{"id":69353,"date":"2026-10-07T12:01:14","date_gmt":"2026-10-07T12:01:14","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-latam\/uncategorized\/weak-jobs-strong-gold-is-it-really-that-straightforward\/"},"modified":"2026-10-07T12:01:14","modified_gmt":"2026-10-07T12:01:14","slug":"weak-jobs-strong-gold-is-it-really-that-straightforward","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-latam\/featured\/weak-jobs-strong-gold-is-it-really-that-straightforward\/","title":{"rendered":"Emploi en berne, or en hausse : est-ce vraiment aussi simple ?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/10\/img_6ac602538cfa9.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Les <strong>Nonfarm Payrolls (NFP)<\/strong> \u2014 le <strong>rapport mensuel sur l\u2019emploi aux \u00c9tats-Unis hors agriculture<\/strong> \u2014 figurent parmi les publications \u00e9conomiques les plus suivies sur les march\u00e9s mondiaux, et l\u2019une de celles qui peuvent provoquer de forts mouvements sur l\u2019or. Le lien \u00ab classique \u00bb para\u00eet simple : des chiffres de l\u2019emploi <strong>meilleurs que pr\u00e9vu<\/strong> peuvent faire monter les <strong>rendements<\/strong> des bons du Tr\u00e9sor am\u00e9ricain et le <strong>dollar<\/strong>, ce qui p\u00e8se souvent sur l\u2019or ; \u00e0 l\u2019inverse, des chiffres <strong>d\u00e9cevants<\/strong> peuvent faire baisser rendements et dollar, et soutenir le m\u00e9tal. Dans les faits, ce lien sert surtout de <strong>rep\u00e8re<\/strong>, pas de r\u00e8gle de trading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le NFP ne \u00ab fixe \u00bb pas le bon niveau de l\u2019or. Il modifie d\u2019abord les attentes sur la politique de la <strong>R\u00e9serve f\u00e9d\u00e9rale (Fed)<\/strong>, la banque centrale am\u00e9ricaine. Ces attentes influencent ensuite les rendements des bons du Tr\u00e9sor, le dollar et le <strong>co\u00fbt d\u2019opportunit\u00e9<\/strong> de l\u2019or (le fait de d\u00e9tenir un actif qui <strong>ne verse pas d\u2019int\u00e9r\u00eat<\/strong>). Le rapport de septembre illustre pourquoi ce m\u00e9canisme est d\u00e9terminant et pourquoi il faut \u00e9viter de ne regarder que le chiffre principal des cr\u00e9ations d\u2019emplois.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ce que le NFP dit vraiment au march\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On pr\u00e9sente souvent le NFP comme un seul chiffre, mais le march\u00e9 surveille aussi : le <strong>taux de ch\u00f4mage<\/strong>, la <strong>progression des salaires<\/strong>, le <strong>taux de participation<\/strong> (part des personnes en \u00e2ge de travailler qui travaillent ou cherchent un emploi) et les <strong>r\u00e9visions<\/strong> des mois pr\u00e9c\u00e9dents. Ces \u00e9l\u00e9ments ne vont pas toujours dans le m\u00eame sens : les cr\u00e9ations d\u2019emplois peuvent surprendre \u00e0 la hausse alors que les salaires ralentissent ; le ch\u00f4mage peut monter m\u00eame si des emplois se cr\u00e9ent ; et un bon chiffre peut \u00eatre affaibli par des r\u00e9visions \u00e0 la baisse des mois ant\u00e9rieurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La vraie question n\u2019est donc pas seulement \u00ab y a-t-il eu plus d\u2019emplois ? \u00bb, mais \u00ab le rapport est-il, au total, plus fort ou plus faible que pr\u00e9vu, et cela change-t-il les attentes sur la Fed ? \u00bb Ces publications se traduisent surtout par un ajustement des anticipations de taux.<\/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 job growth slowed more than expected in September and the nonfarm payrolls count for the prior two months was revised sharply lower, almost taking another interest rate hike from the Federal Reserve this month off the table <a href=\"https:\/\/t.co\/2lEChNt9wF\">https:\/\/t.co\/2lEChNt9wF<\/a> <a href=\"https:\/\/t.co\/YB8ljDZbU5\">pic.twitter.com\/YB8ljDZbU5<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2106104431762977233?ref_src=twsrc%5Etfw\">October 2, 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 rapport de septembre \u00e9tait assez net. Les emplois non agricoles n\u2019ont augment\u00e9 que de <strong>29 000<\/strong>, contre environ <strong>90 000<\/strong> attendus. Le <strong>taux de ch\u00f4mage<\/strong> est mont\u00e9 de <strong>4,1%<\/strong> \u00e0 <strong>4,2%<\/strong>, tandis que le <strong>salaire horaire moyen<\/strong> n\u2019a progress\u00e9 que de <strong>0,1%<\/strong> sur un mois, sous le consensus (<strong>0,3%<\/strong>). En outre, les cr\u00e9ations d\u2019emplois d\u2019ao\u00fbt ont \u00e9t\u00e9 <strong>r\u00e9vis\u00e9es<\/strong> de <strong>162 000<\/strong> \u00e0 <strong>133 000<\/strong>. Contrairement aux rapports o\u00f9 les signaux se contredisent, l\u2019ensemble donnait une image plut\u00f4t <strong>affaiblie<\/strong> du march\u00e9 du travail am\u00e9ricain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Point cl\u00e9 : la surprise par rapport aux attentes compte plus que le niveau brut. <strong>100 000<\/strong> emplois peuvent para\u00eetre solides si le march\u00e9 en attend <strong>50 000<\/strong>, mais faibles si le consensus est \u00e0 <strong>150 000<\/strong>. Les march\u00e9s r\u00e9agissent donc surtout \u00e0 l\u2019<strong>\u00e9cart<\/strong> entre le r\u00e9sultat et le consensus.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi la dynamique des salaires compte<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les <strong>salaires<\/strong> sont essentiels car ils influencent l\u2019\u00e9valuation de la Fed sur les pressions <strong>inflationnistes<\/strong> (hausse durable des prix). Quand les entreprises se disputent la main-d\u2019\u0153uvre, les salaires peuvent acc\u00e9l\u00e9rer, ce qui augmente les co\u00fbts et entretient l\u2019inflation. \u00c0 l\u2019inverse, des salaires qui ralentissent sugg\u00e8rent une moindre tension sur le march\u00e9 du travail.<\/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\">The US added fewer jobs than expected in September and wage growth slowed, signaling some caution among employers amid rising costs: Evening Briefing Americas <a href=\"https:\/\/t.co\/HZSu2UI5HB\">https:\/\/t.co\/HZSu2UI5HB<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2106159831635710021?ref_src=twsrc%5Etfw\">October 2, 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 mensuelle de <strong>0,1%<\/strong> des salaires horaires moyens a donc renforc\u00e9 le message d\u2019un NFP faible. Avec peu de cr\u00e9ations d\u2019emplois, un ch\u00f4mage plus \u00e9lev\u00e9 et des r\u00e9visions n\u00e9gatives, le rapport contenait peu d\u2019\u00e9l\u00e9ments sugg\u00e9rant un renforcement des conditions de l\u2019emploi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9action initiale l\u2019a refl\u00e9t\u00e9 : l\u2019or a bondi d\u2019environ <strong>4 186<\/strong> \u00e0 au-dessus de <strong>4 225 dollars<\/strong> l\u2019once, pendant que les rendements am\u00e9ricains baissaient et que le dollar reculait. Sur le papier, le sch\u00e9ma \u00ab NFP faible \u2192 rendements en baisse \u2192 dollar plus faible \u2192 or en hausse \u00bb semblait fonctionner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais le mouvement n\u2019a pas dur\u00e9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment le NFP fait vraiment bouger l\u2019or<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Une lecture plus utile n\u2019est pas \u00ab NFP faible = or en hausse \u00bb, mais :<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Donn\u00e9es d\u2019emploi \u2192 attentes sur la Fed \u2192 rendements des Treasuries et dollar \u2192 or<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un rapport sur l\u2019emploi plus faible peut r\u00e9duire la probabilit\u00e9 d\u2019un nouveau <strong>resserrement<\/strong> de la Fed (politique plus stricte via des taux plus hauts). Cela peut faire baisser les rendements des bons du Tr\u00e9sor, surtout sur les <strong>\u00e9ch\u00e9ances courtes<\/strong> (les obligations \u00e0 court terme r\u00e9agissent davantage aux anticipations de politique mon\u00e9taire). Un sc\u00e9nario de taux moins \u00e9lev\u00e9s peut aussi peser sur le dollar. Ces deux facteurs soutiennent souvent l\u2019or, car des rendements plus faibles r\u00e9duisent l\u2019avantage de d\u00e9tenir des actifs qui rapportent des int\u00e9r\u00eats.<\/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 edged up after its biggest weekly drop since June, as traders weighed the impact of a slowdown in the US jobs market and higher bond yields on the Federal Reserve\u2019s path for interest rates <a href=\"https:\/\/t.co\/perHKmcAHc\">https:\/\/t.co\/perHKmcAHc<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2106918548111048978?ref_src=twsrc%5Etfw\">October 5, 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\">Les <strong>rendements r\u00e9els<\/strong> comptent aussi : ce sont les rendements une fois l\u2019inflation prise en compte. Pour l\u2019or, ils donnent parfois un signal plus clair que les rendements \u00ab nominaux \u00bb (sans ajustement de l\u2019inflation).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cependant, les rendements \u00e0 long terme ne d\u00e9pendent pas uniquement de la Fed. Les anticipations d\u2019inflation, les besoins de financement de l\u2019\u00c9tat, l\u2019<strong>offre<\/strong> de bons du Tr\u00e9sor (quantit\u00e9s \u00e9mises), la croissance, ainsi que la <strong>prime de terme<\/strong> (surcro\u00eet de rendement exig\u00e9 pour immobiliser son argent longtemps) peuvent aussi jouer. Cette nuance est devenue d\u00e9cisive apr\u00e8s le NFP de septembre.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi l\u2019or s\u2019est retourn\u00e9 apr\u00e8s le NFP de septembre<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Juste apr\u00e8s la publication, les rendements ont recul\u00e9, les investisseurs r\u00e9duisant le sc\u00e9nario d\u2019une nouvelle hausse de taux \u00e0 court terme. Le rendement du Treasury \u00e0 <strong>10 ans<\/strong> a d\u2019abord baiss\u00e9 d\u2019environ <strong>8 points de base<\/strong> (un point de base = 0,01 point de pourcentage), puis le mouvement s\u2019est vite invers\u00e9. En fin de s\u00e9ance, le 10 ans avait remont\u00e9, autour de <strong>5,26%<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a suivi ce retournement obligataire : apr\u00e8s un passage au-dessus de <strong>4 225 dollars<\/strong>, il a reflu\u00e9, repassant sous son niveau d\u2019avant NFP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Point important : le rapport sur l\u2019emploi n\u2019est pas devenu \u00ab soudainement \u00bb meilleur. Il est rest\u00e9 globalement faible. Ce qui a chang\u00e9, c\u2019est l\u2019attention du march\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\">Gold edges lower with focus on Fed minutes, rate path clues <a href=\"https:\/\/t.co\/aM9hZePCP2\">https:\/\/t.co\/aM9hZePCP2<\/a> <a href=\"https:\/\/t.co\/aM9hZePCP2\">https:\/\/t.co\/aM9hZePCP2<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2107684856901582924?ref_src=twsrc%5Etfw\">October 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\">Les investisseurs se sont recentr\u00e9s sur les forces qui maintenaient d\u00e9j\u00e0 les rendements longs \u00e0 des niveaux \u00e9lev\u00e9s : une inflation au-dessus de l\u2019objectif de la Fed, des prix de l\u2019\u00e9nergie \u00e9lev\u00e9s, des inqui\u00e9tudes sur l\u2019endettement public et les \u00e9missions de Treasuries, et des rendements longs proches de sommets de plusieurs d\u00e9cennies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le NFP a bien modifi\u00e9 les anticipations de politique mon\u00e9taire, mais il n\u2019a pas effac\u00e9 ces pressions. D\u2019o\u00f9 l\u2019int\u00e9r\u00eat de ne pas analyser une statistique isol\u00e9ment : l\u2019or r\u00e9agit autant aux chiffres qu\u2019\u00e0 la fa\u00e7on dont les march\u00e9s les \u00ab traduisent \u00bb via les rendements, le dollar et les anticipations de taux.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le premier mouvement n\u2019est pas toujours le dernier<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le NFP de septembre n\u2019a pas invalid\u00e9 la relation habituelle entre emploi et or : la premi\u00e8re r\u00e9action l\u2019a m\u00eame suivie. L\u2019emploi a d\u00e9\u00e7u, les salaires ont \u00e9t\u00e9 faibles, le ch\u00f4mage a mont\u00e9, les rendements ont d\u2019abord baiss\u00e9, le dollar s\u2019est affaibli et l\u2019or a progress\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le retournement est venu ensuite, quand les rendements se sont redress\u00e9s et que l\u2019appui du march\u00e9 obligataire derri\u00e8re la hausse de l\u2019or a disparu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est une le\u00e7on fr\u00e9quente lors des grandes publications : le chiffre phare explique souvent le premier mouvement, mais pas forc\u00e9ment la direction du reste de la s\u00e9ance. Une fois la volatilit\u00e9 retomb\u00e9e, il faut v\u00e9rifier si les march\u00e9s \u00ab relais \u00bb \u2014 rendements et dollar \u2014 confirment toujours l\u2019impulsion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le CPI, prochain test majeur<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La prochaine pi\u00e8ce du puzzle, c\u2019est l\u2019inflation, mesur\u00e9e notamment par le <strong>Consumer Price Index (CPI)<\/strong>, l\u2019indice des prix \u00e0 la consommation am\u00e9ricain. Le CPI suit l\u2019\u00e9volution d\u2019un panier de biens et services, et sert de thermom\u00e8tre des pressions sur les prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les chiffres de l\u2019emploi de septembre sugg\u00e8rent un essoufflement du march\u00e9 du travail, ce qui r\u00e9duit l\u2019urgence d\u2019une hausse imm\u00e9diate des taux. Mais l\u2019emploi, \u00e0 lui seul, peut ne pas suffire \u00e0 infl\u00e9chir la trajectoire de la Fed : l\u2019autre variable cl\u00e9 reste l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le prochain CPI devient donc d\u00e9terminant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un CPI plus faible que pr\u00e9vu renforcerait le message du march\u00e9 du travail : si emploi et inflation ralentissent, la Fed a moins de raisons de maintenir un cap tr\u00e8s restrictif. Si cela fait aussi baisser rendements et dollar, l\u2019or serait davantage soutenu.<\/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\">High inflation alone isn\u2019t bad for US Treasuries \u2014 instead, it\u2019s a rapid increase in the pace of price growth that does the most damage, according to a study by Man Group <a href=\"https:\/\/t.co\/bAZJIkRWQl\">https:\/\/t.co\/bAZJIkRWQl<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2107513723174658316?ref_src=twsrc%5Etfw\">October 6, 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\">\u00c0 l\u2019inverse, un CPI plus \u00e9lev\u00e9 que pr\u00e9vu produirait l\u2019effet oppos\u00e9. Une inflation persistante rappellerait que la Fed ne peut pas se concentrer uniquement sur le ralentissement de l\u2019emploi. M\u00eame si le march\u00e9 du travail se tasse, les taux peuvent rester \u00e9lev\u00e9s plus longtemps si l\u2019inflation ne retombe pas.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>Frequently Asked Questions (FAQ)<\/strong><\/summary>\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Un NFP faible signifie-t-il automatiquement une hausse de l\u2019or ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Non. Un emploi faible fait souvent baisser les rendements des Treasuries (obligations d\u2019\u00c9tat am\u00e9ricaines) et le dollar, ce qui peut soutenir l\u2019or, mais le NFP ne fixe pas directement le prix. Il agit surtout via les attentes de politique mon\u00e9taire de la Fed, qui influencent ensuite rendements, dollar et or.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Pourquoi l\u2019or a-t-il recul\u00e9 apr\u00e8s avoir d\u2019abord mont\u00e9 avec le NFP faible de septembre ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Apr\u00e8s la r\u00e9action initiale, le march\u00e9 s\u2019est reconcentr\u00e9 sur des facteurs plus larges : inflation encore \u00e9lev\u00e9e, \u00e9nergie ch\u00e8re et fortes \u00e9missions de Treasuries. Avec le rebond du rendement du 10 ans, le soutien initial \u00e0 l\u2019or s\u2019est affaibli, d\u2019o\u00f9 le retournement.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Quels \u00e9l\u00e9ments suivre dans le NFP au-del\u00e0 du chiffre principal ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Le taux de ch\u00f4mage, les salaires horaires moyens, le taux de participation, ainsi que les r\u00e9visions des mois pr\u00e9c\u00e9dents. Des signaux contradictoires \u2014 par exemple des cr\u00e9ations d\u2019emplois correctes mais des salaires en ralentissement \u2014 peuvent changer l\u2019interpr\u00e9tation du march\u00e9 sur la politique de la Fed.<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Pourquoi le CPI est-il crucial pour les op\u00e9rateurs sur l\u2019or apr\u00e8s le NFP ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Le NFP renseigne sur la dynamique de l\u2019emploi, tandis que le CPI mesure l\u2019inflation, donc la marge de man\u0153uvre de la Fed. Si l\u2019inflation reste \u00e9lev\u00e9e, la Fed peut maintenir des taux hauts plus longtemps, m\u00eame si l\u2019emploi ralentit, ce qui soutient les rendements et limite le potentiel de hausse de l\u2019or.<\/p>\n<\/details>\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-latam\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>NFP et or : pi\u00e8ge \u00e0 consensus. L\u2019emploi influe surtout via les anticipations de Fed, rendements et dollar. Septembre l\u2019illustre : bond initial sur NFP faible, puis retournement, CPI prochain arbitre.<\/p>\n","protected":false},"author":87,"featured_media":69352,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,9],"tags":[],"class_list":["post-69353","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 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"NFP et or : pi\u00e8ge \u00e0 consensus. L\u2019emploi influe surtout via les anticipations de Fed, rendements et dollar. 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