{"id":3498,"date":"2025-12-31T14:37:24","date_gmt":"2025-12-31T03:37:24","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3498"},"modified":"2025-12-31T14:37:26","modified_gmt":"2025-12-31T03:37:26","slug":"amillex-daily-market-commentary-market-enters-holiday-mode-risk-assets-close-cautiously-precious-metals-diverge-amid-liquidity-crunch","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2025\/12\/31\/amillex-daily-market-commentary-market-enters-holiday-mode-risk-assets-close-cautiously-precious-metals-diverge-amid-liquidity-crunch\/","title":{"rendered":"Commentaire quotidien d'Amillex sur les march\u00e9s | Le march\u00e9 entre en mode vacances\u00a0: les actifs \u00e0 risque cl\u00f4turent prudemment\u00a0; les m\u00e9taux pr\u00e9cieux divergent dans un contexte de p\u00e9nurie de liquidit\u00e9s\u00a0"},"content":{"rendered":"

31 d\u00e9cembre 2025. <\/strong>\u00c0 l'approche de la cl\u00f4ture de 2025, les march\u00e9s mondiaux sont pleinement entr\u00e9s en phase de ralentissement. Les services institutionnels \u00e9tant largement \u00e0 l'\u00e9cart, l'attention s'est d\u00e9plac\u00e9e des fondamentaux macro\u00e9conomiques vers les ajustements techniques de positions et la volatilit\u00e9 li\u00e9e aux marges. Si les actions restent l\u00e9g\u00e8rement sous pression en raison des prises de b\u00e9n\u00e9fices de fin d'ann\u00e9e, le secteur des m\u00e9taux pr\u00e9cieux a monopolis\u00e9 l'attention, subissant un d\u00e9sendettement brutal dans un contexte de faible liquidit\u00e9. L'indice du dollar am\u00e9ricain s'est maintenu dans une fourchette de consolidation, le principal conflit de march\u00e9 s'\u00e9tant d\u00e9plac\u00e9 des donn\u00e9es macro\u00e9conomiques vers le positionnement, les marges et les allocations de fonds de fin d'ann\u00e9e. <\/p>\n\n\n\n

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Performance du march\u00e9 et analyse fondamentale par classe d'actifs<\/strong> <\/p>\n\n\n\n

1. March\u00e9 boursier am\u00e9ricain<\/strong> <\/p>\n\n\n\n

Performance de l'indice :<\/strong> Les trois principaux indices am\u00e9ricains ont globalement affich\u00e9 une faiblesse, le Dow Jones, le S&P 500 et le Nasdaq cl\u00f4turant tous en l\u00e9g\u00e8re baisse. Le march\u00e9 manque de tendances principales et le volume des \u00e9changes est nettement inf\u00e9rieur \u00e0 la normale, caract\u00e9ristiques typiques d'une p\u00e9riode de fin d'ann\u00e9e. <\/p>\n\n\n\n

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2. March\u00e9 des changes :<\/strong> <\/p>\n\n\n\n

    \n
  • L'indice du dollar am\u00e9ricain (DXY) a l\u00e9g\u00e8rement progress\u00e9 mais n'a pas r\u00e9ussi \u00e0 former une cassure de tendance, refl\u00e9tant un fort sentiment d'attentisme ;\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n
      \n
    • La paire EUR\/USD a fluctu\u00e9 au-dessus de 1,17, en l'absence de nouveaux catalyseurs ;\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n
        \n
      • La paire USD\/JPY a maintenu sa consolidation dans la fourchette 156-157, reculant par rapport \u00e0 ses sommets avec une dynamique baissi\u00e8re limit\u00e9e ;\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n
          \n
        • La paire GBP\/USD a fait preuve d'une relative r\u00e9silience, affichant des performances l\u00e9g\u00e8rement sup\u00e9rieures \u00e0 celles de l'euro, mais a n\u00e9anmoins \u00e9t\u00e9 elle aussi limit\u00e9e par la liquidit\u00e9 li\u00e9e aux jours f\u00e9ri\u00e9s.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n

          Facteurs d\u00e9terminants\u00a0:<\/strong> Le march\u00e9 des changes est entr\u00e9 dans une phase typique de \u00ab consolidation de fin d'ann\u00e9e \u00bb, o\u00f9 les mouvements \u00e0 court terme rel\u00e8vent davantage de fluctuations techniques que de fen\u00eatres de trading de tendance. <\/p>\n\n\n\n

          <\/div>\n\n\n\n

          3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res<\/strong> <\/p>\n\n\n\n

          M\u00e9taux pr\u00e9cieux : <\/strong> <\/p>\n\n\n\n

            \n
          • Or au comptant (XAUUSD) : Malgr\u00e9 une pression \u00e0 court terme, il continue de se n\u00e9gocier dans des zones historiquement \u00e9lev\u00e9es, indiquant que la structure haussi\u00e8re \u00e0 moyen et long terme n'a pas \u00e9t\u00e9 compromise.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n
              \n
            • Argent au comptant (XAGUSD)\u00a0: Apr\u00e8s une chute la veille, l\u2019argent a connu un fort rebond technique, d\u00e9passant les 9% pour atteindre environ le niveau de $78\/oz (rebondissant du creux post-vente jusqu\u2019au sommet de la journ\u00e9e). Cette \u00ab\u00a0chute brutale suivie d\u2019une remont\u00e9e tout aussi brutale\u00a0\u00bb illustre parfaitement le ph\u00e9nom\u00e8ne \u00ab\u00a0ajustements de marge \u2192 liquidations forc\u00e9es \u2192 achats invers\u00e9s\/p\u00eache au plancher\u00a0\u00bb.\u00a0<\/li>\n<\/ul>\n\n\n\n

              Principaux moteurs\u00a0:<\/strong> <\/p>\n\n\n\n

                \n
              • Les pr\u00e9c\u00e9dents rallyes de type \u00ab squeeze \u00bb ont accumul\u00e9 un grand nombre de positions longues \u00e0 fort effet de levier ;\u00a0<\/li>\n<\/ul>\n\n\n\n
                  \n
                • La faible liquidit\u00e9 de fin d'ann\u00e9e a amplifi\u00e9 toute fermeture concentr\u00e9e de positions\u00a0;\u00a0<\/li>\n<\/ul>\n\n\n\n
                    \n
                  • L'augmentation des marges de change et des exigences en mati\u00e8re de contr\u00f4le des risques a d\u00e9clench\u00e9 un d\u00e9sendettement passif.\u00a0<\/li>\n<\/ul>\n\n\n\n

                    Mati\u00e8res premi\u00e8res : <\/strong> <\/p>\n\n\n\n

                      \n
                    • Le prix du p\u00e9trole brut WTI a fluctu\u00e9 autour de $58 le baril. La tendance reste relativement stable, jouant un r\u00f4le de stabilisateur dans le secteur de l'\u00e9nergie.\u00a0<\/li>\n<\/ul>\n\n\n\n
                      <\/div>\n\n\n\n

                      5. Le th\u00e8me du jour<\/strong> <\/p>\n\n\n\n

                        \n
                      • Proc\u00e8s-verbal de la r\u00e9union du FOMC de d\u00e9cembre.\u00a0<\/li>\n<\/ul>\n\n\n\n
                          \n
                        • Indice PMI manufacturier chinois pour d\u00e9cembre.\u00a0<\/li>\n<\/ul>\n\n\n\n
                            \n
                          • Demandes initiales d'allocations ch\u00f4mage aux \u00c9tats-Unis pour la semaine se terminant le 27 d\u00e9cembre.\u00a0<\/li>\n<\/ul>\n\n\n\n
                            <\/div>","protected":false},"excerpt":{"rendered":"

                            December 31, 2025. As we approach the final closing bell of 2025, the global markets have fully transitioned into “Holiday Mode.” With institutional desks largely sidelined, the narrative has shifted away from macro fundamentals toward technical position squaring and margin-driven volatility. While equities remain under mild pressure from year-end profit-taking, the precious metals complex has stolen the spotlight, enduring a violent deleveraging event in […]<\/p>\n","protected":false},"author":7,"featured_media":3499,"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-3498","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\/3498","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=3498"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3498\/revisions"}],"predecessor-version":[{"id":3500,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3498\/revisions\/3500"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3499"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}