{"id":2402,"date":"2017-06-23T13:48:18","date_gmt":"2017-06-23T13:48:18","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=2402"},"modified":"2017-08-30T14:48:27","modified_gmt":"2017-08-30T14:48:27","slug":"leuro-et-le-dollar-leurs-evolutions-ne-dependent-pas-des-taux-dinteret-alors-comment-les-expliquer","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2017\/06\/leuro-et-le-dollar-leurs-evolutions-ne-dependent-pas-des-taux-dinteret-alors-comment-les-expliquer\/","title":{"rendered":"L&rsquo;euro et le dollar : leurs \u00e9volutions ne d\u00e9pendent pas des taux d\u2019int\u00e9r\u00eat. Alors comment les expliquer ?"},"content":{"rendered":"<p>Malgr\u00e9 les rel\u00e8vements de taux directeurs am\u00e9ricains intervenus en d\u00e9cembre, mars et la semaine derni\u00e8re, le dollar s&rsquo;est d\u00e9pr\u00e9ci\u00e9 pour retourner \u00e0 ses niveaux de pr\u00e9-\u00e9lections. \u00a0Toute la prime du dollar li\u00e9e \u00e0 la \u00ab\u00a0Trumpflation\u00a0\u00bb a ainsi disparu.\u00a0 Alors que jouer l\u2019effet Trump via le dollar semble d\u00e9sormais une strat\u00e9gie en bout de course, l&rsquo;euro s\u2019est de son c\u00f4t\u00e9 appr\u00e9ci\u00e9. \u00a0L&rsquo;optimisme entourant le retour de la croissance en zone euro a progress\u00e9, atteignant son sommet \u00e0 l\u2019occasion de la r\u00e9union de la BCE en d\u00e9but de ce mois : la parit\u00e9 EUR\/USD a alors touch\u00e9 un plus haut en 8 mois \u00e0 1,13, et ce malgr\u00e9 les d\u00e9clarations r\u00e9solument accommodantes de Mario Draghi (de nombreux observateurs s\u2019interrogeant d\u00e9sormais sur le calendrier suppos\u00e9 de la BCE pour une normalisation mon\u00e9taire, via une r\u00e9duction des achats d\u2019actifs et d\u2019\u00e9ventuelles hausses de taux).<\/p>\n<p>Les r\u00e9cents mouvements de devises sont int\u00e9ressants dans la mesure o\u00f9 la surperformance relative de l&rsquo;euro n&rsquo;a pas \u00e9t\u00e9 tir\u00e9e par des anticipations de hausse des taux d&rsquo;int\u00e9r\u00eat de la zone euro par rapport aux Etats-Unis.\u00a0 En fait, c\u2019est le contraire qui s\u2019est produit.\u00a0 Les deux graphiques ci-dessous montrent que les anticipations en mati\u00e8re de taux am\u00e9ricains ont suivi une tendance plut\u00f4t stable, voire l\u00e9g\u00e8rement haussi\u00e8re par rapport aux principaux partenaires \u00e9conomiques des Etats-Unis. Et malgr\u00e9 cette divergence de taux, le dollar a fortement sous-perform\u00e9.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros1.png\" data-rel=\"lightbox-gallery-8z3fFYa5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2408\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros1.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros1-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros2.png\" data-rel=\"lightbox-gallery-8z3fFYa5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2409\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros2.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros2.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros2-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros2-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Alors si les diff\u00e9rentiels de taux ne jouent ni sur le dollar ni sur l&rsquo;euro en ce moment, quels facteurs contribuent \u00e0 ces mouvements\u00a0?\u00a0 Tout d&rsquo;abord, l\u2019enqu\u00eate de positionnement men\u00e9e par Citi FX indique que si les investisseurs avaient fortement surpond\u00e9r\u00e9 le dollar et sous-pond\u00e9r\u00e9 l&rsquo;euro en 2016, il y a eu ensuite un renversement dans les positions.\u00a0 Compte tenu de la mise en place de couvertures simultan\u00e9es, une position vendeuse consolid\u00e9e de grande ampleur prise par les investisseurs et les sp\u00e9culateurs peut conduire \u00e0 d&rsquo;importantes r\u00e9\u00e9valuation de prix en r\u00e9ponse \u00e0 des changements modestes de perspectives fondamentales.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros3.png\" data-rel=\"lightbox-gallery-8z3fFYa5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2410\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros3.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros3.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros3-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros3-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Peut-\u00eatre plus important encore, la valorisation fondamentale de l&rsquo;euro a \u00e9galement soutenu son propre rallye.\u00a0 Si l\u2019on regarde la Parit\u00e9 de Pouvoir d&rsquo;Achat (PPA), l&rsquo;euro semble sous-valoris\u00e9 de presque 20\u00a0% par rapport \u00e0 sa valeur fondamentale contre dollar.\u00a0 Les chiffres \u00e9conomiques en zone euro ont commenc\u00e9 \u00e0 s\u2019am\u00e9liorer, et s\u2019av\u00e8rent m\u00eame sup\u00e9rieurs aux pr\u00e9visions. En outre, l&rsquo;incertitude politique entourant les \u00e9lections en France, aux Pays-Bas et ailleurs en Europe s\u2019est consid\u00e9rablement r\u00e9duite. Dans ce contexte, la sous-valorisation massive de l\u2019euro est soudainement apparue \u00e9vidente.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros4.png\" data-rel=\"lightbox-gallery-8z3fFYa5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2411\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/euros4.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros4.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros4-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/euros4-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Malgr\u00e9 les rel\u00e8vements de taux directeurs am\u00e9ricains intervenus en d\u00e9cembre, mars et la semaine derni\u00e8re, le dollar s&rsquo;est d\u00e9pr\u00e9ci\u00e9 pour retourner \u00e0 ses niveaux de pr\u00e9-\u00e9lections. \u00a0Toute la prime du dollar li\u00e9e \u00e0 la \u00ab\u00a0Trumpflation\u00a0\u00bb a ainsi disparu.\u00a0 Alors que jouer l\u2019effet Trump via le dollar semble d\u00e9sormais une strat\u00e9gie en bout de course, l&rsquo;euro s\u2019est de son c\u00f4t\u00e9 appr\u00e9ci\u00e9. \u00a0L&rsquo;optimisme entourant le retour de la croissance en zone euro a progress\u00e9, atteignant son sommet \u00e0 l\u2019occasion de la r\u00e9union de la BCE en d\u00e9but&#8230;<\/p>\n","protected":false},"author":83,"featured_media":2408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,13],"tags":[141,77],"class_list":["post-2402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-devises","category-taux-dinteret","tag-etats-unis","tag-europe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L&#039;euro et le dollar : leurs \u00e9volutions ne d\u00e9pendent pas des taux d\u2019int\u00e9r\u00eat. Alors comment les expliquer ? - Francais<\/title>\n<meta name=\"description\" content=\"Malgr\u00e9 les rel\u00e8vements de taux directeurs am\u00e9ricains intervenus en d\u00e9cembre, mars et la semaine derni\u00e8re, le dollar s&#039;est d\u00e9pr\u00e9ci\u00e9 pour retourner \u00e0 ses\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2017\/06\/leuro-et-le-dollar-leurs-evolutions-ne-dependent-pas-des-taux-dinteret-alors-comment-les-expliquer\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anjulie Rusius\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/06\\\/leuro-et-le-dollar-leurs-evolutions-ne-dependent-pas-des-taux-dinteret-alors-comment-les-expliquer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/06\\\/leuro-et-le-dollar-leurs-evolutions-ne-dependent-pas-des-taux-dinteret-alors-comment-les-expliquer\\\/\"},\"author\":{\"name\":\"Anjulie Rusius\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/f3e2b6fe52ce4c978f63a41feb82e7b1\"},\"headline\":\"L&rsquo;euro et le dollar : leurs \u00e9volutions ne d\u00e9pendent pas des taux d\u2019int\u00e9r\u00eat. 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