{"id":6184,"date":"2012-05-22T15:41:03","date_gmt":"2012-05-22T13:41:03","guid":{"rendered":"https:\/\/mon-taux-de-change.com\/?p=6184"},"modified":"2012-05-22T15:41:03","modified_gmt":"2012-05-22T13:41:03","slug":"220512-la-bns-sous-pression","status":"publish","type":"post","link":"https:\/\/mon-taux.com\/blog\/2012\/05\/22\/220512-la-bns-sous-pression\/","title":{"rendered":"22\/05\/12 &#8211; La BNS sous pression"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-size: small;\">La partie engag\u00e9e par la BNS pour soutenir la monnaie nationale est en train de se durcir. Et cela\u00a0 risque de couter tr\u00e8s cher\u00a0! Rappelons qu\u2019en fixant un niveau\u00a0 plancher au cours euro\/chf, la Banque Nationale Suisse a voulu prot\u00e9ger l\u2019\u00e9conomie du pays et s\u2019est engag\u00e9e \u00e0 vendre des francs suisses pour acheter des euros au cours minimum de 1,20. Sous l\u2019effet de surprise et en laissant vivre des rumeurs de remont\u00e9e du cours plancher, cette politique avait \u00e9t\u00e9 plut\u00f4t bien g\u00e9r\u00e9e pendant les 4 derniers mois de 2011 avec un cours euro\/chf qui flirtait avec les 1,25. Mais les fortes inqui\u00e9tudes qui p\u00e8sent sur la zone euro ont rapidement ramen\u00e9 les investisseurs \u00e0 d\u00e9laisser la monnaie unique au profit du franc suisse, obligeant la BNS \u00e0 intervenir massivement. \u00a0L\u2019impasse dans laquelle se trouve la Gr\u00e8ce, l\u2019agonie de l\u2019Espagne et les \u00e9lections en France ont renforc\u00e9 les inqui\u00e9tudes ces derni\u00e8res semaines. Dans ces conditions, la crainte de passer sous la barre des 1,20 se fait de plus en plus pressante, ce qui pourrait nous amener rapidement vers un cours \u00e0 1,15 voire 1,10.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: small;\">Dans ce contexte, la nouvelle am\u00e9lioration de l\u2019indice du climat de la consommation des m\u00e9nages en Suisse publi\u00e9 ce matin par le SECO (Secr\u00e9tariat \u00e0 l\u2019\u00e9conomie), ne fait que renforcer l\u2019orientation des investisseurs. L\u2019embellie s\u2019explique essentiellement par des perspectives plus optimistes des m\u00e9nages quant \u00e0 l\u2019\u00e9volution du ch\u00f4mage et \u00e0 l\u2019\u00e9volution de l\u2019\u00e9conomie dans les 12 prochains mois.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: small;\">En Europe, le sommet du 23 Mai devrait s\u2019inscrire sous le signe de la croissance et du compromis. L\u2019axe franco-allemande qui avait conduit les pr\u00e9c\u00e9dentes discussions n\u2019est plus qu\u2019un souvenir. Le pr\u00e9sident fran\u00e7ais ayant trouv\u00e9 du soutien aupr\u00e8s des membres du G8 ce week-end, la pauvre Angela se retrouve quelque peu isol\u00e9e. Mauvais week-end pour la chanceli\u00e8re qui a pu aussi assister \u00e0 la d\u00e9faite du Bayern Munich\u00a0 sur ses \u00a0terres\u00a0! D\u00e9cid\u00e9ment quand rien ne va\u2026\u2026. Bon nombre de dirigeants europ\u00e9ens du sud essentiellement (tiens, tiens), se rapprochent de la position de Fran\u00e7ois le \u00a0Fran\u00e7ais dans sa qu\u00eate de la croissance. Sauf que si tout le monde est d\u2019accord sur le sujet, personne n\u2019apporte r\u00e9ellement des solutions et qu\u2019en Europe le seul pays qui dispose encore de moyens reste l\u2019Allemagne\u00a0! Il faudra donc trouver un compromis entre croissance et rigueur, \u00e0 d\u00e9faut de reconstituer l\u2019axe franco-allemand. C\u2019est indispensable pour ramener un peu de calme sur les march\u00e9s faute de quoi nous risquons de rentrer dans une forte zone de turbulence.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: small;\">Pour les prochains jours, et si la BNS tient le coup, le cours euro\/chf devrait rester coller sur la limite \u00e0 1,20.\u00a0 Mais attention, nous pourrions passer sous le cours plancher dans les prochains jours\u2026.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: small;\">Allez tout de bon, comme on dit chez nous\u00a0!<\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>La partie engag\u00e9e par la BNS pour soutenir la monnaie nationale est en train de se durcir. Et cela\u00a0 risque de couter tr\u00e8s cher\u00a0! Rappelons qu\u2019en fixant un niveau\u00a0 plancher au cours euro\/chf, la Banque Nationale Suisse a voulu prot\u00e9ger l\u2019\u00e9conomie du pays et s\u2019est engag\u00e9e \u00e0 vendre des francs suisses pour acheter des euros [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-6184","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-pourquoi-le-franc-suisse-baisse-pourquoi-le-franc-suisse-monte","7":"czr-hentry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>22\/05\/12 - La BNS sous pression - Mon-taux.com - Blog des experts en frontaliers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mon-taux.com\/blog\/2012\/05\/22\/220512-la-bns-sous-pression\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"22\/05\/12 - La BNS sous pression - Mon-taux.com - Blog des experts en frontaliers\" \/>\n<meta property=\"og:description\" content=\"La partie engag\u00e9e par la BNS pour soutenir la monnaie nationale est en train de se durcir. Et cela\u00a0 risque de couter tr\u00e8s cher\u00a0! 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