{"id":2821,"date":"2008-11-12T16:27:00","date_gmt":"2008-11-12T16:27:00","guid":{"rendered":"https:\/\/blog.ccopera.com\/devises\/2008-11-12-pourquoi-le-yen-et-le-franc-suisse-montent-en-fleche-en-cause-le-carry-trade-2821"},"modified":"2024-08-01T10:51:20","modified_gmt":"2024-08-01T10:51:20","slug":"2008-11-12-pourquoi-le-yen-et-le-franc-suisse-montent-en-fleche-en-cause-le-carry-trade","status":"publish","type":"post","link":"https:\/\/blog.ccopera.com\/devises\/2008-11-12-pourquoi-le-yen-et-le-franc-suisse-montent-en-fleche-en-cause-le-carry-trade-2821","title":{"rendered":"Pourquoi le Yen et le Franc Suisse montent en fl\u00eache ?! En cause : le Carry Trade"},"content":{"rendered":"

Le Yen et le Franc suisse ne cessent de monter car il s’agit de devises \u00e0\u00a0 faible rendement(ce sont traditionnellement des valeurs refuge) qui ont servi pendant des ann\u00e9es de v\u00e9hicule au jeu dangereux du \u00ab\u00a0carry trade\u00a0\u00bb.
\n
\nLa technique du carry trade consiste \u00e0 emprunter au Japon, o\u00f9 les taux d’int\u00e9r\u00eat sont d\u00e9risoires, pour placer ces fonds dans des pays pratiquant un loyer de l’argent plus \u00e9lev\u00e9, Etats-Unis et Europe en t\u00eate, achetant massivement au passage dollars et euros, et poussant le cours du yen vers des planchers historiques.Pour tirer parti du diff\u00e9rentiel de taux d’int\u00e9r\u00eats, il faut que la devise emprunt\u00e9e (le yen ou le franc suisse) soit faible par rapport \u00e0 la devise achet\u00e9e (dollar, euro ou livre sterling) sinon les co\u00fbts li\u00e9s aux changes r\u00e9duisent les \u00e9carts de taux d’int\u00e9r\u00eats. Ces derniers temps, le dollar a fortement mont\u00e9 face \u00e0 l’euro (1.60 dollar contre 1 euro en juillet et 1.25 dollar contre 1 euro aujourd’hui) et a baiss\u00e9 face au yen (107 yen contre 1 dollar en juillet 2008 et 96 yen seulement 3 mois plus tard), donc de nombreux sp\u00e9culateurs liquident leurs positions et remboursent dans les devises qu’ils ont emprunt\u00e9. Cela fait monter le Yen et diminuer l’attrait du carry trade d’o\u00f9 un effet boule de neige qui pousse de plus en plus d’investisseurs \u00e0 abandonner la partie.<\/p>\n

Sources : aujourd’hui le japon<\/p>\n","protected":false},"excerpt":{"rendered":"

Le__ Yen et le Franc suisse__ ne cessent de monter car il s’agit de devises \u00e0 __faible rendement__ (ce sont traditionnellement des __valeurs refuge__) qui ont servi pendant des ann\u00e9es {{de v\u00e9hicule au jeu dangereux du \u00ab\u00a0carry trade\u00a0\u00bb}}<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\nPourquoi le Yen et le Franc Suisse montent en fl\u00eache ?! 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