{"id":661086,"date":"2025-06-20T15:00:20","date_gmt":"2025-06-20T13:00:20","guid":{"rendered":"https:\/\/ftmo.com\/?p=661086"},"modified":"2025-06-20T10:44:34","modified_gmt":"2025-06-20T08:44:34","slug":"jak-centralni-banky-ovlivnuji-deni-na-financnich-trzich","status":"publish","type":"post","link":"https:\/\/ftmo.com\/cs\/jak-centralni-banky-ovlivnuji-deni-na-financnich-trzich\/","title":{"rendered":"Jak centr\u00e1ln\u00ed banky ovliv\u0148uj\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch"},"content":{"rendered":"

Existuje \u0159ada faktor\u016f ovliv\u0148uj\u00edc\u00edch d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch a pohyb cen investi\u010dn\u00edch instrument\u016f. Jedn\u00edm z\u00a0hlavn\u00edch hr\u00e1\u010d\u016f na trhu (a neplat\u00ed to pouze pro forex) jsou centr\u00e1ln\u00ed banky. Jejich hlavn\u00edm mand\u00e1tem je zejm\u00e9na sice stabilita m\u011bny a k\u00a0jej\u00edmu dosa\u017een\u00ed vyu\u017e\u00edvaj\u00ed n\u011bkolik z\u00e1kladn\u00edch n\u00e1stroj\u016f.<\/em><\/p>\n

Centr\u00e1ln\u00ed banky hraj\u00ed ve stabilizaci ekonomiky a ovliv\u0148ov\u00e1n\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch jednu z\u00a0kl\u00ed\u010dov\u00fdch rol\u00ed. K\u00a0tomu vyu\u017e\u00edvaj\u00ed r\u016fzn\u00e9 n\u00e1stroje monet\u00e1rn\u00ed politiky, kter\u00e9 lze rozd\u011blit do n\u011bkolika hlavn\u00edch kategori\u00ed. P\u0159esto\u017ee ka\u017ed\u00e1 centr\u00e1ln\u00ed banka m\u00e1 jin\u00fd mand\u00e1t (cenov\u00e1 stabilita, c\u00edlov\u00e1n\u00ed inflace nebo zam\u011bstnanost), vych\u00e1z\u00ed ze specifick\u00fdch podm\u00ednek a p\u0159izp\u016fsobuje se r\u016fzn\u00fdm f\u00e1z\u00edm cyklu, resp. odli\u0161n\u00e9mu infla\u010dn\u00edmu prost\u0159ed\u00ed, jsou n\u00e1stroje vyu\u017e\u00edvan\u00e9 v\u0161emi centr\u00e1ln\u00edmi bankami prakticky stejn\u00e9. Investo\u0159i a trade\u0159i v\u0161ak mohou tyto rozd\u00edly a jejich porozum\u011bn\u00ed vyu\u017e\u00edvat ve sv\u016fj prosp\u011bch, proto\u017ee vytv\u00e1\u0159ej\u00ed r\u016fznorod\u00e9 obchodn\u00ed p\u0159\u00edle\u017eitosti.<\/p>\n

\u0158\u00edzen\u00ed \u00farokov\u00fdch sazeb<\/h2>\n

Jedn\u00edm z\u00a0hlavn\u00edch a nejd\u016fle\u017eit\u011bj\u0161\u00edch n\u00e1stroj\u016f centr\u00e1ln\u00edch bank p\u0159i dosahov\u00e1n\u00ed cenov\u00e9 stability, jsou \u00farokov\u00e9 sazby, resp. z\u00e1kladn\u00ed \u00farokov\u00e1 sazba. Ka\u017ed\u00e1 centr\u00e1ln\u00ed banka ur\u010duje jinou prim\u00e1rn\u00ed \u00farokovou sazbu, kter\u00fdmi mohou p\u0159\u00edmo ovliv\u0148ovat hodnotu sv\u00fdch m\u011bn.<\/p>\n

\"\"<\/a><\/p>\n

Americk\u00e1 centr\u00e1ln\u00ed banka Fed nap\u0159\u00edklad ur\u010duje diskontn\u00ed sazbu, co\u017e je sazba, za n\u00ed\u017e si komer\u010dn\u00ed banky mohou p\u016fj\u010dovat pen\u00edze p\u0159\u00edmo od Fedu. Evropsk\u00e1 centr\u00e1ln\u00ed banka zase ur\u010duje sazbu pro hlavn\u00ed refinan\u010dn\u00ed operace (Main Refinancing Operations Rate), \u00farokovou sazbu mezn\u00ed z\u00e1p\u016fj\u010dn\u00ed facility (Marginal Lending Facility Rate) a sazbu vkladov\u00e9 facility (Deposit Facility Rate). Prvn\u00ed je sazba, za kterou si banky vyp\u016fj\u010duj\u00ed od ECB pen\u00edze na jeden t\u00fdden, druh\u00e1 je sazba, za kterou si banky mohou p\u016fj\u010dit pen\u00edze od ECB p\u0159es noc a t\u0159et\u00ed je sazba, kterou banky dost\u00e1vaj\u00ed za ulo\u017een\u00ed pen\u011bz u ECB p\u0159es noc a ur\u010duje spodn\u00ed hranici kr\u00e1tkodob\u00fdch sazeb pen\u011b\u017en\u00edho trhu.<\/p>\n

Zv\u00fd\u0161en\u00ed sazeb vede ke zdra\u017een\u00ed \u00fav\u011br\u016f, co\u017e by m\u011blo v\u00e9st k\u00a0utlumen\u00ed vysok\u00e9 inflace a ochlazen\u00ed ekonomiky. Sn\u00ed\u017een\u00ed sazeb naopak zlev\u0148uje \u00fav\u011bry v\u00a0ekonomice, co\u017e by m\u011blo v\u00e9st k\u00a0podpo\u0159e investic a spot\u0159eby a n\u00e1sledn\u00e9mu r\u016fstu ekonomiky. Zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb v\u00a0jedn\u00e9 zemi v\u00a0porovn\u00e1n\u00ed s\u00a0\u00faroky v\u00a0jin\u00fdch zem\u00edch m\u016f\u017ee v\u00e9st ke zv\u00fd\u0161en\u00ed atraktivity dan\u00e9 m\u011bny pro investory, proto\u017ee jim t\u00edm nab\u00edz\u00ed vy\u0161\u0161\u00ed v\u00fdnosy. To pak m\u016f\u017ee v\u00e9st ke zv\u00fd\u0161en\u00ed hodnoty dan\u00e9 m\u011bny, resp. pos\u00edlen\u00ed m\u011bny v\u016f\u010di ostatn\u00edm m\u011bn\u00e1m.<\/p>\n

Operace na voln\u00e9m trhu<\/h2>\n

Dal\u0161\u00ed siln\u00fdm n\u00e1strojem centr\u00e1ln\u00edch bank jsou tzv. operace na voln\u00e9m trhu (Open Market Operations). Centr\u00e1ln\u00ed banky p\u0159i nich prod\u00e1vaj\u00ed cenn\u00e9 pap\u00edry komer\u010dn\u00edm bank\u00e1m a jin\u00fdm subjekt\u016fm, nebo od nich cenn\u00e9 pap\u00edry nakupuje, v\u011bt\u0161inou s\u00a0c\u00edlem ovlivnit objem pen\u011bz v\u00a0ekonomice a t\u00edm ovlivnit kr\u00e1tkodob\u00e9 \u00farokov\u00e9 sazby.<\/p>\n

Kdy\u017e centr\u00e1ln\u00ed banky nakupuj\u00ed cenn\u00e9 pap\u00edry (kr\u00e1tkodob\u00e9 st\u00e1tn\u00ed dluhopisy), zvy\u0161uje t\u00edm likviditu v bankovn\u00edm syst\u00e9mu, co\u017e vede k podpo\u0159e poskytov\u00e1n\u00ed \u00fav\u011br\u016f a t\u00edm i ekonomiky. Kdy\u017e naopak centr\u00e1ln\u00ed banka cenn\u00e9 pap\u00edry prod\u00e1v\u00e1, sni\u017euje t\u00edm likviditu na trhu s c\u00edlem zpomalit r\u016fst a t\u00edm i inflaci. V prvn\u00edm p\u0159\u00edpad\u011b jde o tzv. expanzivn\u00ed m\u011bnovou politiku a v posledn\u00edch letech se \u010dasto vyu\u017e\u00edvala p\u0159i tzv. kvantitativn\u00edm uvol\u0148ov\u00e1n\u00ed (Quantitative Easing). Druh\u00fdm p\u0159\u00edpadem je restriktivn\u00ed politika a centr\u00e1ln\u00ed banky j\u00ed vyu\u017e\u00edvaj\u00ed u kvantitativn\u00edho utahov\u00e1n\u00ed (Quantitative Tightening).<\/p>\n

\"\"<\/a><\/p>\n

Povinn\u00e9 minim\u00e1ln\u00ed rezervy<\/h2>\n

V\u00a0posledn\u00ed dob\u011b v\u00a0rozvinut\u00fdch ekonomik\u00e1ch m\u00e1lo vyu\u017e\u00edvan\u00fd n\u00e1stroj centr\u00e1ln\u00edch bank. Ve v\u011bt\u0161\u00ed m\u00ed\u0159e jej dnes vyu\u017e\u00edvaj\u00ed sp\u00ed\u0161e centr\u00e1ln\u00ed banky v\u00a0rozv\u00edjej\u00edc\u00edch se ekonomik\u00e1ch. Z\u00e1kladem tohoto n\u00e1stroje je ur\u010den\u00ed procenta vklad\u016f, kter\u00e9 mus\u00ed komer\u010dn\u00ed banky dr\u017eet u centr\u00e1ln\u00ed banky jako rezervu. Zv\u00fd\u0161en\u00ed rezerv vede k\u00a0omezen\u00ed mno\u017estv\u00ed pen\u011bz v\u00a0ekonomice, proto\u017ee banky maj\u00ed m\u00e9n\u011b pen\u011bz k\u00a0p\u016fj\u010dov\u00e1n\u00ed, co\u017e pak vede k\u00a0utlumen\u00ed ekonomick\u00e9ho r\u016fstu i inflace. Sn\u00ed\u017een\u00ed rezerv naopak vede ke zv\u00fd\u0161en\u00ed likvidity, co\u017e m\u00e1 za n\u00e1sledek podporu \u00fav\u011br\u016f a spot\u0159eby a zv\u00fd\u0161en\u00ed ekonomick\u00e9ho r\u016fstu.<\/p>\n

M\u011bnov\u00e9 intervence<\/h2>\n

Jde o pom\u011brn\u011b krajn\u00ed \u0159e\u0161en\u00ed, kdy centr\u00e1ln\u00ed banky p\u0159\u00edmo vstupuj\u00ed na devizov\u00fd trh s c\u00edlem ovlivnit m\u011bnov\u00fd kurz. V\u011bt\u0161inou k tomu vyu\u017e\u00edvaj\u00ed vlastn\u00ed rezervy nebo mo\u017enost vytv\u00e1\u0159et teoreticky neomezen\u00e9 mno\u017estv\u00ed vlastn\u00ed m\u011bny.<\/p>\n

V prvn\u00edm p\u0159\u00edpad\u011b nakupuj\u00ed dom\u00e1c\u00ed m\u011bnu, aby doc\u00edlily jej\u00edho pos\u00edlen\u00ed, nap\u0159\u00edklad kdy\u017e cht\u011bj\u00ed dos\u00e1hnout sn\u00ed\u017een\u00ed inflace, nebo se, v extr\u00e9mn\u00edm p\u0159\u00edpad\u011b, br\u00e1n\u00ed svou m\u011bnu p\u0159ed spekulanty (to se m\u016f\u017ee st\u00e1t n\u011bkter\u00fdm rozv\u00edjej\u00edc\u00edm se ekonomik\u00e1m).<\/p>\n

Centr\u00e1ln\u00ed banky v\u0161ak \u010dast\u011bji p\u0159istupuj\u00ed k\u00a0oslabov\u00e1n\u00ed vlastn\u00ed m\u011bny, kdy\u017e nakupuj\u00ed ciz\u00ed m\u011bny za vlastn\u00ed m\u011bnu, kter\u00e9 maj\u00ed teoreticky neomezen\u00e9 mno\u017estv\u00ed. V\u00a0tomto p\u0159\u00edpad\u011b mohou intervence na trhu trvat i n\u011bkolik let, a centr\u00e1ln\u00ed banky se t\u00edm sna\u017e\u00ed podpo\u0159it export (levn\u011bj\u0161\u00ed dom\u00e1c\u00ed m\u011bna vede ke zlevn\u011bn\u00ed dom\u00e1c\u00edch v\u00fdrobk\u016f na zahrani\u010dn\u00edch trz\u00edch) a doc\u00edlit zv\u00fd\u0161en\u00ed ekonomick\u00e9ho r\u016fstu. Tento p\u0159\u00edstup centr\u00e1ln\u00edch bank sebou nese n\u011bkolik rizik a m\u016f\u017ee v\u00fdrazn\u011b sn\u00ed\u017eit kredibilitu centr\u00e1ln\u00ed bank, kter\u00e1 intervenci \u0161patn\u011b na\u010dasuje, nebo nezvl\u00e1dne jej\u00ed ukon\u010den\u00ed, jako se to stalo \u0161v\u00fdcarsk\u00e9 centr\u00e1ln\u00ed bance v\u00a0roce 2015<\/a>.<\/p>\n

Forward Guidance<\/h2>\n

Mnohem \u010dast\u011bji vyu\u017e\u00edvan\u00fdm a um\u00edrn\u011bn\u011bj\u0161\u00edm n\u00e1strojem ne\u017e intervence na trz\u00edch je v\u00fdhledov\u00e1 komunikace centr\u00e1ln\u00edch bank, \u010dasto ozna\u010dovan\u00e1 jako froward guidance. Centr\u00e1ln\u00ed banky t\u00edmto verb\u00e1ln\u00edm n\u00e1strojem ovliv\u0148uj\u00ed o\u010dek\u00e1v\u00e1n\u00ed trh\u016f ohledn\u011b budouc\u00edho v\u00fdvoje \u00farokov\u00fdch sazeb nebo inflace. C\u00edlem je v\u011bt\u0161inou zv\u00fd\u0161it \u00fa\u010dinnost jin\u00fdch n\u00e1stroj\u016f, ani\u017e by muselo doj\u00edt ke jejich realizaci nebo zm\u011bn\u011b. \u00da\u010dinnost tohoto opat\u0159en\u00ed v\u0161ak m\u016f\u017ee b\u00fdt omezena, pokud je v\u00a0rozporu s\u00a0aktu\u00e1ln\u00edmi kroky centr\u00e1ln\u00edch bank.<\/p>\n

Podle toho, jak vyj\u00e1d\u0159en\u00ed banky p\u016fsob\u00ed na trhy, m\u016f\u017ee b\u00fdt charakterizov\u00e1no jako jest\u0159\u00e1b\u00ed (kdy\u017e indikuje zp\u0159\u00edsn\u011bn\u00ed monet\u00e1rn\u00ed politiky) nebo holubi\u010d\u00ed (uvoln\u011bn\u00ed politiky). Centr\u00e1ln\u00ed bank\u00e9\u0159i pak mohou nap\u0159\u00edklad mluvit o normalizaci politiky, kdy\u017e jde o n\u00e1vrat z\u00a0v\u00fdjime\u010dn\u00e9ho stavu k\u00a0typick\u00e9 m\u011bnov\u00e9 politice. Dal\u0161\u00edmi obl\u00edben\u00fdmi term\u00edny centr\u00e1ln\u00edch bank\u00e9\u0159\u016f pak mohou b\u00fdt tzv. kone\u010dn\u00e1 sazba, kter\u00e1 zna\u010d\u00ed maxim\u00e1ln\u00ed sazbu a ukon\u010den\u00ed zvy\u0161ov\u00e1n\u00ed sazeb, nebo neutr\u00e1ln\u00ed sazba, kter\u00e1 zase zna\u010d\u00ed sazbu, kter\u00e1 nem\u00e1 na ekonomiku ani restriktivn\u00ed ani stimula\u010dn\u00ed vliv.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Existuje \u0159ada faktor\u016f ovliv\u0148uj\u00edc\u00edch d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch a pohyb cen investi\u010dn\u00edch instrument\u016f. Jedn\u00edm z\u00a0hlavn\u00edch hr\u00e1\u010d\u016f na trhu (a neplat\u00ed to pouze pro forex) jsou centr\u00e1ln\u00ed banky. Jejich hlavn\u00edm mand\u00e1tem je zejm\u00e9na sice stabilita m\u011bny a k\u00a0jej\u00edmu dosa\u017een\u00ed vyu\u017e\u00edvaj\u00ed n\u011bkolik z\u00e1kladn\u00edch n\u00e1stroj\u016f. Centr\u00e1ln\u00ed banky hraj\u00ed ve stabilizaci ekonomiky a ovliv\u0148ov\u00e1n\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch jednu […]<\/p>\n","protected":false},"author":44,"featured_media":661281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[88909],"tags":[],"class_list":["post-661086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rady-a-tipy"],"acf":[],"yoast_head":"\nJak centr\u00e1ln\u00ed banky ovliv\u0148uj\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch | FTMO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ftmo.com\/en\/?p=661083\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jak centr\u00e1ln\u00ed banky ovliv\u0148uj\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch\" \/>\n<meta property=\"og:description\" content=\"Existuje \u0159ada faktor\u016f ovliv\u0148uj\u00edc\u00edch d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch a pohyb cen investi\u010dn\u00edch instrument\u016f. Jedn\u00edm z\u00a0hlavn\u00edch hr\u00e1\u010d\u016f na trhu (a neplat\u00ed to pouze pro forex) jsou centr\u00e1ln\u00ed banky. Jejich hlavn\u00edm mand\u00e1tem je zejm\u00e9na sice stabilita m\u011bny a k\u00a0jej\u00edmu dosa\u017een\u00ed vyu\u017e\u00edvaj\u00ed n\u011bkolik z\u00e1kladn\u00edch n\u00e1stroj\u016f. Centr\u00e1ln\u00ed banky hraj\u00ed ve stabilizaci ekonomiky a ovliv\u0148ov\u00e1n\u00ed d\u011bn\u00ed na finan\u010dn\u00edch trz\u00edch jednu […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ftmo.com\/en\/?p=661083\" \/>\n<meta property=\"og:site_name\" content=\"FTMO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/ftmocom\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-20T13:00:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ftmo.com\/wp-content\/uploads\/2025\/06\/How-Central-Banks-Influence-Financial-Markets-CZ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<script type=\"application\/ld+json\" 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