{"id":6587,"date":"2023-11-30T12:50:11","date_gmt":"2023-11-30T11:50:11","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=6587"},"modified":"2023-11-30T13:24:08","modified_gmt":"2023-11-30T12:24:08","slug":"inflace-a-jeji-vliv-na-kurzy-men-a-trh-forex","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/inflace-a-jeji-vliv-na-kurzy-men-a-trh-forex\/","title":{"rendered":"Inflace a jej\u00ed vliv na kurzy m\u011bn a trh Forex"},"content":{"rendered":"<p>Zv\u00fd\u0161en\u00ed cen spot\u0159ebn\u00edho zbo\u017e\u00ed a slu\u017eeb za ur\u010dit\u00e9 obdob\u00ed v ekonomice se naz\u00fdv\u00e1 inflace. Inflace vede k r\u016fstu cen zbo\u017e\u00ed, co\u017e m\u00e1 za n\u00e1sledek pokles kupn\u00ed s\u00edly. V\u0161eobecn\u011b \u0159e\u010deno, inflace je b\u011b\u017en\u011b sou\u010d\u00e1st\u00ed ekonomick\u00e9ho syst\u00e9mu. Experti na ekonomick\u00e9 z\u00e1le\u017eitosti vid\u00ed inflaci jako norm\u00e1ln\u00ed jev. Nicm\u00e9n\u011b pokud inflace p\u0159ekro\u010d\u00ed ur\u010dit\u00e9 meze, pak se st\u00e1v\u00e1 v\u00e1\u017en\u00fdm probl\u00e9mem pro pen\u011b\u017en\u00ed pl\u00e1nov\u00e1n\u00ed hospod\u00e1\u0159stv\u00ed.<\/p>\n<p>Jedn\u00e1 se oslaben\u00ed hodnoty m\u011bny v\u016f\u010di zbo\u017e\u00ed a slu\u017eb\u00e1m, kter\u00e9 nakupujeme. Americk\u00fd ekonom Milton Friedman tvrd\u00ed, \u017ee inflace je v\u00fdhradn\u011b pen\u011b\u017en\u00edm jevem a jej\u00ed v\u00fd\u0161e z\u00e1vis\u00ed p\u0159edev\u0161\u00edm na mno\u017estv\u00ed nov\u00fdch pen\u011bz v ob\u011bhu (m\u011bnov\u00e9ho r\u016fstu).<\/p>\n<p>Existuj\u00ed i jin\u00e9 n\u00e1zory na to, co zp\u016fsobuje inflaci &#8211; pr\u00e1v\u011b sem bychom mohli za\u0159adit odbory, kter\u00e9 tla\u010d\u00ed na zv\u00fd\u0161en\u00ed mezd, n\u00edzkou produktivitu nebo tvrzen\u00ed, \u017ee je dovezena ze zahrani\u010d\u00ed. Pokud inflace spot\u0159ebitelsk\u00fdch cen roste, pak na n\u00e1kup t\u00e9ho\u017e zbo\u017e\u00ed a slu\u017eeb pot\u0159ebujeme \u010d\u00edm d\u00e1l v\u00edce jednotek m\u011bny v dan\u00e9 zemi.<\/p>\n<p><em>Na jej\u00ed m\u011b\u0159en\u00ed se pou\u017e\u00edvaj\u00ed r\u016fzn\u00e9 indexy, p\u0159edev\u0161\u00edm v\u0161ak:<\/em><\/p>\n<blockquote><p><strong>Index spot\u0159ebitelsk\u00fdch cen (CPI)<\/strong><\/p>\n<p><strong>Index cen v\u00fdrobc\u016f (PPI)<\/strong><\/p>\n<p><strong>defl\u00e1tor HDP<\/strong><\/p><\/blockquote>\n<h2>Jak inflace ovliv\u0148uje Forex trh a kurz m\u011bn?<\/h2>\n<p>Poj\u010fme si vysv\u011btlit vztah mezi inflac\u00ed a \u00farokov\u00fdmi sazbami. Inflace sni\u017euje kupn\u00ed s\u00edlu, co\u017e znamen\u00e1, \u017ee<strong> pen\u00edze maj\u00ed v \u010dase men\u0161\u00ed hodnotu<\/strong>, zat\u00edmco \u00farokov\u00e9 sazby mohou zvy\u0161ovat mno\u017estv\u00ed pen\u011bz v nomin\u00e1ln\u00edm vyj\u00e1d\u0159en\u00ed. Investo\u0159i \u010dasto hledaj\u00ed nomin\u00e1ln\u00ed zhodnocen\u00ed sv\u00fdch investic, ale mohou p\u0159itom p\u0159ehl\u00ed\u017eet re\u00e1lnou hodnotu pen\u011bz v d\u016fsledku inflace.<\/p>\n<p>Inflace je <strong>zve\u0159ej\u0148ov\u00e1na retrospektivn\u011b<\/strong>, zat\u00edmco \u00farokov\u00e9 sazby jsou nastavov\u00e1ny s p\u0159edstihem. Toto m\u00e1 vliv na rozhodov\u00e1n\u00ed obchodn\u00edk\u016f, kte\u0159\u00ed se dnes mus\u00ed rozhodnout, s jakou m\u011bnou cht\u011bj\u00ed obchodovat, a zohled\u0148uj\u00ed p\u0159itom o\u010dek\u00e1van\u00e9 \u00farokov\u00e9 sazby.<\/p>\n<p>Nap\u0159\u00edklad, pokud inflace m\u011b\u0159en\u00e1 CPI (Index spot\u0159ebitelsk\u00fdch cen) p\u0159ekro\u010d\u00ed o\u010dek\u00e1v\u00e1n\u00ed nebo c\u00edlovou hodnotu, m\u016f\u017ee to v\u00e9st k o\u010dek\u00e1v\u00e1n\u00ed zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb centr\u00e1ln\u00ed bankou v budoucnu. Nicm\u00e9n\u011b budouc\u00ed inflace nemus\u00ed nutn\u011b korelovat s minul\u00fdmi hodnotami, a tak i p\u0159i zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb m\u016f\u017ee b\u00fdt budouc\u00ed m\u00edra inflace ni\u017e\u0161\u00ed ne\u017e aktu\u00e1ln\u00ed m\u00edra. V takov\u00e9m p\u0159\u00edpad\u011b by investor dos\u00e1hl vy\u0161\u0161\u00edho v\u00fdnosu, proto\u017ee rozd\u00edl mezi \u00farokovou sazbou a inflac\u00ed by byl v\u011bt\u0161\u00ed.<\/p>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-acuml-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-acuml-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-5\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"a6a01292-7171-4ef4-acf2-7b22cc2f363c\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h3>D\u016fsledky na M\u011bnov\u00fd Kurz<\/h3>\n<p>P\u0159edstavme si n\u00e1sleduj\u00edc\u00ed situaci pro ilustraci, jak inflace a \u00farokov\u00e9 sazby mohou ovlivnit kurzy m\u011bn:<\/p>\n<ul>\n<li>Zem\u011b A m\u00e1 inflaci 2% a \u00farokovou sazbu stanovenou jej\u00ed centr\u00e1ln\u00ed bankou je 4%.<\/li>\n<li>Zem\u011b B m\u00e1 inflaci 5% a \u00farokovou sazbu 6%.<\/li>\n<\/ul>\n<ol>\n<li><strong>Rozd\u00edl v Re\u00e1ln\u00fdch \u00darokov\u00fdch Sazb\u00e1ch:<\/strong>\n<ul>\n<li>Re\u00e1ln\u00e1 \u00farokov\u00e1 sazba se po\u010d\u00edt\u00e1 jako nomin\u00e1ln\u00ed \u00farokov\u00e1 sazba minus inflace.<\/li>\n<li>Pro Zemi A: Re\u00e1ln\u00e1 \u00farokov\u00e1 sazba = 4% &#8211; 2% = 2%.<\/li>\n<li>Pro Zemi B: Re\u00e1ln\u00e1 \u00farokov\u00e1 sazba = 6% &#8211; 5% = 1%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Investi\u010dn\u00ed P\u0159ita\u017elivost:<\/strong>\n<ul>\n<li>Investo\u0159i hledaj\u00ed vy\u0161\u0161\u00ed v\u00fdnosy, tak\u017ee Zem\u011b A s vy\u0161\u0161\u00ed re\u00e1lnou \u00farokovou sazbou se st\u00e1v\u00e1 atraktivn\u011bj\u0161\u00ed pro investory.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Popt\u00e1vka po M\u011bn\u011b:<\/strong>\n<ul>\n<li>Zv\u00fd\u0161en\u00e1 popt\u00e1vka po m\u011bn\u011b Zem\u011b A (kv\u016fli vy\u0161\u0161\u00ed re\u00e1ln\u00e9 \u00farokov\u00e9 sazb\u011b) zvy\u0161uje hodnotu jej\u00ed m\u011bny.<\/li>\n<li>Naopak, m\u011bna Zem\u011b B se st\u00e1v\u00e1 m\u00e9n\u011b atraktivn\u00ed, co\u017e m\u016f\u017ee v\u00e9st k jej\u00edmu oslaben\u00ed.<\/li>\n<\/ul>\n<\/li>\n<li><strong>V\u00fdsledn\u00fd M\u011bnov\u00fd Kurz:<\/strong>\n<ul>\n<li>Pokud p\u0159edpokl\u00e1d\u00e1me, \u017ee 1 jednotka m\u011bny A se rovn\u00e1 1 jednotce m\u011bny B na za\u010d\u00e1tku, zm\u011bny v re\u00e1ln\u00fdch \u00farokov\u00fdch sazb\u00e1ch mohou v\u00e9st k pos\u00edlen\u00ed m\u011bny A a oslaben\u00ed m\u011bny B.<\/li>\n<li>Nap\u0159\u00edklad, m\u011bna A m\u016f\u017ee pos\u00edlit, tak\u017ee 1 jednotka m\u011bny A se nyn\u00ed rovn\u00e1 1.05 jednotky m\u011bny B.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>Tento p\u0159\u00edklad ukazuje, jak rozd\u00edly v inflaci a \u00farokov\u00fdch sazb\u00e1ch mezi dv\u011bma zem\u011bmi mohou ovlivnit m\u011bnov\u00e9 kurzy. Vy\u0161\u0161\u00ed re\u00e1ln\u00e1 \u00farokov\u00e1 sazba v jedn\u00e9 zemi m\u016f\u017ee p\u0159it\u00e1hnout zahrani\u010dn\u00ed kapit\u00e1l, co\u017e vede ke zv\u00fd\u0161en\u00ed hodnoty jej\u00ed m\u011bny v\u016f\u010di m\u011bn\u011b zem\u011b s ni\u017e\u0161\u00ed re\u00e1lnou \u00farokovou sazbou.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Jak tedy inflace ovliv\u0148uje kurzy m\u011bn?<\/h3>\n<p>Vysok\u00e1 inflace znamen\u00e1, \u017ee <strong>m\u011bna ztr\u00e1c\u00ed svou kupn\u00ed s\u00edlu<\/strong>, co\u017e sni\u017euje d\u016fv\u011bru obchodn\u00edk\u016f v tuto m\u011bnu.<strong>\u00a0Centr\u00e1ln\u00ed banky<\/strong> \u010dasto reaguj\u00ed na vysokou inflaci zvy\u0161ov\u00e1n\u00edm \u00farokov\u00fdch sazeb. Vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby mohou p\u0159il\u00e1kat zahrani\u010dn\u00ed investory <strong>hledaj\u00edc\u00ed vy\u0161\u0161\u00ed v\u00fdnosy<\/strong>, co\u017e m\u016f\u017ee zv\u00fd\u0161it popt\u00e1vku po m\u011bn\u011b a <strong>t\u00edm pos\u00edlit jej\u00ed kurz<\/strong>. Naopak, <strong>n\u00edzk\u00e9 \u00farokov\u00e9 sazby mohou v\u00e9st ke sn\u00ed\u017een\u00ed popt\u00e1vky<\/strong> po m\u011bn\u011b a jej\u00edmu oslaben\u00ed.<\/p>\n<p>Vysok\u00e1 inflace m\u016f\u017ee zdra\u017eit v\u00fdvoz, co\u017e m\u016f\u017ee sn\u00ed\u017eit popt\u00e1vku po exportovan\u00fdch zbo\u017e\u00edch a slu\u017eb\u00e1ch a z\u00e1rove\u0148 zv\u00fd\u0161it popt\u00e1vku po levn\u011bj\u0161\u00edm importu. To m\u016f\u017ee v\u00e9st k oslaben\u00ed m\u011bny, proto\u017ee dojde k poklesu popt\u00e1vky po m\u011bn\u011b pro \u00fa\u010dely n\u00e1kupu dom\u00e1c\u00edho zbo\u017e\u00ed a slu\u017eeb.<\/p>\n<p>Nicm\u00e9n\u011b vysok\u00e1 nebo nestabiln\u00ed inflace m\u016f\u017ee podkopat d\u016fv\u011bru investor\u016f v ekonomiku a jej\u00ed m\u011bnu, pokud trv\u00e1 dlouhou dobu. Pokud investo\u0159i o\u010dek\u00e1vaj\u00ed pokra\u010duj\u00edc\u00ed devalvaci m\u011bny v d\u016fsledku inflace, mohou se rozhodnout sv\u00e9 prost\u0159edky p\u0159esunout do stabiln\u011bj\u0161\u00edch m\u011bn, co\u017e oslabuje m\u011bnu posti\u017eenou inflac\u00ed.<\/p>\n<p>Spekulativn\u00ed obchodov\u00e1n\u00ed tak\u00e9 hraje roli. Forex trhy reaguj\u00ed na o\u010dek\u00e1v\u00e1n\u00ed a p\u0159edpov\u011bdi ohledn\u011b inflace a m\u011bnov\u00e9 politiky. Pokud trhy o\u010dek\u00e1vaj\u00ed, \u017ee inflace povede k oslaben\u00ed m\u011bny, m\u016f\u017ee to v\u00e9st k samospl\u0148uj\u00edc\u00edmu se proroctv\u00ed, kdy spekulanti prod\u00e1vaj\u00ed m\u011bnu, co\u017e vede k jej\u00edmu oslaben\u00ed.<\/p>\n<h2><strong>Inflace a jej\u00ed dopad na akcie<\/strong><\/h2>\n<p>\u010casto se setk\u00e1v\u00e1me s n\u00e1zorem, \u017ee inflace nem\u00e1 negativn\u00ed vliv na akciov\u00fd trh, proto\u017ee se zd\u00e1, \u017ee zisky firem rostou spole\u010dn\u011b s inflac\u00ed. Tento pohled v\u0161ak nen\u00ed \u00fapln\u011b p\u0159esn\u00fd. Abychom pochopili dopad inflace na ziskovost firem, mus\u00edme prov\u00e1d\u011bt anal\u00fdzu na individu\u00e1ln\u00ed b\u00e1zi.<\/p>\n<p>Faktory jako struktura n\u00e1klad\u016f a p\u0159\u00edjm\u016f firmy, jejich citlivost na inflaci, a schopnost firmy p\u0159en\u00e1\u0161et zv\u00fd\u0161en\u00e9 n\u00e1klady na kone\u010dn\u00e9 z\u00e1kazn\u00edky, jsou z\u00e1sadn\u00ed. V n\u011bkter\u00fdch p\u0159\u00edpadech m\u016f\u017ee b\u00fdt dopad inflace na firmy neutr\u00e1ln\u00ed.<\/p>\n<p>Av\u0161ak hlavn\u00ed probl\u00e9m spo\u010d\u00edv\u00e1 v dynamice mezi ziskem a po\u017eadovan\u00fdm v\u00fdnosem investor\u016f, co\u017e lze ilustrovat na jednoduch\u00e9m p\u0159\u00edkladu:<\/p>\n<p>P\u0159edstavme si fiktivn\u00ed spole\u010dnost s n\u00e1zvem &#8222;Alpha Tech&#8220;, kter\u00e1 je ve\u0159ejn\u011b obchodov\u00e1na na burze. Zanalyzujeme, jak inflace ovliv\u0148uje jej\u00ed finan\u010dn\u00ed v\u00fdkonnost a tr\u017en\u00ed hodnotu.<\/p>\n<h4>Situace P\u0159ed Inflac\u00ed<\/h4>\n<ul>\n<li><strong>Tr\u017eby Alpha Tech:<\/strong> 10,000 jednotek m\u011bny<\/li>\n<li><strong>\u010cist\u00fd Zisk:<\/strong> 1,000 jednotek m\u011bny<\/li>\n<li><strong>Celkov\u00fd Po\u010det Akci\u00ed:<\/strong> 1,000 akci\u00ed<\/li>\n<li><strong>Zisk na Akcii (EPS):<\/strong> 1 jednotka m\u011bny (1,000 \/ 1,000)<\/li>\n<li><strong>Dividendov\u00fd V\u00fdnos Po\u017eadovan\u00fd Investory:<\/strong> 4%\n<ul>\n<li>Firma vypl\u00e1c\u00ed 40% sv\u00e9ho zisku na dividend\u00e1ch, co\u017e je 400 jednotek m\u011bny.<\/li>\n<li>Dividenda na akcii: 0.4 jednotky m\u011bny (400 \/ 1,000)<\/li>\n<li>Tr\u017en\u00ed cena akcie (p\u0159i 4% v\u00fdnosu): 10 jednotek m\u011bny (0.4 \/ 4%)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>Situace Po Inflaci 10%<\/h4>\n<ul>\n<li><strong>Tr\u017eby Po Inflaci:<\/strong> 11,000 jednotek m\u011bny<\/li>\n<li><strong>\u010cist\u00fd Zisk Po Inflaci:<\/strong> 1,100 jednotek m\u011bny<\/li>\n<li><strong>Zisk na Akcii (EPS):<\/strong> 1.1 jednotky m\u011bny (1,100 \/ 1,000)<\/li>\n<li><strong>Dividendov\u00fd V\u00fdnos Po\u017eadovan\u00fd Investory:<\/strong> 6% (kv\u016fli vy\u0161\u0161\u00ed inflaci)\n<ul>\n<li>Firma vypl\u00e1c\u00ed 40% sv\u00e9ho zisku na dividend\u00e1ch, co\u017e je 440 jednotek m\u011bny.<\/li>\n<li>Dividenda na akcii: 0.44 jednotky m\u011bny (440 \/ 1,000)<\/li>\n<li>Tr\u017en\u00ed cena akcie (p\u0159i 6% v\u00fdnosu): 7.33 jednotek m\u011bny (0.44 \/ 6%)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>V\u00fdsledn\u00fd Dopad<\/h4>\n<p>P\u0159esto\u017ee Alpha Tech za\u017eila n\u00e1r\u016fst tr\u017eeb a zisk\u016f a dokonce zv\u00fd\u0161ila dividendu na akcii, jej\u00ed tr\u017en\u00ed cena akcie klesla z 10 na 7.33 jednotek m\u011bny. Tento pokles je d\u016fsledkem vy\u0161\u0161\u00edch po\u017eadavk\u016f na dividendov\u00fd v\u00fdnos v reakci na inflaci. To demonstruje, \u017ee i kdy\u017e firma vykazuje pozitivn\u00ed finan\u010dn\u00ed v\u00fdsledky, jej\u00ed tr\u017en\u00ed hodnocen\u00ed m\u016f\u017ee b\u00fdt negativn\u011b ovlivn\u011bno vn\u011bj\u0161\u00edmi ekonomick\u00fdmi podm\u00ednkami, jako je inflace.<\/p>\n<h2>Index spot\u0159ebitelsk\u00fdch cen<\/h2>\n<p>Index spot\u0159ebitelsk\u00fdch cen (CPI) je pravd\u011bpodobn\u011b nejd\u016fle\u017eit\u011bj\u0161\u00edm ukazatelem inflace, zejm\u00e9na co se t\u00fdk\u00e1 spot\u0159ebitel\u016f a medializace. P\u0159edstavuje zm\u011bny v \u00farovni maloobchodn\u00edch cen za z\u00e1kladn\u00ed zbo\u017e\u00ed ve spot\u0159ebn\u00edm ko\u0161i.<\/p>\n<p><strong>Zv\u00fd\u0161en\u00ed indexu CPI<\/strong>\u00a0obvykle vyvol\u00e1v\u00e1 zv\u00fd\u0161en\u00ed z\u00e1kladn\u00edch \u00farokov\u00fdch sazeb, proto\u017ee vysok\u00e1 inflace se pova\u017euje za ne\u017e\u00e1douc\u00ed a centr\u00e1ln\u00ed banka v tomto &#8222;nerovn\u00e9m&#8220; boji zv\u00fd\u0161\u00ed \u00farokov\u00e9 sazby. To n\u00e1sledn\u011b povede ke zv\u00fd\u0161en\u00ed atraktivity dan\u00e9 m\u011bny (mo\u017enost vyd\u011blat na vy\u0161\u0161\u00edm \u00faroku).<\/p>\n<p><strong>Pro v\u011bt\u0161inu lid\u00ed v\u0161ak inflace znamen\u00e1 znehodnocen\u00ed m\u011bny, pro\u010d tedy vy\u0161\u0161\u00ed \u00farove\u0148 inflace bude znamenat pos\u00edlen\u00ed m\u011bny na devizov\u00e9m trhu?<\/strong><\/p>\n<h3>P\u0159\u00ed\u010diny inflace<\/h3>\n<p>Nadm\u011brn\u00fd p\u0159ebytek pen\u011bz je jednou z hlavn\u00edch p\u0159\u00ed\u010din inflace. Kdy\u017e je popt\u00e1vka po pen\u011bz\u00edch p\u0159ibli\u017en\u011b rovn\u00e1 nab\u00eddce, pak je v\u0161e v po\u0159\u00e1dku. Nicm\u00e9n\u011b pokud popt\u00e1vka p\u0159evy\u0161uje nab\u00eddku, vznik\u00e1 inflace. Je z\u0159ejm\u00e9, \u017ee kdy\u017e m\u00e1 \u010dlov\u011bk pen\u00edze v kapse, touha po utr\u00e1cen\u00ed se tak\u00e9 zvy\u0161uje. Nadm\u011brn\u00e9 pen\u011b\u017en\u00ed z\u00e1soby jsou tak\u00e9 jednou z p\u0159\u00ed\u010din inflace a v\u00fdzvou pro ekonomick\u00e9 pl\u00e1nova\u010de.<\/p>\n<h3>Zv\u00fd\u0161en\u00ed n\u00e1klad\u016f<\/h3>\n<p>na v\u00fdrobu je tak\u00e9 jednou z p\u0159\u00ed\u010din inflace. Kdy\u017e producent vn\u00edm\u00e1, \u017ee se v\u00fdrobn\u00ed n\u00e1klady zv\u00fd\u0161ily, ur\u010dit\u011b zv\u00fd\u0161\u00ed cenu v\u00fdrobku, aby se jeho zisk tak\u00e9 nav\u00fd\u0161il. Vzhledem k n\u00e1r\u016fstu v\u00fdrobn\u00edch n\u00e1klad\u016f a stoupaj\u00edc\u00edm cen\u00e1m produkt\u016f je kone\u010dn\u00e1 z\u00e1t\u011b\u017e p\u0159evedena na spot\u0159ebitele.<\/p>\n<h3>P\u0159edb\u011b\u017en\u00e1 inflace<\/h3>\n<p>nastane, kdy\u017e podm\u00ednky ekonomiky nejsou ide\u00e1ln\u00ed. Inflace m\u00e1 rostouc\u00ed trend a pracovn\u00edci o\u010dek\u00e1vaj\u00ed inflaci v bl\u00edzk\u00e9 budoucnosti. Na z\u00e1klad\u011b toho po\u017eaduj\u00ed od zam\u011bstnavatele zv\u00fd\u0161en\u00ed mezd. Pokud se mzdy nezv\u00fd\u0161\u00ed, mohlo by to vyvolat st\u00e1vku. Nav\u00fd\u0161en\u00ed mezd t\u00edmto zp\u016fsobem m\u00e1 potom tak\u00e9 p\u0159\u00edm\u00fd vliv na nav\u00fd\u0161en\u00ed inflace.<\/p>\n<h3>N\u00e1rodn\u00ed dluh<\/h3>\n<p>je tak\u00e9 jednou z hlavn\u00edch p\u0159\u00ed\u010din inflace a to nejen u rozvojov\u00fdch, ale i vysp\u011bl\u00fdch zem\u00ed. Kdy\u017e m\u00e1 zem\u011b schodek rozpo\u010dtu, tedy p\u0159\u00edjmy jsou ni\u017e\u0161\u00ed ne\u017e v\u00fddaje, mus\u00ed si p\u016fj\u010dit pen\u00edze od finan\u010dn\u00edch instituc\u00ed a centr\u00e1ln\u00edch bank. Tyto pen\u00edze mus\u00ed b\u00fdt vr\u00e1ceny spolu s \u00faroky. Aby se ale dluhopisy vyd\u00e1van\u00e9 touto zem\u00ed staly pro zahrani\u010dn\u00ed investory atraktivn\u00ed, st\u00e1t \u010dasto zv\u00fd\u0161\u00ed ceny spot\u0159ebn\u00edho zbo\u017e\u00ed a slu\u017eeb a t\u00edm se nav\u00fd\u0161\u00ed inflace.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zv\u00fd\u0161en\u00ed cen spot\u0159ebn\u00edho zbo\u017e\u00ed a slu\u017eeb za ur\u010dit\u00e9 obdob\u00ed v ekonomice se naz\u00fdv\u00e1 inflace. Inflace vede k r\u016fstu cen zbo\u017e\u00ed, co\u017e m\u00e1 za n\u00e1sledek pokles kupn\u00ed s\u00edly. V\u0161eobecn\u011b \u0159e\u010deno, inflace je b\u011b\u017en\u011b sou\u010d\u00e1st\u00ed ekonomick\u00e9ho syst\u00e9mu. Experti na ekonomick\u00e9 z\u00e1le\u017eitosti vid\u00ed inflaci jako norm\u00e1ln\u00ed jev. Nicm\u00e9n\u011b pokud inflace p\u0159ekro\u010d\u00ed ur\u010dit\u00e9 meze, pak se st\u00e1v\u00e1 v\u00e1\u017en\u00fdm probl\u00e9mem [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"Inflace a jej\u00ed vliv na m\u011bnov\u00e9 kurzy a trh Forex. Jak inflace ovliv\u0148uje obchodov\u00e1n\u00ed na forexu a v\u00fdvoj m\u011bnov\u00fdch kurz\u016f?","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[196],"tags":[],"class_list":["post-6587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/6587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=6587"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/6587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/6588"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=6587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=6587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=6587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}