159e ovliv\u0148uj\u00ed rozd\u00edly v \u00farokov\u00fdch sazb\u00e1ch"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Vztah mezi americk\u00fdm dolarem, britskou librou a \u0161v\u00fdcarsk\u00fdm frankem nab\u00edz\u00ed dobr\u00fd p\u0159\u00edklad toho, jak funguj\u00ed glob\u00e1ln\u00ed m\u011bnov\u00e9 trhy. Pro investory sleduj\u00edc\u00ed&nbsp;kurz dolaru k lib\u0159e&nbsp;toti\u017e sm\u011bnn\u00e9 kurzy neur\u010duje pouze to, zda se l\u00e9pe da\u0159\u00ed americk\u00e9, nebo britsk\u00e9 ekonomice. Jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch faktor\u016f jsou rozd\u00edly mezi \u00farokov\u00fdmi sazbami jednotliv\u00fdch centr\u00e1ln\u00edch bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K 28. \u010dervenci 2026 dr\u017e\u00ed&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/2026-07-mpr-part2.htm\">americk\u00fd Feder\u00e1ln\u00ed rezervn\u00ed syst\u00e9m<\/a>&nbsp;c\u00edlov\u00e9 p\u00e1smo z\u00e1kladn\u00ed \u00farokov\u00e9 sazby na&nbsp;3,50 a\u017e 3,75 %, zat\u00edmco&nbsp;<a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy-summary-and-minutes\/2026\/june-2026\">Bank of England<\/a>&nbsp;udr\u017euje z\u00e1kladn\u00ed sazbu na \u00farovni&nbsp;3,75 %. \u0160v\u00fdcarsko se nach\u00e1z\u00ed ve v\u00fdrazn\u011b odli\u0161n\u00e9m m\u011bnov\u00e9m prost\u0159ed\u00ed:&nbsp;<a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260618\">Swiss National Bank<\/a>&nbsp;ponech\u00e1v\u00e1 svou z\u00e1kladn\u00ed sazbu na&nbsp;0 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl je d\u016fle\u017eit\u00fd. Ovliv\u0148uje toti\u017e v\u00fdnos, kter\u00e9ho mohou investo\u0159i dos\u00e1hnout p\u0159i dr\u017een\u00ed aktiv denominovan\u00fdch v dolarech, libr\u00e1ch \u010di franc\u00edch, a t\u00edm tak\u00e9 pom\u00e1h\u00e1 ur\u010dovat sm\u011br mezin\u00e1rodn\u00edch kapit\u00e1lov\u00fdch tok\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00e9 sazby jsou ale pouze za\u010d\u00e1tkem cel\u00e9ho p\u0159\u00edb\u011bhu. Infla\u010dn\u00ed o\u010dek\u00e1v\u00e1n\u00ed, hospod\u00e1\u0159sk\u00fd r\u016fst, nap\u011bt\u00ed na finan\u010dn\u00edch trz\u00edch, o\u010dek\u00e1v\u00e1n\u00ed budouc\u00edch rozhodnut\u00ed centr\u00e1ln\u00edch bank nebo tradi\u010dn\u00ed role \u0161v\u00fdcarsk\u00e9ho franku jako bezpe\u010dn\u00e9ho p\u0159\u00edstavu mohou jednoduchou logiku, podle n\u00ed\u017e by m\u011bla m\u011bna s vy\u0161\u0161\u00edm \u00farokem posilovat, zcela p\u0159ev\u00e1\u017eit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Co vlastn\u011b znamen\u00e1 kurz dolaru k lib\u0159e?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Kurz dolaru k lib\u0159e&nbsp;vyjad\u0159uje, kolik britsk\u00fdch liber lze koupit za jeden americk\u00fd dolar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud nap\u0159\u00edklad jeden dolar odpov\u00edd\u00e1 0,75 libry, kurz dolaru k lib\u0159e \u010din\u00ed 0,75 GBP za USD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na profesion\u00e1ln\u00edm devizov\u00e9m trhu se vztah mezi ob\u011bma m\u011bnami \u010dast\u011bji uv\u00e1d\u00ed opa\u010dn\u011b jako&nbsp;GBP\/USD, tedy jako po\u010det americk\u00fdch dolar\u016f pot\u0159ebn\u00fdch k n\u00e1kupu jedn\u00e9 britsk\u00e9 libry. Ekonomick\u00e9 faktory stoj\u00edc\u00ed za v\u00fdvojem kurzu jsou v\u0161ak stejn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud dolar v\u016f\u010di lib\u0159e posiluje, kurz dolaru k lib\u0159e roste. Pokud naopak posiluje libra, kurz dolaru k lib\u0159e kles\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory, spole\u010dnosti i cestovatele m\u016f\u017ee m\u00edt zm\u011bna m\u011bnov\u00e9ho kurzu p\u0159\u00edm\u00fd finan\u010dn\u00ed dopad. Siln\u011bj\u0161\u00ed dolar nap\u0159\u00edklad zvy\u0161uje hodnotu dolarov\u00fdch aktiv p\u0159i p\u0159epo\u010dtu do liber, zat\u00edmco siln\u011bj\u0161\u00ed libra zlev\u0148uje americk\u00e1 aktiva britsk\u00fdm investor\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro obchodn\u00edky na finan\u010dn\u00edch trz\u00edch je v\u0161ak ot\u00e1zka zpravidla slo\u017eit\u011bj\u0161\u00ed: kter\u00e1 centr\u00e1ln\u00ed banka bude dr\u017eet \u00farokov\u00e9 sazby v\u00fd\u0161e po del\u0161\u00ed dobu?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Fed vs. BoE vs. SNB: Aktu\u00e1ln\u00ed \u00farokov\u00e9 sazby<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Nejjednodu\u0161\u0161\u00ed verze makroekonomick\u00e9ho m\u011bnov\u00e9ho modelu vych\u00e1z\u00ed ze t\u0159\u00ed z\u00e1kladn\u00edch \u00farokov\u00fdch sazeb.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Centr\u00e1ln\u00ed banka<\/strong><\/td><td><strong>M\u011bna<\/strong><\/td><td><strong>Aktu\u00e1ln\u00ed z\u00e1kladn\u00ed sazba*<\/strong><\/td><td><strong>Nastaven\u00ed m\u011bnov\u00e9 politiky<\/strong><\/td><\/tr><tr><td>Federal Reserve<\/td><td>USD<\/td><td>3,50\u20133,75 %<\/td><td>Relativn\u011b restriktivn\u00ed<\/td><\/tr><tr><td>Bank of England<\/td><td>GBP<\/td><td>3,75 %<\/td><td>Relativn\u011b restriktivn\u00ed<\/td><\/tr><tr><td>Swiss National Bank<\/td><td>CHF<\/td><td>0,00 %<\/td><td>V\u00fdrazn\u011b uvoln\u011bn\u011bj\u0161\u00ed<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">*\u00dadaje vych\u00e1zej\u00ed z posledn\u00edch zve\u0159ejn\u011bn\u00fdch rozhodnut\u00ed dostupn\u00fdch k 28. \u010dervenci 2026. Zdrojem jsou&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/2026-07-mpr-part2.htm\">\u010dervencov\u00e1 zpr\u00e1va Fedu o m\u011bnov\u00e9 politice<\/a>,&nbsp;<a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy-summary-and-minutes\/2026\/june-2026\">\u010dervnov\u00e9 rozhodnut\u00ed Bank of England<\/a>&nbsp;a&nbsp;<a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260618\">\u010dervnov\u00e9 m\u011bnov\u011bpolitick\u00e9 hodnocen\u00ed Swiss National Bank<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro \u00fa\u010dely jednoduch\u00e9ho srovn\u00e1n\u00ed lze st\u0159ed sou\u010dasn\u00e9ho p\u00e1sma Fedu stanovit p\u0159ibli\u017en\u011b na&nbsp;3,625 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z toho vych\u00e1zej\u00ed n\u00e1sleduj\u00edc\u00ed \u00farokov\u00e9 diferenci\u00e1ly:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Porovn\u00e1van\u00e9 m\u011bny<\/strong><\/td><td><strong>P\u0159ibli\u017en\u00fd \u00farokov\u00fd diferenci\u00e1l<\/strong><\/td><\/tr><tr><td>GBP v\u016f\u010di USD<\/td><td>+0,125 procentn\u00edho bodu<\/td><\/tr><tr><td>USD v\u016f\u010di CHF<\/td><td>+3,625 procentn\u00edho bodu<\/td><\/tr><tr><td>GBP v\u016f\u010di CHF<\/td><td>+3,75 procentn\u00edho bodu<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Z pohledu samotn\u00fdch \u00farokov\u00fdch sazeb m\u00e1 tedy libra v\u016f\u010di dolaru pouze velmi malou v\u00fdhodu. Ob\u011b m\u011bny ale nab\u00edzej\u00ed podstatn\u011b vy\u0161\u0161\u00ed nomin\u00e1ln\u00ed sazbu ne\u017e \u0161v\u00fdcarsk\u00fd frank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b to vysv\u011btluje, pro\u010d je v\u00fdhled pro&nbsp;kurz dolaru k lib\u0159e&nbsp;p\u0159i \u010dist\u011b m\u011bnov\u011bpolitick\u00e9m pohledu podstatn\u011b slo\u017eit\u011bj\u0161\u00ed ne\u017e nap\u0159\u00edklad u kurz\u016f USD\/CHF nebo GBP\/CHF.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/cfd-cs\/investovani-v-latinske-americe-jak-kurz-americkeho-dolaru-ke-kolumbijskemu-pesu-ovlivnuje-vynosy\/\" title=\"Investov\u00e1n\u00ed v Latinsk\u00e9 Americe: Jak kurz americk\u00e9ho dolaru ke kolumbijsk\u00e9mu pesu ovliv\u0148uje v\u00fdnosy\">Investov\u00e1n\u00ed v Latinsk\u00e9 Americe: Jak kurz americk\u00e9ho dolaru ke kolumbijsk\u00e9mu pesu ovliv\u0148uje v\u00fdnosy<\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Makroekonomick\u00e1 kalkula\u010dka: Co sazby nazna\u010duj\u00ed o kapit\u00e1lov\u00fdch toc\u00edch?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jednoduch\u00e1 makroekonomick\u00e1 kalkula\u010dka m\u016f\u017ee investor\u016fm pomoci p\u0159ev\u00e9st \u00farokov\u00e9 sazby centr\u00e1ln\u00edch bank na z\u00e1kladn\u00ed sign\u00e1l pro mo\u017en\u00e9 sm\u011b\u0159ov\u00e1n\u00ed kapit\u00e1lu mezi jednotliv\u00fdmi m\u011bnami.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Princip je jednoduch\u00fd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00fd diferenci\u00e1l = dom\u00e1c\u00ed \u00farokov\u00e1 sazba \u2013 zahrani\u010dn\u00ed \u00farokov\u00e1 sazba<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Za jinak stejn\u00fdch podm\u00ednek m\u016f\u017ee b\u00fdt m\u011bna s vy\u0161\u0161\u00ed \u00farokovou sazbou atraktivn\u011bj\u0161\u00ed, proto\u017ee investo\u0159i mohou z\u00edskat vy\u0161\u0161\u00ed v\u00fdnos na vkladech, st\u00e1tn\u00edch dluhopisech a dal\u0161\u00edch \u00faro\u010den\u00fdch aktivech denominovan\u00fdch v dan\u00e9 m\u011bn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i pou\u017eit\u00ed sou\u010dasn\u00fdch sazeb:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GBP \u2013 USD = 3,75 % \u2013 3,625 % = +0,125 procentn\u00edho bodu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Libra tedy nab\u00edz\u00ed v\u016f\u010di dolaru jen velmi malou nomin\u00e1ln\u00ed v\u00fdnosovou v\u00fdhodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Naproti tomu:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">USD \u2013 CHF = 3,625 % \u2013 0 % = +3,625 procentn\u00edho bodu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">a:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GBP \u2013 CHF = 3,75 % \u2013 0 % = +3,75 procentn\u00edho bodu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z \u010dist\u011b carry pohledu tak dolar a libra vypadaj\u00ed podstatn\u011b atraktivn\u011bji ne\u017e frank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Makroekonomick\u00e1 kalkula\u010dka vyu\u017e\u00edvaj\u00edc\u00ed um\u011blou inteligenci by mohla automaticky propojovat aktu\u00e1ln\u00ed rozhodnut\u00ed Fedu, BoE a SNB, pr\u016fb\u011b\u017en\u011b p\u0159epo\u010d\u00edt\u00e1vat rozd\u00edly mezi \u00farokov\u00fdmi sazbami a p\u0159ev\u00e1d\u011bt je na jednoduch\u00fd sign\u00e1l mo\u017en\u00e9ho sm\u011bru kapit\u00e1lov\u00fdch tok\u016f.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Sc\u00e9n\u00e1\u0159<\/strong><\/td><td><strong>Sign\u00e1l ze sazeb<\/strong><\/td><td><strong>Mo\u017en\u00fd dopad na m\u011bny<\/strong><\/td><\/tr><tr><td>Fed je jest\u0159\u00e1b\u011bj\u0161\u00ed ne\u017e BoE<\/td><td>V\u00fdhoda USD se zv\u011bt\u0161uje<\/td><td>Podpora USD v\u016f\u010di GBP<\/td><\/tr><tr><td>BoE dr\u017e\u00ed sazby v\u00fd\u0161e d\u00e9le<\/td><td>V\u00fdhoda GBP se zv\u011bt\u0161uje<\/td><td>Podpora GBP v\u016f\u010di USD<\/td><\/tr><tr><td>Fed a BoE sni\u017euj\u00ed sazby, SNB ne<\/td><td>Nev\u00fdhoda CHF se zmen\u0161uje<\/td><td>P\u0159\u00edzniv\u011bj\u0161\u00ed prost\u0159ed\u00ed pro CHF<\/td><\/tr><tr><td>SNB sn\u00ed\u017e\u00ed sazby pod nulu<\/td><td>V\u00fdnosov\u00e1 nev\u00fdhoda CHF roste<\/td><td>Negativn\u00ed carry tlak na CHF<\/td><\/tr><tr><td>Prudce vzroste glob\u00e1ln\u00ed riziko<\/td><td>Model zalo\u017een\u00fd na sazb\u00e1ch ztr\u00e1c\u00ed \u010d\u00e1st vypov\u00eddac\u00ed hodnoty<\/td><td>Popt\u00e1vka po bezpe\u010d\u00ed m\u016f\u017ee podpo\u0159it CHF<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Kl\u00ed\u010dov\u00e9 je slovo&nbsp;mo\u017en\u00fd. M\u011bnov\u00e9 trhy toti\u017e neoce\u0148uj\u00ed pouze dne\u0161n\u00ed \u00farokov\u00e9 sazby, ale p\u0159edev\u0161\u00edm o\u010dek\u00e1van\u00fd budouc\u00ed v\u00fdvoj m\u011bnov\u00e9 politiky.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pro\u010d jsou \u00farokov\u00e9 diferenci\u00e1ly d\u016fle\u017eit\u00e9 pro kurz dolaru k lib\u0159e<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si dva jinak toto\u017en\u00e9 st\u00e1tn\u00ed dluhopisy. Jeden nab\u00edz\u00ed v\u00fdnos 2 %, druh\u00fd 5 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by p\u0159irozen\u011b preferovali aktivum s vy\u0161\u0161\u00edm v\u00fdnosem, pokud by se nedomn\u00edvali, \u017ee dodate\u010dn\u00fd v\u00fdnos vyma\u017ee pohyb m\u011bnov\u00e9ho kurzu, \u00fav\u011brov\u00e9 riziko nebo inflace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stejn\u00fd princip funguje i na mezin\u00e1rodn\u00edch trz\u00edch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby mohou p\u0159itahovat zahrani\u010dn\u00ed kapit\u00e1l do st\u00e1tn\u00edch dluhopis\u016f, n\u00e1stroj\u016f pen\u011b\u017en\u00edho trhu a bankovn\u00edch vklad\u016f. Investo\u0159i p\u0159itom \u010dasto musej\u00ed nejprve nakoupit p\u0159\u00edslu\u0161nou m\u011bnu, co\u017e vytv\u00e1\u0159\u00ed dodate\u010dnou popt\u00e1vku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto m\u016f\u017ee rozd\u00edln\u00e1 politika centr\u00e1ln\u00edch bank p\u0159edstavovat jeden z nejsiln\u011bj\u0161\u00edch faktor\u016f na devizov\u00e9m trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mechanismus je zvl\u00e1\u0161\u0165 d\u016fle\u017eit\u00fd pro&nbsp;kurz dolaru k lib\u0159e, proto\u017ee dolar i libra pat\u0159\u00ed mezi hlavn\u00ed sv\u011btov\u00e9 m\u011bny a stoj\u00ed za nimi mimo\u0159\u00e1dn\u011b likvidn\u00ed finan\u010dn\u00ed trhy. I relativn\u011b mal\u00e1 zm\u011bna o\u010dek\u00e1v\u00e1n\u00ed ohledn\u011b politiky Fedu nebo Bank of England proto m\u016f\u017ee ovlivnit velk\u00e9 objemy mezin\u00e1rodn\u00edho kapit\u00e1lu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdznam takov\u00fdch obchod\u016f potvrzuje tak\u00e9&nbsp;<a href=\"https:\/\/www.bis.org\/publ\/bisbull124.htm\">v\u00fdzkum Banky pro mezin\u00e1rodn\u00ed platby zam\u011b\u0159en\u00fd na m\u011bnov\u00e9 carry trades<\/a>. Podle BIS mohou carry pozice zesilovat reakci m\u011bnov\u00fdch kurz\u016f na zm\u011bny m\u011bnov\u00e9 politiky, zejm\u00e9na pokud po rozhodnut\u00ed centr\u00e1ln\u00ed banky doch\u00e1z\u00ed k uzav\u00edr\u00e1n\u00ed d\u0159\u00edve nahromad\u011bn\u00fdch p\u00e1kov\u00fdch pozic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Fed: Pro\u010d m\u00e1 dolar st\u00e1le siln\u00fd argument v podob\u011b v\u00fdnosu<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Podle&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/2026-07-mpr-part2.htm\">\u010dervencov\u00e9 zpr\u00e1vy Fedu o m\u011bnov\u00e9 politice<\/a>&nbsp;dr\u017e\u00ed FOMC c\u00edlov\u00e9 p\u00e1smo sazby feder\u00e1ln\u00edch fond\u016f na \u00farovni&nbsp;3,50 a\u017e 3,75 % od za\u010d\u00e1tku roku 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zpr\u00e1va z\u00e1rove\u0148 uv\u00e1d\u00ed, \u017ee hospod\u00e1\u0159sk\u00e1 aktivita nad\u00e1le solidn\u011b roste, zat\u00edmco inflace z\u016fst\u00e1v\u00e1 zv\u00fd\u0161en\u00e1 vzhledem k dlouhodob\u00e9mu dvouprocentn\u00edmu c\u00edli Fedu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tato kombinace je pro dolar d\u016fle\u017eit\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud inflace z\u016fstane vytrval\u00e1, m\u016f\u017ee m\u00edt Fed men\u0161\u00ed prostor pro rychl\u00e9 sni\u017eov\u00e1n\u00ed sazeb. O\u010dek\u00e1v\u00e1n\u00ed, \u017ee americk\u00e9 sazby z\u016fstanou d\u00e9le zv\u00fd\u0161en\u00e9, m\u016f\u017ee podporovat popt\u00e1vku po dolarov\u00fdch dluhopisech a dal\u0161\u00edch \u00faro\u010den\u00fdch aktivech.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na konci \u010dervence je nav\u00edc z\u00e1sadn\u00ed na\u010dasov\u00e1n\u00ed.&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/2026-july.htm\">Ofici\u00e1ln\u00ed kalend\u00e1\u0159 Federal Reserve<\/a>&nbsp;potvrzuje, \u017ee FOMC zased\u00e1&nbsp;28.\u201329. \u010dervence 2026, tak\u017ee \u00farokov\u00fd obraz se m\u016f\u017ee kr\u00e1tce po referen\u010dn\u00edm datu t\u00e9to anal\u00fdzy zm\u011bnit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro&nbsp;kurz dolaru k lib\u0159e&nbsp;proto nen\u00ed hlavn\u00ed ot\u00e1zkou pouze to, zda Fed sazby sn\u00ed\u017e\u00ed. Podstatn\u011bj\u0161\u00ed je, zda je bude sni\u017eovat rychleji, nebo pomaleji ne\u017e Bank of England.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/ekonomika\/bostonske-piti-caje-a-vznik-kapitalismu-udalost-ktera-navzdy-zmenila-investovani\/\" title=\"Bostonsk\u00e9 pit\u00ed \u010daje a vznik kapitalismu: Ud\u00e1lost, kter\u00e1 nav\u017edy zm\u011bnila investov\u00e1n\u00ed\">Bostonsk\u00e9 pit\u00ed \u010daje a vznik kapitalismu: Ud\u00e1lost, kter\u00e1 nav\u017edy zm\u011bnila investov\u00e1n\u00ed<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bank of England: Libra m\u00e1 jen malou \u00farokovou v\u00fdhodu<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Podle&nbsp;<a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy-summary-and-minutes\/2026\/june-2026\">posledn\u00edho rozhodnut\u00ed Bank of England<\/a>&nbsp;z\u016fst\u00e1v\u00e1 z\u00e1kladn\u00ed sazba na \u00farovni&nbsp;3,75 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na \u010dervnov\u00e9m zased\u00e1n\u00ed hlasovalo sedm \u010dlen\u016f Monetary Policy Committee pro ponech\u00e1n\u00ed sazeb beze zm\u011bny, zat\u00edmco dva \u010dlenov\u00e9 podpo\u0159ili jejich zv\u00fd\u0161en\u00ed na 4 %. Banka z\u00e1rove\u0148 upozornila na nejistotu spojenou s cenami energi\u00ed, inflac\u00ed a \u0161ir\u0161\u00edm ekonomick\u00fdm v\u00fdhledem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To znamen\u00e1, \u017ee libra m\u00e1 v\u016f\u010di st\u0159edu sou\u010dasn\u00e9ho p\u00e1sma Fedu malou \u00farokovou pr\u00e9mii.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl p\u0159ibli\u017en\u011b 0,125 procentn\u00edho bodu je v\u0161ak velmi mal\u00fd. D\u016fle\u017eit\u011bj\u0161\u00ed jsou o\u010dek\u00e1v\u00e1n\u00ed investor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud trhy za\u010dnou p\u0159edpokl\u00e1dat, \u017ee BoE bude sazby sni\u017eovat rychleji ne\u017e Fed, sou\u010dasn\u00e1 v\u00fdhoda libry m\u016f\u017ee zmizet je\u0161t\u011b d\u0159\u00edve, ne\u017e ke skute\u010dn\u00e9mu sn\u00ed\u017een\u00ed sazeb v\u016fbec dojde.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud naopak britsk\u00e1 inflace donut\u00ed BoE dr\u017eet sazby v\u00fd\u0161e, zat\u00edmco zpomaluj\u00edc\u00ed inflace v USA umo\u017en\u00ed Fedu rychlej\u0161\u00ed uvol\u0148ov\u00e1n\u00ed politiky, mohou se kapit\u00e1lov\u00e9 toky v\u00edce p\u0159esunout ve prosp\u011bch libry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podle&nbsp;<a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy\/the-interest-rate-bank-rate\">ofici\u00e1ln\u00edho p\u0159ehledu Bank of England<\/a>&nbsp;je dal\u0161\u00ed rozhodnut\u00ed o \u00farokov\u00fdch sazb\u00e1ch napl\u00e1nov\u00e1no na&nbsp;30. \u010dervence 2026. Rozhodnut\u00ed Fedu a BoE tak od sebe d\u011bl\u00ed pouze jeden den, co\u017e \u010din\u00ed z\u00e1v\u011br \u010dervence mimo\u0159\u00e1dn\u011b d\u016fle\u017eit\u00fdm pro dal\u0161\u00ed v\u00fdvoj \u00farokov\u00e9ho rozd\u00edlu mezi dolarem a librou.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u0160v\u00fdcarsk\u00fd frank naru\u0161uje jednoduch\u00fd model zalo\u017een\u00fd na sazb\u00e1ch<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160v\u00fdcarsko dob\u0159e ukazuje, pro\u010d se investo\u0159i na forexu nemohou spol\u00e9hat pouze na v\u00fd\u0161i \u00farokov\u00fdch sazeb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podle&nbsp;<a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260618\">nejnov\u011bj\u0161\u00edho m\u011bnov\u011bpolitick\u00e9ho hodnocen\u00ed Swiss National Bank<\/a>&nbsp;z\u016fst\u00e1v\u00e1 z\u00e1kladn\u00ed sazba na&nbsp;0 %, co\u017e vytv\u00e1\u0159\u00ed v\u00fdraznou v\u00fdnosovou nev\u00fdhodu v\u016f\u010di dolaru i lib\u0159e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V jednoduch\u00e9m modelu carry trade by investo\u0159i teoreticky mohli financovat sv\u00e9 pozice levn\u00fdmi franky a kapit\u00e1l n\u00e1sledn\u011b investovat do m\u011bn s vy\u0161\u0161\u00edmi \u00farokov\u00fdmi sazbami.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160v\u00fdcarsk\u00fd frank se v\u0161ak v obdob\u00edch finan\u010dn\u00edho nap\u011bt\u00ed historicky choval jinak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Samotn\u00e1 SNB ozna\u010duje \u0160v\u00fdcarsko za malou otev\u0159enou ekonomiku s&nbsp;<a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/speeches\/2024\/ref_20241122_msl\">m\u011bnou funguj\u00edc\u00ed jako bezpe\u010dn\u00fd p\u0159\u00edstav<\/a>. Pr\u00e1v\u011b kv\u016fli t\u00e9to roli m\u016f\u017ee v obdob\u00ed glob\u00e1ln\u00edho zpomalen\u00ed nebo zv\u00fd\u0161en\u00e9 nejistoty vzniknout tlak na pos\u00edlen\u00ed franku, p\u0159esto\u017ee jsou \u0161v\u00fdcarsk\u00e9 sazby v\u00fdrazn\u011b ni\u017e\u0161\u00ed ne\u017e v jin\u00fdch v\u00fdznamn\u00fdch ekonomik\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor, kter\u00fd by sledoval pouze \u00farokovou nev\u00fdhodu ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 3,6 a\u017e 3,75 procentn\u00edho bodu, by proto p\u0159ehl\u00e9dl jednu z nejd\u016fle\u017eit\u011bj\u0161\u00edch vlastnost\u00ed CHF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kdy\u017e na trz\u00edch roste nervozita, mohou b\u00fdt investo\u0159i ochotni p\u0159ijmout ni\u017e\u0161\u00ed v\u00fdnos v\u00fdm\u011bnou za vn\u00edmanou bezpe\u010dnost.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pro\u010d m\u016f\u017ee frank posilovat i p\u0159i nulov\u00fdch sazb\u00e1ch?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jde o jeden z nejm\u00e9n\u011b intuitivn\u00edch rys\u016f m\u011bnov\u00e9ho trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Za norm\u00e1ln\u00edch okolnost\u00ed by m\u011bla m\u011bna s nulovou \u00farokovou sazbou p\u016fsobit m\u00e9n\u011b atraktivn\u011b ne\u017e m\u011bny se sazbami bl\u00edzko 4 %. M\u011bny v\u0161ak nejsou dluhopisy. Jejich hodnotu ovliv\u0148uje tak\u00e9 vn\u00edman\u00e9 riziko, likvidita a popt\u00e1vka investor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.snb.ch\/en\/publications\/research\/working-papers\/2013\/working_paper_2013_04\">Studie SNB o bezpe\u010dn\u00e9m p\u0159\u00edstavu v podob\u011b \u0161v\u00fdcarsk\u00e9ho franku<\/a>&nbsp;uk\u00e1zala, \u017ee frank v minulosti v\u016f\u010di \u0159ad\u011b m\u011bn posiloval v dob\u011b zv\u00fd\u0161en\u00e9ho glob\u00e1ln\u00edho finan\u010dn\u00edho rizika, by\u0165 se jeho role bezpe\u010dn\u00e9ho p\u0159\u00edstavu neprojevuje stejn\u011b v\u016f\u010di v\u0161em m\u011bn\u00e1m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00ed&nbsp;<a href=\"https:\/\/www.snb.ch\/en\/publications\/research\/working-papers\/2020\/working_paper_2020_21\">v\u00fdzkum SNB zam\u011b\u0159en\u00fd na kr\u00e1tkodob\u00e9 pohyby kurzu \u0161v\u00fdcarsk\u00e9ho franku<\/a>&nbsp;ukazuje, \u017ee rizikov\u00e9 faktory nab\u00fdvaj\u00ed na v\u00fdznamu zejm\u00e9na v obdob\u00edch zhor\u0161uj\u00edc\u00edho se glob\u00e1ln\u00edho tr\u017en\u00edho prost\u0159ed\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vznikaj\u00ed tak dv\u011b protich\u016fdn\u00e9 s\u00edly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V relativn\u011b klidn\u00fdch tr\u017en\u00edch podm\u00ednk\u00e1ch:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">vy\u0161\u0161\u00ed sazby USD a GBP \u2192 siln\u011bj\u0161\u00ed motivace pro carry trade \u2192 potenci\u00e1ln\u00ed tlak na oslaben\u00ed CHF<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i v\u00fdrazn\u00e9m finan\u010dn\u00edm stresu:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">vy\u0161\u0161\u00ed averze k riziku \u2192 popt\u00e1vka po bezpe\u010dn\u00fdch p\u0159\u00edstavech \u2192 potenci\u00e1ln\u00ed pos\u00edlen\u00ed CHF<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Efektivn\u00ed makroekonomick\u00fd model proto mus\u00ed zahrnovat jak&nbsp;\u00farokovou slo\u017eku, tak&nbsp;slo\u017eku tr\u017en\u00edho rizika.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lep\u0161\u00ed AI model pro kurz dolaru k lib\u0159e a \u0161v\u00fdcarsk\u00fd frank<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U\u017eite\u010dn\u00fd m\u011bnov\u00fd model zalo\u017een\u00fd na um\u011bl\u00e9 inteligenci by nem\u011bl pouze porovn\u00e1vat t\u0159i aktu\u00e1ln\u00ed z\u00e1kladn\u00ed sazby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u011bl by sledovat nejm\u00e9n\u011b p\u011bt prom\u011bnn\u00fdch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Aktu\u00e1ln\u00ed sazby centr\u00e1ln\u00edch bank<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sazby Fedu, BoE a SNB p\u0159edstavuj\u00ed z\u00e1klad pro v\u00fdpo\u010det nomin\u00e1ln\u00edch \u00farokov\u00fdch diferenci\u00e1l\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. O\u010dek\u00e1van\u00e9 budouc\u00ed sazby<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Forexov\u00e9 trhy zpravidla reaguj\u00ed na to, co investo\u0159i o\u010dek\u00e1vaj\u00ed v budoucnu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud je sn\u00ed\u017een\u00ed sazeb pln\u011b zapo\u010d\u00edtan\u00e9 v cen\u00e1ch, jeho dopad se m\u016f\u017ee projevit v m\u011bnov\u00e9m kurzu je\u0161t\u011b p\u0159ed samotn\u00fdm rozhodnut\u00edm centr\u00e1ln\u00ed banky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Inflace<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00e1 sazba 4 % p\u0159i p\u011btiprocentn\u00ed inflaci nemus\u00ed p\u0159edstavovat atraktivn\u011bj\u0161\u00ed re\u00e1ln\u00fd v\u00fdnos ne\u017e dvouprocentn\u00ed sazba p\u0159i jednoprocentn\u00ed inflaci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O\u010dek\u00e1v\u00e1n\u00ed re\u00e1ln\u00fdch \u00farokov\u00fdch sazeb proto m\u016f\u017ee b\u00fdt d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e samotn\u00e9 nomin\u00e1ln\u00ed sazby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. Hospod\u00e1\u0159sk\u00fd r\u016fst<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kapit\u00e1l m\u00e1 tendenci sm\u011b\u0159ovat na trhy, kde investo\u0159i o\u010dek\u00e1vaj\u00ed vy\u0161\u0161\u00ed v\u00fdnosy z finan\u010dn\u00edch i re\u00e1ln\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Slab\u00fd hospod\u00e1\u0159sk\u00fd r\u016fst proto m\u016f\u017ee pozitivn\u00ed efekt vysok\u00fdch \u00farokov\u00fdch sazeb na m\u011bnu \u010d\u00e1ste\u010dn\u011b nebo \u00fapln\u011b vymazat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Glob\u00e1ln\u00ed sentiment v\u016f\u010di riziku<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tato prom\u011bnn\u00e1 je zvl\u00e1\u0161\u0165 d\u016fle\u017eit\u00e1 pro \u0161v\u00fdcarsk\u00fd frank a v n\u011bkter\u00fdch kriz\u00edch tak\u00e9 pro americk\u00fd dolar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e1hl\u00fd geopolitick\u00fd nebo finan\u010dn\u00ed \u0161ok m\u016f\u017ee vliv \u00farokov\u00fdch diferenci\u00e1l\u016f b\u011bhem n\u011bkolika hodin p\u0159ev\u00e1\u017eit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kurz dolaru k lib\u0159e: T\u0159i sc\u00e9n\u00e1\u0159e, kter\u00e9 by investo\u0159i m\u011bli sledovat<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sc\u00e9n\u00e1\u0159 1: Fed sni\u017euje sazby rychleji ne\u017e BoE<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si, \u017ee americk\u00e1 inflace zpomal\u00ed a Fed za\u010dne sni\u017eovat sazby, zat\u00edmco Bank of England z\u016fstane opatrn\u011bj\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl mezi britsk\u00fdmi a americk\u00fdmi \u00farokov\u00fdmi sazbami by se roz\u0161\u00ed\u0159il ve prosp\u011bch libry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To by mohlo podpo\u0159it kapit\u00e1lov\u00e9 toky do aktiv denominovan\u00fdch v libr\u00e1ch a potenci\u00e1ln\u011b pos\u00edlit GBP v\u016f\u010di USD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro&nbsp;kurz dolaru k lib\u0159e&nbsp;by to obecn\u011b znamenalo tlak sm\u011brem dol\u016f, proto\u017ee za jeden dolar by bylo mo\u017en\u00e9 koupit m\u00e9n\u011b liber.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sc\u00e9n\u00e1\u0159 2: BoE sni\u017euje sazby rychleji ne\u017e Fed<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud britsk\u00e1 ekonomika oslab\u00ed, zat\u00edmco americk\u00e1 inflace z\u016fstane vytrval\u00e1, m\u016f\u017ee Bank of England za\u010d\u00edt m\u011bnovou politiku uvol\u0148ovat agresivn\u011bji.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Relativn\u00ed v\u00fdnosov\u00e1 v\u00fdhoda dolaru by se zv\u00fd\u0161ila.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takov\u00fd v\u00fdvoj by mohl podpo\u0159it americk\u00fd dolar a&nbsp;kurz dolaru k lib\u0159e&nbsp;by mohl vzr\u016fst.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sc\u00e9n\u00e1\u0159 3: Glob\u00e1ln\u00ed trhy p\u0159ech\u00e1zej\u00ed do re\u017eimu risk-off<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finan\u010dn\u00ed krize, geopolitick\u00e1 eskalace nebo prudk\u00fd pokles akciov\u00fdch trh\u016f mohou cel\u00fd v\u00fdpo\u010det zm\u011bnit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i se mohou p\u0159esunout k m\u011bn\u00e1m pova\u017eovan\u00fdm za bezpe\u010dn\u011bj\u0161\u00ed, v\u010detn\u011b \u0161v\u00fdcarsk\u00e9ho franku a podle charakteru krize tak\u00e9 americk\u00e9ho dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V takov\u00e9m prost\u0159ed\u00ed m\u016f\u017ee CHF posilovat navzdory tomu, \u017ee z\u00e1kladn\u00ed sazba \u010din\u00ed pouze 0 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto z\u016fst\u00e1vaj\u00ed m\u011bny bezpe\u010dn\u00fdch p\u0159\u00edstav\u016f pro investory d\u016fle\u017eit\u00e9 i v dob\u011b, kdy jejich \u00farokov\u00e9 v\u00fdnosy vypadaj\u00ed m\u00e1lo atraktivn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00e9 sazby jsou d\u016fle\u017eit\u00e9, ale nejsou samy o sob\u011b m\u011bnovou progn\u00f3zou<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00e9 diferenci\u00e1ly p\u0159edstavuj\u00ed jeden z nejp\u0159ehledn\u011bj\u0161\u00edch r\u00e1mc\u016f pro pochopen\u00ed pohybu m\u011bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nikdy by v\u0161ak nem\u011bly b\u00fdt interpretov\u00e1ny jako zaru\u010den\u00fd obchodn\u00ed sign\u00e1l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u011bna s vy\u0161\u0161\u00edmi sazbami m\u016f\u017ee oslabit, proto\u017ee investo\u0159i o\u010dek\u00e1vaj\u00ed jejich budouc\u00ed pokles. M\u011bna s n\u00edzk\u00fdm v\u00fdnosem naopak m\u016f\u017ee posilovat kv\u016fli \u00fat\u011bku investor\u016f do bezpe\u010d\u00ed. Centr\u00e1ln\u00ed banka nav\u00edc m\u016f\u017ee m\u011bnov\u00fd trh ovlivnit komunikac\u00ed nebo p\u0159\u00edm\u00fdmi devizov\u00fdmi intervencemi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260618\">Swiss National Bank ve sv\u00e9m \u010dervnov\u00e9m m\u011bnov\u011bpolitick\u00e9m hodnocen\u00ed<\/a>&nbsp;uvedla, \u017ee je v\u00edce p\u0159ipravena intervenovat na devizov\u00e9m trhu, pokud by bylo nutn\u00e9 \u010delit rychl\u00e9mu a nadm\u011brn\u00e9mu posilov\u00e1n\u00ed \u0161v\u00fdcarsk\u00e9ho franku, kter\u00e9 by mohlo ohrozit cenovou stabilitu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00ed komplikaci p\u0159edstavuje m\u011bnov\u00e9 zaji\u0161t\u011bn\u00ed.&nbsp;<a href=\"https:\/\/www.bis.org\/publ\/bisbull123.htm\">V\u00fdzkum BIS zve\u0159ejn\u011bn\u00fd v roce 2026<\/a>&nbsp;upozor\u0148uje, \u017ee skute\u010dn\u00e1 m\u011bnov\u00e1 expozice investi\u010dn\u00edch fond\u016f z\u00e1vis\u00ed tak\u00e9 na jejich hedgingov\u00fdch strategi\u00edch. Zejm\u00e9na dluhopisov\u00e9 fondy mohou dr\u017eet vysok\u00fd pod\u00edl m\u011bnov\u011b zaji\u0161t\u011bn\u00fdch pozic a jejich rozhodov\u00e1n\u00ed ovliv\u0148uj\u00ed tak\u00e9 samotn\u00e9 n\u00e1klady hedgingu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00darokov\u00fd diferenci\u00e1l tedy investor\u016fm ukazuje, kde se nach\u00e1z\u00ed nomin\u00e1ln\u00ed v\u00fdnosov\u00e1 v\u00fdhoda, nikoliv automaticky to, kam se bude m\u011bnov\u00fd kurz pohybovat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Co by m\u011bli investo\u0159i sledovat d\u00e1l?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pro ka\u017ed\u00e9ho, kdo sleduje&nbsp;kurz dolaru k lib\u0159e, je nejd\u016fle\u017eit\u011bj\u0161\u00ed relativn\u00ed v\u00fdvoj m\u011bnov\u00e9 politiky Fedu a Bank of England.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i sou\u010dasn\u00fdch sazb\u00e1ch je nomin\u00e1ln\u00ed v\u00fdnosov\u00e1 v\u00fdhoda libry v\u016f\u010di dolaru minim\u00e1ln\u00ed. I pom\u011brn\u011b mal\u00e1 zm\u011bna o\u010dek\u00e1v\u00e1n\u00ed budouc\u00edho v\u00fdvoje \u00farokov\u00fdch sazeb proto m\u016f\u017ee p\u0159ev\u00e1\u017eit rovnov\u00e1hu ve prosp\u011bch jedn\u00e9 z m\u011bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160v\u00fdcarsk\u00fd frank p\u0159edstavuje zcela jin\u00fd p\u0159\u00edpad. Se sazbou SNB na 0 % nab\u00edzej\u00ed USD i GBP v\u00fdraznou nomin\u00e1ln\u00ed \u00farokovou pr\u00e9mii. Za norm\u00e1ln\u00edch tr\u017en\u00edch podm\u00ednek m\u016f\u017ee tento rozd\u00edl podporovat carry trades sm\u011b\u0159uj\u00edc\u00ed pry\u010d od CHF. V obdob\u00ed vysok\u00e9 nejistoty v\u0161ak m\u016f\u017ee b\u00fdt role franku jako bezpe\u010dn\u00e9ho p\u0159\u00edstavu podstatn\u011b d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e jeho v\u00fdnosov\u00e1 nev\u00fdhoda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory z toho vypl\u00fdv\u00e1 jednoduch\u00fd r\u00e1mec:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolar vs. libra = p\u0159edev\u0161\u00edm souboj dvou podobn\u00fdch \u00farokov\u00fdch cykl\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolar nebo libra vs. frank = souboj mezi v\u00fdnosem a bezpe\u010d\u00edm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl je pro spr\u00e1vnou interpretaci m\u011bnov\u00fdch trh\u016f z\u00e1sadn\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vztah mezi americk\u00fdm dolarem, britskou librou a \u0161v\u00fdcarsk\u00fdm frankem nab\u00edz\u00ed dobr\u00fd p\u0159\u00edklad toho, jak funguj\u00ed glob\u00e1ln\u00ed m\u011bnov\u00e9 trhy. Pro investory sleduj\u00edc\u00ed&nbsp;kurz dolaru k lib\u0159e&nbsp;toti\u017e sm\u011bnn\u00e9 kurzy neur\u010duje pouze to, zda se l\u00e9pe da\u0159\u00ed americk\u00e9, nebo britsk\u00e9 ekonomice. Jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch faktor\u016f jsou rozd\u00edly mezi \u00farokov\u00fdmi sazbami jednotliv\u00fdch centr\u00e1ln\u00edch bank. K 28. \u010dervenci 2026 dr\u017e\u00ed&nbsp;americk\u00fd Feder\u00e1ln\u00ed [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":87672,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[632],"tags":[4940,5869,5863],"class_list":["post-87678","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cfd-cs","tag-ekonomika","tag-kurz-dolaru-k-libre","tag-rozdilove-smlouvy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"Kurz dolaru k lib\u0159e ovliv\u0148uj\u00ed sazby Fedu a Bank of England. 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