{"id":3594,"date":"2026-01-12T17:34:52","date_gmt":"2026-01-12T06:34:52","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3594"},"modified":"2026-01-12T17:34:53","modified_gmt":"2026-01-12T06:34:53","slug":"amillex-daily-market-commentary-december-nfp-misses-expectations-but-falling-unemployment-signals-ongoing-labor-market-resilience","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2026\/01\/12\/amillex-daily-market-commentary-december-nfp-misses-expectations-but-falling-unemployment-signals-ongoing-labor-market-resilience\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s | Les chiffres de l&#039;emploi non agricole de d\u00e9cembre sont inf\u00e9rieurs aux attentes, mais la baisse du ch\u00f4mage t\u00e9moigne de la r\u00e9silience persistante du march\u00e9 du travail\u00a0"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-e31c674d059e36fb7cd8217e3c1b4c95\" style=\"font-size:18px\">Le 12 janvier 2026, suite \u00e0 la publication vendredi dernier du premier rapport annuel sur l&#039;emploi non agricole, les march\u00e9s mondiaux sont entr\u00e9s dans une nouvelle phase de r\u00e9\u00e9valuation, les investisseurs analysant les signaux mitig\u00e9s du march\u00e9 du travail am\u00e9ricain. La cr\u00e9ation d&#039;emplois en d\u00e9cembre s&#039;est \u00e9tablie \u00e0 seulement 50\u00a0000, bien en de\u00e7\u00e0 des 73\u00a0000 attendus, prolongeant le ralentissement des embauches observ\u00e9 fin 2025. Cependant, le taux de ch\u00f4mage a baiss\u00e9 de mani\u00e8re inattendue \u00e0 4,41\u00a0milliards de dollars, contribuant \u00e0 apaiser les craintes de r\u00e9cession imm\u00e9diate. Sur le plan structurel, la faiblesse de l&#039;emploi dans le secteur manufacturier contraste avec la poursuite des embauches dans le secteur public, soulignant un contexte de march\u00e9 du travail in\u00e9gal. Le salaire horaire moyen a progress\u00e9 de 0,31\u00a0milliard de dollars par rapport au mois pr\u00e9c\u00e9dent, conform\u00e9ment aux attentes, ce qui sugg\u00e8re que les pressions salariales restent contenues. Premier rapport sur l&#039;emploi enti\u00e8rement normalis\u00e9 apr\u00e8s les r\u00e9centes perturbations li\u00e9es \u00e0 la fermeture des services gouvernementaux, ces donn\u00e9es confortent l&#039;id\u00e9e d&#039;un ralentissement des embauches conjugu\u00e9 \u00e0 une stabilit\u00e9 de l&#039;emploi, incitant les march\u00e9s \u00e0 sortir de leur rythme de consolidation post-f\u00eates et \u00e0 se recentrer sur les fondamentaux macro\u00e9conomiques \u00e0 l&#039;aube de 2026.&nbsp;<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-link-color has-medium-font-size wp-elements-fc6b2f9b2f4e85fb3ef7141c163db835\"><strong>Classes d&#039;actifs et analyse fondamentale<\/strong>\u00a0<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-0ba6ae63ca8d759399b667964b299eec\" style=\"font-size:18px\"><strong>1. March\u00e9 des actions am\u00e9ricaines<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-11a8b7ba65f6a75934a331b5b63d7d73\" style=\"font-size:18px\"><strong>Performance de l&#039;indice<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-1307d00c47d9e5bf58ca63fe555e6082\" style=\"font-size:18px\"><strong>Indice Dow Jones\u00a0:<\/strong>\u00a0Cl\u00f4ture \u00e0 49\u00a0504,07, en hausse de 0,481\u00a0TP3T. Soutenu par les secteurs d\u00e9fensifs et les grandes valeurs financi\u00e8res, l\u2019indice a continu\u00e9 de faire preuve d\u2019une solide r\u00e9silience.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-77084e688fd7c69196c1e546d5619ce2\" style=\"font-size:18px\"><strong>Indice S&amp;P 500\u00a0:<\/strong>\u00a0Le cours a augment\u00e9 de 0,65% pour atteindre 6\u00a0967, marquant un nouveau record de cl\u00f4ture historique et soulignant le sentiment haussier persistant sur l\u2019ensemble du march\u00e9.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-3602d2968ee759a2d10f4bf5c15648a0\" style=\"font-size:18px\"><strong>Nasdaq Composite :<\/strong>\u00a0L&#039;indice a gagn\u00e9 0,81% pour atteindre 23\u00a0671,35. La dynamique continue des th\u00e8mes li\u00e9s \u00e0 l&#039;IA et le rebond des valeurs technologiques majeures ont fortement soutenu l&#039;indice.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-17adab3fb7898396956837d73ecc6e5d\" style=\"font-size:18px\"><strong>Pleins feux sur l&#039;action<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-fa6b9f96d30289a499f1ccd422a7fb95\" style=\"font-size:18px\"><strong>Tesla (TSLA) :<\/strong>\u00a0Forte volatilit\u00e9 observ\u00e9e dans la fourchette $440\u2013$450. Avec le d\u00e9ploiement \u00e0 grande \u00e9chelle de FSD v14 et l&#039;approbation r\u00e9glementaire des op\u00e9rations de robotaxis dans certaines villes, Tesla poursuit sa transformation d&#039;un constructeur de v\u00e9hicules \u00e9lectriques en un acteur majeur de la robotique et de l&#039;intelligence artificielle. Un support \u00e0 court terme se dessine aux alentours de $430\u00a0; un franchissement durable du seuil de $450 pourrait ouvrir la voie \u00e0 un test des pr\u00e9c\u00e9dents sommets.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-f7397c4fcc210b1bc8b1b9f1722c1d25\" style=\"font-size:18px\"><strong>2. March\u00e9 des changes<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-129f88f7b142dbd6cfdc40f09a5c2d3e\" style=\"font-size:18px\"><strong>Indice du dollar am\u00e9ricain (DXY) :<\/strong>\u00a0Le dollar est rest\u00e9 ferme aux alentours de 99,1, se n\u00e9gociant \u00e0 des niveaux \u00e9lev\u00e9s. Malgr\u00e9 les anticipations de nouvelles baisses de taux de la R\u00e9serve f\u00e9d\u00e9rale, les primes de risque g\u00e9opolitiques et la demande de valeurs refuges ont continu\u00e9 de le soutenir.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-b0fc551d3284bdf4333d573308a82b95\" style=\"font-size:18px\"><strong>EUR\/USD :<\/strong>\u00a0L&#039;euro est rest\u00e9 sous pression face \u00e0 un dollar plus fort et \u00e0 un ralentissement de l&#039;inflation dans la zone euro, s&#039;\u00e9changeant derni\u00e8rement autour de 1,1637. La divergence des politiques entre la BCE et la R\u00e9serve f\u00e9d\u00e9rale demeure le principal facteur de frein \u00e0 sa hausse.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-c2beb4b9b1120be5fd9c357628217d24\" style=\"font-size:18px\"><strong>USD\/JPY :<\/strong>\u00a0Le yen s&#039;est sensiblement affaibli, le taux de change USD\/JPY s&#039;approchant des 157,8. Bien que la Banque du Japon ait laiss\u00e9 entendre qu&#039;elle pourrait relever ses taux, cela n&#039;a pas encore compens\u00e9 les \u00e9carts de rendement qui continuent de peser sur le yen, le poussant vers ses r\u00e9cents plus bas.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-ff6a8b443a8bd973ca90a6f1108af1cf\" style=\"font-size:18px\"><strong>3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-5492cccd578b520fe923c7fbed373be5\" style=\"font-size:18px\"><strong>M\u00e9taux pr\u00e9cieux<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-23b338bdf39e355d43886683e3e6c4c0\" style=\"font-size:18px\"><strong>Or au comptant (XAUUSD) :<\/strong>\u00a0On a observ\u00e9 des prises de b\u00e9n\u00e9fices \u00e0 des niveaux \u00e9lev\u00e9s, le cours se n\u00e9gociant autour de $4\u00a0500\/oz. Malgr\u00e9 le r\u00e9cent repli, les anticipations de baisse des taux d&#039;int\u00e9r\u00eat r\u00e9els et la demande structurelle continue des banques centrales continuent d&#039;apporter un soutien sous-jacent.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-b4d672b96a558feb1e90ae3e0473f635\" style=\"font-size:18px\"><strong>Argent au comptant (XAGUSD) :<\/strong>\u00a0Le cours est rest\u00e9 tr\u00e8s volatil, avec un dernier cours proche de $82\/oz.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9475610fc825ef459f8fc74a4c4a5372\" style=\"font-size:18px\"><strong>mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-430b3f83c259da0aaf7be27d7c6bf6a4\" style=\"font-size:18px\"><strong>P\u00e9trole brut WTI :<\/strong>\u00a0Le prix s&#039;est \u00e9tabli \u00e0 environ $59,1\/baril, rebondissant apr\u00e8s les plus bas du d\u00e9but d&#039;ann\u00e9e.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-e2535fd62b7dc8885f25d37c79aabb42\" style=\"font-size:18px\"><strong>Principaux facteurs moteurs :<\/strong>&nbsp;Les r\u00e9centes mesures am\u00e9ricaines visant les exportations de p\u00e9trole v\u00e9n\u00e9zu\u00e9lien ont attir\u00e9 l&#039;attention des march\u00e9s. Malgr\u00e9 un approvisionnement mondial globalement tendu, ces perturbations conjoncturelles ont contribu\u00e9 \u00e0 maintenir les prix du p\u00e9trole dans la fourchette $55\u2013$60.&nbsp;<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d532b64c1e575daf8e2c7edb10fc8fcd\" style=\"font-size:18px\"><strong>4. Actifs crypto et \u00e9volutions macro\u00e9conomiques<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-27e8861152fd7c71d5bde30228ee46f8\" style=\"font-size:18px\"><strong>Bitcoin (BTC) :<\/strong>\u00a0Le cours s&#039;est maintenu au-dessus du niveau de $91\u00a0000 durant la s\u00e9ance asiatique, enregistrant un gain modeste d&#039;environ 0,6% sur 24 heures. Son \u00e9volution reste ancr\u00e9e dans une fourchette, refl\u00e9tant les positions institutionnelles dans un contexte d&#039;accalmie macro\u00e9conomique. En l&#039;absence de donn\u00e9es cl\u00e9s sur l&#039;inflation cette semaine, le march\u00e9 manque d&#039;un catalyseur directionnel clair et le BTC se consolide techniquement entre $90\u00a0000 et $92\u00a0000.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-63ee848b6c62210de220b5b9db02a6dd\" style=\"font-size:18px\"><strong>XRP (XRP\/USD) :<\/strong>\u00a0Le titre s&#039;\u00e9change autour de $2,06, avec une volatilit\u00e9 quotidienne en baisse, les prix entrant dans une phase de consolidation apr\u00e8s une p\u00e9riode de forte hausse. Suite \u00e0 la forte progression de l&#039;ann\u00e9e derni\u00e8re, l&#039;actif subit une pression notable \u00e0 court terme li\u00e9e \u00e0 des prises de b\u00e9n\u00e9fices, les pr\u00e9c\u00e9dents catalyseurs haussiers \u00e9tant d\u00e9sormais d\u00e9j\u00e0 int\u00e9gr\u00e9s dans les cours.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-16938a7400ae8e2ec1e9fa0f5108dfee\" style=\"font-size:18px\"><strong>5. Objectif du jour<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f96a7c278807bacbefcbc12fc31a55c0\" style=\"font-size:18px\">Aucune publication de donn\u00e9es \u00e9conomiques majeures n&#039;est pr\u00e9vue aujourd&#039;hui.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>January 12, 2026, following the release of the year\u2019s first Nonfarm Payrolls report last Friday, global markets have entered a renewed repricing phase as investors assess mixed signals from the U.S. labor market. December job growth came in at just 50,000, well below the 73,000 expected, extending the hiring slowdown seen late in 2025. However, [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":3598,"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-3594","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\/3594","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=3594"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3594\/revisions"}],"predecessor-version":[{"id":3596,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3594\/revisions\/3596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3598"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}