{"id":3131,"date":"2025-11-17T18:11:28","date_gmt":"2025-11-17T07:11:28","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3131"},"modified":"2025-12-23T19:32:05","modified_gmt":"2025-12-23T08:32:05","slug":"20251116en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/11\/17\/20251116en\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s\u00a0: La paralysie du gouvernement am\u00e9ricain prend fin, provoquant une volatilit\u00e9 des actifs \u00e0 risque\u00a0; l&#039;attention se porte d\u00e9sormais sur les r\u00e9sultats de Nvidia et les cr\u00e9ations d&#039;emplois non agricoles de septembre."},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">17 novembre 2025 \u2014 L&#039;indice du dollar am\u00e9ricain a recul\u00e9 de 0,28% sur la semaine, \u00e0 99,26, son plus bas niveau en deux semaines. L&#039;or au comptant a atteint un sommet \u00e0 $4\u00a0245 avant de plonger de plus de $100 en une seule s\u00e9ance, cl\u00f4turant tout de m\u00eame la semaine en hausse de 2,09%. Le Nasdaq a c\u00e9d\u00e9 0,45%, tandis que le Dow Jones a recul\u00e9 apr\u00e8s avoir touch\u00e9 un record en s\u00e9ance. Le Bitcoin est pass\u00e9 sous la barre des $95\u00a0000, les inqui\u00e9tudes concernant les d\u00e9s\u00e9quilibres du march\u00e9 p\u00e9trolier s&#039;intensifiant.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 des changes : Le dollar franchit la barre des 99,5 ; le yen s&#039;affaiblit \u00e0 155, un plus bas en neuf mois.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;indice du dollar am\u00e9ricain a baiss\u00e9 de 0,28% sur la semaine pour s&#039;\u00e9tablir \u00e0 99,26.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La paire EUR\/USD a grimp\u00e9 jusqu&#039;\u00e0 1,1618, et la paire GBP\/USD s&#039;\u00e9changeait \u00e0 1,3165.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La paire USD\/JPY a franchi la barre des 155 pour la premi\u00e8re fois depuis f\u00e9vrier, alimentant les anticipations d&#039;une intervention de la Banque du Japon.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Conducteurs :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La fermet\u00e9 de la Fed : Plusieurs responsables, dont le pr\u00e9sident de la Fed de Cleveland, Mester, ont soulign\u00e9 \u00ab l&#039;inflation persistante \u00bb, faisant passer la probabilit\u00e9 d&#039;une baisse des taux en d\u00e9cembre sous la barre des 50%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">P\u00e9nurie de donn\u00e9es : Le blocage des services gouvernementaux ayant retard\u00e9 la publication des chiffres de l&#039;emploi non agricole et de l&#039;IPC, les march\u00e9s se sont fortement appuy\u00e9s sur les commentaires de la Fed pour r\u00e9ajuster leurs attentes.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">M\u00e9taux pr\u00e9cieux\u00a0: L\u2019or conna\u00eet une forte volatilit\u00e9 en forme de V, la demande de valeurs refuges se heurtant \u00e0 un dollar ferme.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">L&#039;or au comptant a grimp\u00e9 jusqu&#039;\u00e0 $4,245 en d\u00e9but de semaine avant de chuter de plus de 3% \u00e0 $4,085 vendredi, cl\u00f4turant tout de m\u00eame la semaine en hausse de 2,09%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le cours de l&#039;argent au comptant a augment\u00e9 de 4,61% \u00e0 $50,58, avec une volatilit\u00e9 nettement plus \u00e9lev\u00e9e.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Points cl\u00e9s fondamentaux\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Facteur de soutien \u00e0 la hausse\u00a0: La fin du blocage budg\u00e9taire aux \u00c9tats-Unis a co\u00efncid\u00e9 avec une mont\u00e9e des tensions g\u00e9opolitiques (lancement par les \u00c9tats-Unis de l\u2019\u00ab\u00a0op\u00e9ration Southern Spear\u00a0\u00bb), soutenant ainsi la demande de valeurs refuges.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressions \u00e0 la baisse\u00a0: les signaux restrictifs de la Fed ont fait grimper les rendements r\u00e9els, provoquant des d\u00e9bouclements de positions longues. UBS a not\u00e9 que la demande mondiale d\u2019or est \u00e0 son plus haut niveau depuis 2011, mais que les indicateurs techniques \u00e0 court terme restent en zone de surachat.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">March\u00e9 de l&#039;\u00e9nergie\u00a0: le p\u00e9trole sous pression en raison d&#039;un d\u00e9s\u00e9quilibre croissant entre l&#039;offre et la demande\u00a0; l&#039;OPEP met en garde contre une surproduction<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le p\u00e9trole brut WTI a chut\u00e9 de 1,8% sur la semaine pour s&#039;\u00e9tablir \u00e0 $58,20, tandis que le Brent a cl\u00f4tur\u00e9 \u00e0 $62,10.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9veloppement cl\u00e9 :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rapport mensuel de l&#039;OPEP a revu ses pr\u00e9visions pour le troisi\u00e8me trimestre, passant d&#039;une \u00ab p\u00e9nurie \u00bb \u00e0 une \u00ab surproduction \u00bb, tandis que l&#039;AIE a relev\u00e9 ses pr\u00e9visions d&#039;exc\u00e9dent pour 2024 pour le sixi\u00e8me mois cons\u00e9cutif.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Logique de l&#039;offre et de la demande\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressions sur l&#039;offre : les stocks de p\u00e9trole brut am\u00e9ricains ont augment\u00e9 de 2,4 millions de barils (au-dessus des pr\u00e9visions) et la production russe a atteint un nouveau sommet.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Prime g\u00e9opolitique limit\u00e9e : les troubles politiques au Venezuela n&#039;ont pas perturb\u00e9 l&#039;offre, tandis que les inqui\u00e9tudes concernant la demande persistent (les exportations de diesel de la Chine ont augment\u00e9 de 251 TP3 T en octobre).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto : Le Bitcoin chute sous la barre des $95\u00a0000 alors que l\u2019effet de levier s\u2019acc\u00e9l\u00e8re<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le Bitcoin a chut\u00e9 de 6,31 TP3T sur la semaine pour atteindre 1 TP4T94\u00a0800. L&#039;Ethereum est pass\u00e9 sous la barre des 1 TP4T3\u00a0100.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sentiment du march\u00e9\u00a0:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les donn\u00e9es de CoinGlass montrent que les liquidations hebdomadaires ont d\u00e9pass\u00e9 1\u00a0400 milliards de dollars, les positions longues \u00e0 effet de levier \u00e9tant les plus touch\u00e9es. Les sorties de capitaux institutionnels vers les ETF se sont accentu\u00e9es.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Impact des politiques :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">La SEC am\u00e9ricaine a intensifi\u00e9 son examen des stablecoins, tandis que la PBOC a r\u00e9it\u00e9r\u00e9 sa position contre la sp\u00e9culation sur les cryptomonnaies.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Actions et obligations am\u00e9ricaines\u00a0: le Nasdaq tire le secteur technologique vers le bas\u00a0; les rendements du Tr\u00e9sor progressent l\u00e9g\u00e8rement.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le Dow Jones a gagn\u00e9 0,34% sur la semaine, mais s&#039;est \u00e9loign\u00e9 de son record.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le S&amp;P 500 a gagn\u00e9 0,08%, tandis que le Nasdaq a recul\u00e9 de 0,45%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Rotation sectorielle :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Les valeurs \u00e9nerg\u00e9tiques et financi\u00e8res ont surperform\u00e9, tandis que les valeurs technologiques (Nvidia, Meta) ont subi des pressions en raison de pr\u00e9occupations li\u00e9es \u00e0 leur valorisation.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Obligations :<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le rendement des obligations du Tr\u00e9sor \u00e0 10 ans a augment\u00e9 de 3 points de base pour atteindre 4,15%, dans un contexte de nouvelles anticipations de r\u00e9duction des bilans.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Principaux \u00e9v\u00e9nements \u00e9conomiques \u00e0 suivre cette semaine<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Emplois non agricoles aux \u00c9tats-Unis en septembre<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Avertissement relatif aux risques\u00a0: Publication retard\u00e9e par la fermeture des services publics\u00a0; le taux de ch\u00f4mage pourrait \u00eatre manquant, ce qui accro\u00eet la volatilit\u00e9.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9sultats financiers de Nvidia<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Consensus:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Chiffre d&#039;affaires : $54,8 milliards (en hausse de 56% par rapport \u00e0 l&#039;ann\u00e9e pr\u00e9c\u00e9dente)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 La visibilit\u00e9 des commandes de puces IA demeure un enjeu cl\u00e9 du march\u00e9<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Compte rendu de la r\u00e9union de la Banque du Japon ; discours de la pr\u00e9sidente de la BCE, Christine Lagarde<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Vente aux ench\u00e8res par le minist\u00e8re des Finances japonais d&#039;obligations d&#039;\u00c9tat japonaises \u00e0 20 ans pour un montant de 800 milliards de yens<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Le march\u00e9 \u00e9valuera la capacit\u00e9 du Japon \u00e0 poursuivre son expansion budg\u00e9taire.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">IPC de la zone euro<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Conf\u00e9rence Microsoft Ignite<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Salon a\u00e9ronautique de Duba\u00ef<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 17, 2025 \u2014 The U.S. Dollar Index fell 0.28% for the week to 99.26, a two-week low. Spot gold surged to a high of $4,245 before plunging more than $100 in a single session, though it still finished the week up 2.09%. The Nasdaq slipped 0.45%, while the Dow retreated after touching an intraday [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=3131"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3131\/revisions"}],"predecessor-version":[{"id":3134,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3131\/revisions\/3134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3133"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}