{"id":52618,"date":"2026-08-13T05:58:31","date_gmt":"2026-08-13T05:58:31","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/how-the-august-nfp-and-cpi-reports-are-moving-gold-prices\/"},"modified":"2026-08-13T05:58:31","modified_gmt":"2026-08-13T05:58:31","slug":"how-the-august-nfp-and-cpi-reports-are-moving-gold-prices","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/learn\/how-the-august-nfp-and-cpi-reports-are-moving-gold-prices\/","title":{"rendered":"Comment les rapports NFP et CPI d\u2019ao\u00fbt font bouger les cours de l\u2019or"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeMGFlMGQ4YWM5Nzc2MDljMGU4YTFlN2I1ZmQ0MGE4MTJfcE1UZVZYUnU1Rmw5WjlHNlRDRnVFYWdyeEdZZzY2MmxfVG9rZW46S2dGZWJFYmlCb0s1UTN4NzVSUGxadzc2Z1BoXzE3ODY1OTI3NDE6MTc4NjU5NjM0MV9WNAampadd_watermarktrueampscene_typeCCM.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Un choc majeur sur le march\u00e9 du travail am\u00e9ricain<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00e9conomie am\u00e9ricaine a d\u00e9truit 23 000 emplois en juillet, selon le dernier rapport du Bureau of Labor Statistics (BLS, l\u2019organisme public qui publie les statistiques officielles sur l\u2019emploi). Les \u00e9conomistes attendaient au contraire 80 000 cr\u00e9ations de postes. Cette chute, parmi les plus fortes mauvaises surprises r\u00e9centes, a raviv\u00e9 les craintes d\u2019un net ralentissement de l\u2019activit\u00e9.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US employers unexpectedly cut jobs in July and previous months were revised lower, suggesting the labor market may be facing challenges <a href=\"https:\/\/t.co\/syFQfV9Fhm\">https:\/\/t.co\/syFQfV9Fhm<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2085707418147733787?ref_src=twsrc%5Etfw\">August 7, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Le signal est d\u2019autant plus marqu\u00e9 que les chiffres pass\u00e9s ont \u00e9t\u00e9 r\u00e9vis\u00e9s \u00e0 la baisse. Le gain d\u2019emplois de juin a \u00e9t\u00e9 ramen\u00e9 \u00e0 20 000. Autrement dit, le march\u00e9 du travail (l\u2019ensemble des embauches, licenciements et salaires) s\u2019affaiblissait probablement d\u00e9j\u00e0. Un chiffre mensuel peut \u00eatre accidentel, mais la combinaison d\u2019une progression faible et de r\u00e9visions n\u00e9gatives sugg\u00e8re une d\u00e9gradation plus large de l\u2019emploi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comprendre comment les annonces macro\u00e9conomiques (les statistiques qui d\u00e9crivent l\u2019\u00e9conomie) font bouger les prix est essentiel pour mieux ex\u00e9cuter ses ordres; les traders peuvent consulter notre guide sur <a href=\"https:\/\/www.vtmarkets.com\/discover\/5-steps-to-trade-forex-on-news-releases\/\">comment trader le forex lors des publications<\/a> afin de construire une routine structur\u00e9e, centr\u00e9e sur les \u00e9v\u00e9nements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le NFP fait baisser les attentes sur la Fed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ce rapport emploi, bien plus faible que pr\u00e9vu, a provoqu\u00e9 un ajustement rapide des anticipations de taux de la R\u00e9serve f\u00e9d\u00e9rale (Fed, la banque centrale am\u00e9ricaine). Avant la publication, les march\u00e9s estimaient \u00e0 environ 67% la probabilit\u00e9 d\u2019une hausse des taux en septembre. Apr\u00e8s la surprise du NFP, cette probabilit\u00e9 est tomb\u00e9e vers 44%, les investisseurs jugeant un durcissement (des taux plus \u00e9lev\u00e9s) moins justifi\u00e9 si l\u2019emploi fl\u00e9chit.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">July\u2019s surprisingly weak jobs report coupled with a possible cooling in inflation next week may lead the Fed to hold interest rates steady at its next meeting, says Bloomberg Economic\u2019s <a href=\"https:\/\/x.com\/AnnaEconomist?ref_src=twsrc%5Etfw\">@AnnaEconomist<\/a> <a href=\"https:\/\/t.co\/n077VrLEKX\">pic.twitter.com\/n077VrLEKX<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2086142944528982298?ref_src=twsrc%5Etfw\">August 8, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Le mouvement s\u2019est propag\u00e9 aux march\u00e9s financiers, en faisant baisser les rendements des Treasuries (obligations d\u2019\u00c9tat am\u00e9ricaines) et le dollar. Pour l\u2019or, c\u2019est un contexte favorable: des taux plus bas r\u00e9duisent le \u00ab co\u00fbt d\u2019opportunit\u00e9 \u00bb (ce \u00e0 quoi on renonce) de d\u00e9tenir un actif sans int\u00e9r\u00eat, et un dollar plus faible peut accro\u00eetre la demande d\u2019acheteurs hors des \u00c9tats-Unis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour comprendre pourquoi l\u2019app\u00e9tit pour les valeurs refuges et les attentes de taux influencent le dollar, lire <a href=\"https:\/\/www.vtmarkets.com\/discover\/why-does-dxy-rise-in-uncertain-markets\/\">pourquoi le DXY bouge en p\u00e9riode d\u2019incertitude<\/a> (le DXY est l\u2019indice qui mesure le dollar face \u00e0 un panier de grandes devises).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019or s\u2019envole apr\u00e8s le rapport NFP<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a r\u00e9agi presque imm\u00e9diatement, gagnant plus de 7% sur la semaine. Apr\u00e8s la publication de vendredi, le m\u00e9tal est pass\u00e9 d\u2019environ 4 300 dollars vers la zone 4 360\u20134 380 dollars, les traders r\u00e9visant vite leurs attentes sur la politique de la Fed (ses d\u00e9cisions de taux et de conditions de cr\u00e9dit).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold gains for third session, inflation reports in focus <a href=\"https:\/\/t.co\/vOk4VGL6iy\">https:\/\/t.co\/vOk4VGL6iy<\/a> <a href=\"https:\/\/t.co\/vOk4VGL6iy\">https:\/\/t.co\/vOk4VGL6iy<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2087053950826488298?ref_src=twsrc%5Etfw\">August 11, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">La hausse s\u2019est poursuivie la semaine suivante, l\u2019or franchissant 4 400 dollars, alors que le march\u00e9 attendait le prochain test majeur pour les perspectives de la Fed: l\u2019indice des prix \u00e0 la consommation (CPI) de juillet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour les traders qui cherchent \u00e0 profiter des mouvements li\u00e9s aux statistiques sur les m\u00e9taux pr\u00e9cieux, consultez notre <a href=\"https:\/\/www.vtmarkets.com\/discover\/a-complete-beginners-guide-to-gold-trading\/\">guide d\u00e9butant complet sur le trading de l\u2019or<\/a> ou les m\u00e9canismes sp\u00e9cifiques du <a href=\"https:\/\/www.vtmarkets.com\/discover\/xau-usd-trading-a-beginners-guide-to-gold-vs-us-dollar\/\">XAU\/USD<\/a> (la parit\u00e9 de l\u2019or face au dollar).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le CPI ne relance pas les craintes d\u2019inflation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI \u00e9tait crucial, car un march\u00e9 du travail plus faible ne suffit pas, \u00e0 lui seul, \u00e0 garantir une Fed plus accommodante (moins dure sur les taux). Si l\u2019inflation repartait fortement, la banque centrale pourrait h\u00e9siter \u00e0 assouplir malgr\u00e9 l\u2019emploi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Or, les donn\u00e9es de juillet n\u2019ont pas montr\u00e9 de nouveau choc inflationniste. Le CPI \u00ab global \u00bb (tous postes) a progress\u00e9 de 0,1% sur un mois, tandis que le CPI \u00ab sous-jacent \u00bb (core, hors \u00e9nergie et alimentation, plus volatil) a augment\u00e9 de 0,2%. Sur un an, l\u2019inflation globale ressort \u00e0 3,4% et la sous-jacente \u00e0 2,5%. Des chiffres proches des attentes, donc sans surprise haussi\u00e8re qui aurait pouss\u00e9 le march\u00e9 \u00e0 anticiper une politique mon\u00e9taire plus restrictive (taux plus \u00e9lev\u00e9s, conditions de cr\u00e9dit plus strictes).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Data from the Bureau of Labor Statistics released Wednesday indicated US inflation slowed in July, with the consumer price index, excluding often-volatile food and energy categories, increasing 0.2% from a month earlier. <a href=\"https:\/\/t.co\/F96AWOk9NE\">https:\/\/t.co\/F96AWOk9NE<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2087708259457089945?ref_src=twsrc%5Etfw\">August 13, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Pour l\u2019or, cela a compt\u00e9 car le CPI a confort\u00e9 le changement d\u2019anticipations de taux d\u00e9clench\u00e9 par le NFP. Avec un emploi qui se d\u00e9grade et une inflation qui n\u2019acc\u00e9l\u00e8re pas, les investisseurs ont moins de raisons d\u2019attendre une Fed durablement restrictive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour mieux lire les chiffres d\u2019inflation et les r\u00e9actions de la Fed, explorez notre <a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">guide complet sur le CPI<\/a>. Pour la question de l\u2019or comme protection contre la hausse des prix, lire <a href=\"https:\/\/www.vtmarkets.com\/discover\/gold-and-inflation-is-gold-really-an-inflation-hedge\/\">or et inflation: l\u2019or prot\u00e8ge-t-il vraiment?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019or franchit les 4 400 dollars<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le duo \u00ab NFP d\u00e9cevant + CPI contenu \u00bb a permis \u00e0 l\u2019or de prolonger sa hausse, au-dessus de 4 400 dollars apr\u00e8s la publication de l\u2019inflation. Le mouvement prolonge le rally d\u00e9marr\u00e9 avec le choc sur l\u2019emploi et illustre la sensibilit\u00e9 de l\u2019or aux attentes sur la politique mon\u00e9taire am\u00e9ricaine.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold steadied near $4,400 an ounce after a subdued US inflation report relieved near-term pressure on the Federal Reserve to hike interest rates <a href=\"https:\/\/t.co\/V0I7zLrLoa\">https:\/\/t.co\/V0I7zLrLoa<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2087712038067765545?ref_src=twsrc%5Etfw\">August 13, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Apr\u00e8s le CPI, l\u2019or \u00e9voluait autour de 4 400 dollars, avec une prochaine zone surveill\u00e9e vers 4 450\u20134 500 dollars. Se maintenir au-dessus de 4 400 renforcerait le sc\u00e9nario haussier d\u2019un point de vue \u00ab technique \u00bb (analyse des graphiques et des niveaux de prix), tandis qu\u2019un mouvement durable vers 4 500 sugg\u00e9rerait un march\u00e9 plus confiant dans la capacit\u00e9 de la Fed \u00e0 baisser les taux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alors que l\u2019or teste des niveaux cl\u00e9s, les traders qui s\u2019appuient sur l\u2019analyse graphique peuvent consulter notre guide sur <a href=\"https:\/\/www.vtmarkets.com\/discover\/7-chart-patterns-that-couldve-made-you-returns-on-gold\/\">7 figures de graphique utiles sur l\u2019or<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi le NFP et le CPI comptent pour l\u2019or<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019int\u00e9r\u00eat de ces donn\u00e9es vient de leur interaction. Le NFP (Nonfarm Payrolls, l\u2019estimation mensuelle des emplois cr\u00e9\u00e9s ou d\u00e9truits hors secteur agricole) donne un signal sur la sant\u00e9 du march\u00e9 du travail et influence le degr\u00e9 de r\u00e9action attendu de la Fed. Le CPI, lui, indique la marge de man\u0153uvre de la Fed pour soutenir l\u2019activit\u00e9 et l\u2019emploi sans risquer une nouvelle acc\u00e9l\u00e9ration des prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce duo est donc d\u00e9terminant pour l\u2019or. Un NFP faible a renforc\u00e9 l\u2019id\u00e9e d\u2019une politique mon\u00e9taire moins restrictive, et le CPI n\u2019a pas apport\u00e9 de risque inflationniste suffisant pour inverser cette lecture. Quand les rendements am\u00e9ricains et le dollar sont sous pression, l\u2019or devient plus attractif pour les investisseurs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qu\u2019est-ce qui pourrait faire bouger l\u2019or ensuite?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Maintenant que le NFP et le CPI sont connus, l\u2019attention se tourne vers les prochaines statistiques am\u00e9ricaines et la communication de la Fed (discours, conf\u00e9rences, projections) pour pr\u00e9ciser la trajectoire des taux. La question centrale: l\u2019emploi continue-t-il de se d\u00e9grader, alors que l\u2019inflation reste ma\u00eetris\u00e9e?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De nouveaux signes de ralentissement pourraient renforcer les anticipations de baisse des taux et soutenir l\u2019or. \u00c0 l\u2019inverse, un retour de la dynamique de l\u2019emploi, un regain d\u2019inflation ou une hausse durable des rendements des Treasuries pourrait peser sur le m\u00e9tal et fragiliser l\u2019\u00e9lan haussier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le risque g\u00e9opolitique reste aussi un facteur cl\u00e9. Les incertitudes autour du d\u00e9troit d\u2019Ormuz et, plus largement, les tensions au Moyen-Orient peuvent soutenir la demande de valeur refuge (actif recherch\u00e9 en p\u00e9riode de stress) pour l\u2019or, m\u00eame si les attentes de taux \u00e9voluent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Travailleur dans un contexte de volatilit\u00e9 macro\u00e9conomique sur les mati\u00e8res premi\u00e8res exige une m\u00e9thode; consultez notre guide sur <a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-conduct-scenario-analysis-in-cfd-trading\/\">la construction de sc\u00e9narios en trading de CFD<\/a> (les CFD sont des contrats qui r\u00e9pliquent le prix d\u2019un actif sans le d\u00e9tenir).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019essentiel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9cente hausse de l\u2019or s\u2019explique par deux inflexions dans les perspectives am\u00e9ricaines. Le NFP, tr\u00e8s en dessous des attentes, a r\u00e9veill\u00e9 les inqui\u00e9tudes sur l\u2019emploi et a r\u00e9duit les anticipations de nouvelles hausses de taux de la Fed. Le CPI publi\u00e9 ensuite n\u2019a pas montr\u00e9 d\u2019acc\u00e9l\u00e9ration marqu\u00e9e de l\u2019inflation, ce qui a \u00e9vit\u00e9 un retournement de ce sc\u00e9nario.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au total, ces donn\u00e9es ont cr\u00e9\u00e9 un contexte porteur pour l\u2019or, permettant un franchissement de 4 400 dollars et pla\u00e7ant la zone 4 450\u20134 500 dollars au centre de l\u2019attention. Pour les traders, le lien entre emploi, inflation, politique de la Fed, rendements obligataires am\u00e9ricains et dollar restera d\u00e9terminant pour juger si la hausse peut durer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-eu\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Coup de froid sur l\u2019emploi US : -23 000 postes en juillet, r\u00e9visions en baisse. Les anticipations de hausse des taux Fed reculent, dollar et rendements fl\u00e9chissent : l\u2019or bondit au-del\u00e0 de 4 400 dollars.<\/p>\n","protected":false},"author":87,"featured_media":52617,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-52618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Coup de froid sur l\u2019emploi US : -23 000 postes en juillet, r\u00e9visions en baisse. 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