import { useState, useMemo, useEffect, useRef } from 'react' import { RefreshCw, Sliders, Wifi, WifiOff } from 'lucide-react' import clsx from 'clsx' // ── Types ────────────────────────────────────────────────────────────────────── interface Params { // FED / US fed_rate: number // absolute, step 0.25 fed_tone: number // –3 hawkish … +3 dovish cpi_us_surprise: number // ±0.5 % nfp_surprise: number // ±300 k pmi_us: number // 40–65 // ECB / EU ecb_rate: number // absolute, step 0.25 ecb_tone: number // –3 hawkish … +3 dovish cpi_eu_surprise: number // ±0.5 % pmi_eu: number // 40–65 // Markets vix: number // 10–60 oil: number // 40–130 real_yield_us: number // –1 … 4 % // Base anchors (set from live data, not displayed as sliders) us_2y: number us_10y: number eu_2y: number eu_10y: number eurusd: number } interface ModelResult { fed_rate_pressure: number // rate channel signal (→ 2Y primarily) fed_fwd_signal: number // tone/data channel signal (→ 10Y primarily) ecb_rate_pressure: number ecb_fwd_signal: number us_2y_implied: number us_10y_implied: number eu_2y_implied: number eu_10y_implied: number rate_diff_2y: number rate_diff_10y: number eurusd: number delta_pips: number contribs: { label: string; pips: number; color: 'red' | 'green' | 'slate' }[] } // ── Hardcoded fallback ───────────────────────────────────────────────────────── const FALLBACK: Params = { fed_rate: 4.25, ecb_rate: 3.65, fed_tone: 0, ecb_tone: 0, cpi_us_surprise: 0, cpi_eu_surprise: 0, nfp_surprise: 0, pmi_us: 50, pmi_eu: 50, vix: 18, oil: 80, real_yield_us: 2.1, us_2y: 4.50, us_10y: 4.30, eu_2y: 2.80, eu_10y: 2.60, eurusd: 1.1450, } // ── Causal model ─────────────────────────────────────────────────────────────── // // Two distinct transmission channels: // 1. Rate channel (fait accompli → anchors short end): // fed_rate change → US 2Y (coefficient ~0.085) // 2. Expectation/tone channel (forward guidance → long end): // fed_tone + CPI/NFP surprises → US 10Y (coefficient ~0.070) // with residual bleed into 2Y (~0.030) and 10Y from rate (~0.035) // // EUR/USD pip contributions: // Δ 2Y differential → −500 pips / 1% spread widening // Δ 10Y differential → −200 pips / 1% spread widening // PMI diff, VIX, real yield, oil as secondary channels function compute(p: Params, base: Params): ModelResult { // ── Rate pressure (current policy rate, already priced → hits 2Y hard) ───── const fed_rate_pressure = (p.fed_rate - base.fed_rate) / 0.25 // units of 25bps const ecb_rate_pressure = (p.ecb_rate - base.ecb_rate) / 0.25 // ── Forward guidance / expectations (tone + data → shapes future path) ────── // Positive = hawkish signal for USD (tone: +3 dovish → signal = −3*1.2 → negative → dovish) const fed_fwd_signal = -p.fed_tone * 1.2 + p.cpi_us_surprise / 0.1 * 0.50 // hot CPI → more hikes expected + p.nfp_surprise / 100 * 0.35 // strong jobs → Fed stays restrictive + (p.pmi_us - 50) / 5 * 0.18 // strong activity → Fed stays restrictive longer const ecb_fwd_signal = -p.ecb_tone * 1.2 + p.cpi_eu_surprise / 0.1 * 0.45 + (p.pmi_eu - 50) / 5 * 0.22 // ── Implied yields ───────────────────────────────────────────────────────── // 2Y: 90% anchored by current rate, 10% by near-term guidance const us_2y_delta = fed_rate_pressure * 0.085 + fed_fwd_signal * 0.030 const eu_2y_delta = ecb_rate_pressure * 0.080 + ecb_fwd_signal * 0.025 // 10Y: 35% by current rate (level shift), 65% by long-term expectations const us_10y_delta = fed_rate_pressure * 0.035 + fed_fwd_signal * 0.070 + (p.pmi_us - 50) / 50 * 0.012 const eu_10y_delta = ecb_rate_pressure * 0.030 + ecb_fwd_signal * 0.060 + (p.pmi_eu - 50) / 50 * 0.012 const us_2y_implied = base.us_2y + us_2y_delta const us_10y_implied = base.us_10y + us_10y_delta const eu_2y_implied = base.eu_2y + eu_2y_delta const eu_10y_implied = base.eu_10y + eu_10y_delta const rate_diff_2y = us_2y_implied - eu_2y_implied const rate_diff_10y = us_10y_implied - eu_10y_implied const delta_diff_2y = rate_diff_2y - (base.us_2y - base.eu_2y) const delta_diff_10y = rate_diff_10y - (base.us_10y - base.eu_10y) // ── Secondary channels ───────────────────────────────────────────────────── const pmi_diff = (p.pmi_eu - 50) - (p.pmi_us - 50) const vix_dev = p.vix - base.vix const ry_dev = p.real_yield_us - base.real_yield_us const oil_dev = p.oil - base.oil // ── Pip contributions ────────────────────────────────────────────────────── const c_2y = Math.round(-delta_diff_2y * 500) // rate channel (dominant) const c_10y = Math.round(-delta_diff_10y * 200) // tone/expectations channel const c_pmi = Math.round(pmi_diff * 7) const c_vix = Math.round(-vix_dev * 4) const c_ry = Math.round(-ry_dev * 100) const c_oil = Math.round(oil_dev * 0.5) const total_pips = c_2y + c_10y + c_pmi + c_vix + c_ry + c_oil const contribs = ([ { label: 'Δ 2Y — taux directeurs', pips: c_2y, color: c_2y < 0 ? 'red' : c_2y > 0 ? 'green' : 'slate' }, { label: 'Δ 10Y — anticipations/ton', pips: c_10y, color: c_10y < 0 ? 'red' : c_10y > 0 ? 'green' : 'slate' }, { label: 'PMI diff (EU−US)', pips: c_pmi, color: c_pmi > 0 ? 'green' : c_pmi < 0 ? 'red' : 'slate' }, { label: 'VIX / Risk-off', pips: c_vix, color: c_vix < 0 ? 'red' : c_vix > 0 ? 'green' : 'slate' }, { label: 'Taux réel US', pips: c_ry, color: c_ry < 0 ? 'red' : c_ry > 0 ? 'green' : 'slate' }, { label: 'Pétrole', pips: c_oil, color: c_oil > 0 ? 'green' : c_oil < 0 ? 'red' : 'slate' }, ] as ModelResult['contribs']).sort((a, b) => Math.abs(b.pips) - Math.abs(a.pips)) return { fed_rate_pressure, fed_fwd_signal, ecb_rate_pressure, ecb_fwd_signal, us_2y_implied, us_10y_implied, eu_2y_implied, eu_10y_implied, rate_diff_2y, rate_diff_10y, eurusd: base.eurusd + total_pips / 10000, delta_pips: total_pips, contribs, } } // ── Slider (with click-to-edit value) ───────────────────────────────────────── function Slider({ label, value, min, max, step, format, onChange, colorize = false, reverse = false, center, }: { label: string; value: number; min: number; max: number; step: number format: (v: number) => string; onChange: (v: number) => void colorize?: boolean; reverse?: boolean; center?: number }) { const [editing, setEditing] = useState(false) const [draft, setDraft] = useState('') const pct = ((value - min) / (max - min)) * 100 const pivot = center ?? 0 const mid = Math.max(0, Math.min(100, ((pivot - min) / (max - min)) * 100)) const atBase = Math.abs(value - pivot) < step / 2 let trackColor = 'bg-blue-500' if (colorize) { const pos = reverse ? value < pivot : value > pivot trackColor = atBase ? 'bg-slate-600' : pos ? 'bg-emerald-500' : 'bg-rose-500' } const startEdit = () => { setDraft(String(value)); setEditing(true) } const commitEdit = () => { const v = parseFloat(draft.replace(',', '.')) if (!isNaN(v)) { const clamped = Math.max(min, Math.min(max, v)) const snapped = Math.round((clamped - min) / step) * step + min onChange(parseFloat(snapped.toFixed(10))) } setEditing(false) } const isColored = colorize && !atBase const valueColor = isColored ? (reverse ? value < pivot : value > pivot) ? 'text-emerald-400' : 'text-rose-400' : 'text-white' return (
{label} {editing ? ( setDraft(e.target.value)} onBlur={commitEdit} onKeyDown={e => { if (e.key === 'Enter') commitEdit() if (e.key === 'Escape') setEditing(false) }} className="w-20 bg-dark-900 border border-blue-500 rounded px-2 py-0.5 text-xs font-mono text-white text-right outline-none [appearance:textfield] [&::-webkit-inner-spin-button]:appearance-none [&::-webkit-outer-spin-button]:appearance-none" /> ) : ( )}
{colorize && (
)} onChange(parseFloat(e.target.value))} className="absolute inset-0 w-full opacity-0 cursor-pointer h-full" />
) } // ── Tone selector ───────────────────────────────────────────────────────────── const TONES = [ { v: -3, label: 'Très\nhawkish', color: 'border-rose-600/60 bg-rose-900/30 text-rose-300' }, { v: -1.5, label: 'Hawkish', color: 'border-rose-700/40 bg-rose-900/10 text-rose-400' }, { v: 0, label: 'Neutre', color: 'border-slate-600/40 bg-dark-800 text-slate-300' }, { v: 1.5, label: 'Dovish', color: 'border-emerald-700/40 bg-emerald-900/10 text-emerald-400' }, { v: 3, label: 'Très\ndovish', color: 'border-emerald-600/60 bg-emerald-900/30 text-emerald-300' }, ] function ToneSelector({ label, value, onChange }: { label: string; value: number; onChange: (v: number) => void }) { return (
{label}
{TONES.map(o => ( ))}
) } // ── Causal chain SVG ────────────────────────────────────────────────────────── // Two-channel layout: // Solid arrows = rate channel (taux directeurs → 2Y) // Dashed arrows = tone/expectations channel (ton + données → 10Y) function CausalChain({ r, base, p }: { r: ModelResult; base: Params; p: Params }) { const sign = (v: number) => v > 0 ? '+' : '' const delta2yVal = r.rate_diff_2y - (base.us_2y - base.eu_2y) const delta10yVal = r.rate_diff_10y - (base.us_10y - base.eu_10y) const col3 = (v: number, threshold = 0.03): string => Math.abs(v) < threshold ? '#94a3b8' : v > 0 ? '#f87171' : '#34d399' // ── Node colors ──────────────────────────────────────────────────────────── // CPI/NFP/PMI inputs → forward guidance signal (positive = hawkish Fed = red for EUR) // Threshold 0.08 so PMI alone (~0.09-0.15 at typical deviations) triggers color const fedFwdC = col3(r.fed_fwd_signal, 0.08) const ecbFwdC = col3(-r.ecb_fwd_signal, 0.08) // ECB hawkish fwd signal → green for EUR // CB nodes: combined rate + tone signal dominates const fedC = col3(r.fed_rate_pressure + r.fed_fwd_signal * 0.4, 0.25) const ecbC = col3(-(r.ecb_rate_pressure + r.ecb_fwd_signal * 0.4), 0.25) // PMI US: positive deviation (> 50) = US strong = bearish EUR = red const pmiUsC = col3(p.pmi_us - 50, 1.5) // VIX: above baseline = risk-off = USD safe haven = bearish EUR = red const vixC = col3(p.vix - base.vix, 2) // Yield node colors const us2C = col3(r.us_2y_implied - base.us_2y) const us10C = col3(r.us_10y_implied - base.us_10y) const eu2C = col3(-(r.eu_2y_implied - base.eu_2y)) const eu10C = col3(-(r.eu_10y_implied - base.eu_10y)) const diff2C = col3(delta2yVal, 0.02) const diff10C = col3(delta10yVal, 0.02) const fxC = r.delta_pips < -5 ? '#f87171' : r.delta_pips > 5 ? '#34d399' : '#94a3b8' const aw = (v: number) => Math.max(1, Math.min(3.5, Math.abs(v) * 1.2 + 1)) const W = 400, H = 490 const fedX = 100, ecbX = 300 const us2X = 52, us10X = 155 const eu2X = 348, eu10X = 245 const diff2X = 140, diff10X = 260 const vixX = 28 const cX = 200 const yIn1 = 38, yIn2 = 74 const yCB = 132 const yYld = 220 const yDiff = 310 const yFX = 400 const COLORS = ['#f87171', '#34d399', '#94a3b8'] const mk = (id: string, c: string) => ( ) const Node = ({ x, y, label, sub, col, w = 88 }: { x: number; y: number; label: string; sub?: string; col: string; w?: number }) => ( {label} {sub && {sub}} ) const Arr = ({ x1, y1, x2, y2, col, w, dashed = false }: { x1: number; y1: number; x2: number; y2: number; col: string; w: number; dashed?: boolean }) => ( ) return ( {COLORS.map(c => mk(`a${c.replace('#', '')}`, c))} {/* US inputs */} {/* EU inputs */} {/* CB nodes */} {/* FED → US 2Y (solid, rate) and FED → US 10Y (dashed, tone) */} {/* BCE → EU 2Y (solid) and BCE → EU 10Y (dashed) */} {/* Yield nodes */} {/* Yields → differentials */} {/* Differential nodes */} {/* VIX (left) — risk-off = USD safe haven = bearish EUR = red */} {/* Differentials → EURUSD */} {/* EURUSD box */} EURUSD {r.eurusd.toFixed(4)} {/* Legend */} taux (2Y) ton (10Y) ) } // ── Sensitivity bar ──────────────────────────────────────────────────────────── function SensBar({ label, pips, maxAbs }: { label: string; pips: number; maxAbs: number }) { const pct = maxAbs > 0 ? (Math.abs(pips) / maxAbs) * 100 : 0 return (
{label}
0 ? 'bg-emerald-500' : 'bg-rose-500')} style={{ width: `${pct}%` }} />
0 ? 'text-emerald-400' : 'text-rose-400')}> {pips > 0 ? '+' : ''}{pips}p
) } function Section({ title, children, color }: { title: string; children: React.ReactNode; color: string }) { return (
{title}
{children}
) } // ── Main page ───────────────────────────────────────────────────────────────── interface Baseline { fed_rate: number; ecb_rate: number us_2y: number; us_10y: number eu_2y: number; eu_10y: number eurusd: number; vix: number; oil: number; real_yield_us: number fetched_at?: string; sources?: Record } export default function EuroSimulator() { const [base, setBase] = useState(FALLBACK) const [p, setP] = useState(FALLBACK) const [liveStatus, setLive] = useState<'loading' | 'ok' | 'fallback'>('loading') const [fetchedAt, setAt] = useState(null) const [sources, setSources] = useState>({}) const fetched = useRef(false) const set = (k: keyof Params, v: number) => setP(prev => ({ ...prev, [k]: v })) useEffect(() => { if (fetched.current) return fetched.current = true fetch('/api/simulator/baseline') .then(r => r.json()) .then((data: Baseline) => { const newBase: Params = { ...FALLBACK, fed_rate: data.fed_rate ?? FALLBACK.fed_rate, ecb_rate: data.ecb_rate ?? FALLBACK.ecb_rate, us_2y: data.us_2y ?? FALLBACK.us_2y, us_10y: data.us_10y ?? FALLBACK.us_10y, eu_2y: data.eu_2y ?? FALLBACK.eu_2y, eu_10y: data.eu_10y ?? FALLBACK.eu_10y, eurusd: data.eurusd ?? FALLBACK.eurusd, vix: data.vix ?? FALLBACK.vix, oil: data.oil ?? FALLBACK.oil, real_yield_us: data.real_yield_us ?? FALLBACK.real_yield_us, } setBase(newBase) setP(newBase) setLive('ok') setAt(data.fetched_at ?? null) setSources(data.sources ?? {}) }) .catch(() => setLive('fallback')) }, []) const r = useMemo(() => compute(p, base), [p, base]) const maxAbs = useMemo(() => Math.max(1, ...r.contribs.map(c => Math.abs(c.pips))), [r.contribs]) const eurusdColor = r.delta_pips < -5 ? 'text-rose-400' : r.delta_pips > 5 ? 'text-emerald-400' : 'text-slate-300' return (
{/* Header */}

Simulateur EUR/USD

Modèle causal 2 canaux — taux directeurs → 2Y · ton/données → 10Y

{liveStatus === 'ok' ? : } {liveStatus === 'loading' ? 'Chargement…' : liveStatus === 'ok' ? `Live — base ${fetchedAt ? fetchedAt.slice(0, 10) : ''}` : 'Fallback — données hardcodées'}
{/* ── Controls ──────────────────────────────────────────────────────── */}
`${v.toFixed(2)}%`} onChange={v => set('fed_rate', v)} /> set('fed_tone', v)} /> `${v > 0 ? '+' : ''}${v.toFixed(2)}%`} onChange={v => set('cpi_us_surprise', v)} colorize reverse /> `${v > 0 ? '+' : ''}${v}k`} onChange={v => set('nfp_surprise', v)} colorize reverse /> v.toFixed(1)} onChange={v => set('pmi_us', v)} />
`${v.toFixed(2)}%`} onChange={v => set('ecb_rate', v)} /> set('ecb_tone', v)} /> `${v > 0 ? '+' : ''}${v.toFixed(2)}%`} onChange={v => set('cpi_eu_surprise', v)} colorize /> v.toFixed(1)} onChange={v => set('pmi_eu', v)} />
v.toFixed(1)} onChange={v => set('vix', v)} colorize reverse center={base.vix} /> `$${v.toFixed(0)}`} onChange={v => set('oil', v)} /> `${v > 0 ? '+' : ''}${v.toFixed(2)}%`} onChange={v => set('real_yield_us', v)} colorize reverse center={base.real_yield_us} />
{/* Sources panel */} {liveStatus === 'ok' && Object.keys(sources).length > 0 && (
Sources baseline
{Object.entries(sources).map(([k, v]) => (
{k} {v}
))}
)}
{/* ── Causal chain ──────────────────────────────────────────────────── */}
Chaîne de transmission causale
{/* Metric strip — 6 cells in 3×2 grid */}
{(() => { const d2 = r.us_2y_implied - base.us_2y const d10 = r.us_10y_implied - base.us_10y const ed2 = r.eu_2y_implied - base.eu_2y const ed10 = r.eu_10y_implied - base.eu_10y const baseDiff2 = base.us_2y - base.eu_2y const baseDiff10 = base.us_10y - base.eu_10y return [ { label: 'US 2Y', val: `${r.us_2y_implied.toFixed(2)}%`, col: Math.abs(d2) < 0.01 ? 'text-slate-400' : d2 > 0 ? 'text-rose-400' : 'text-emerald-400' }, { label: 'US 10Y', val: `${r.us_10y_implied.toFixed(2)}%`, col: Math.abs(d10) < 0.01 ? 'text-slate-400' : d10 > 0 ? 'text-rose-400' : 'text-emerald-400' }, { label: 'Bund 2Y', val: `${r.eu_2y_implied.toFixed(2)}%`, col: Math.abs(ed2) < 0.01 ? 'text-slate-400' : ed2 > 0 ? 'text-emerald-400' : 'text-rose-400' }, { label: 'Bund 10Y', val: `${r.eu_10y_implied.toFixed(2)}%`, col: Math.abs(ed10) < 0.01 ? 'text-slate-400' : ed10 > 0 ? 'text-emerald-400' : 'text-rose-400' }, { label: 'Δ 2Y', val: `${r.rate_diff_2y.toFixed(2)}%`, col: r.rate_diff_2y > baseDiff2 + 0.01 ? 'text-rose-400' : r.rate_diff_2y < baseDiff2 - 0.01 ? 'text-emerald-400' : 'text-slate-400' }, { label: 'Δ 10Y', val: `${r.rate_diff_10y.toFixed(2)}%`, col: r.rate_diff_10y > baseDiff10 + 0.01 ? 'text-rose-400' : r.rate_diff_10y < baseDiff10 - 0.01 ? 'text-emerald-400' : 'text-slate-400' }, ] })().map(it => (
{it.label}
{it.val}
))}
Base: EURUSD {base.eurusd.toFixed(4)} · US 2Y {base.us_2y.toFixed(2)}% · US 10Y {base.us_10y.toFixed(2)}% · Bund 10Y {base.eu_10y.toFixed(2)}%
{/* ── Results ───────────────────────────────────────────────────────── */}
{/* EUR/USD display */}
EUR/USD simulé
{r.eurusd.toFixed(4)}
{r.delta_pips === 0 ? 'Neutre' : `${r.delta_pips > 0 ? '+' : ''}${r.delta_pips} pips`}
vs base {base.eurusd.toFixed(4)}
{/* 4 signal gauges: FED rate/tone + BCE rate/tone */}
{[ { label: 'FED — taux', v: r.fed_rate_pressure, posL: 'Hawkish', negL: 'Dovish', posC: 'text-rose-400', negC: 'text-emerald-400' }, { label: 'FED — ton', v: r.fed_fwd_signal, posL: 'Hawkish', negL: 'Dovish', posC: 'text-rose-400', negC: 'text-emerald-400' }, { label: 'BCE — taux', v: r.ecb_rate_pressure, posL: 'Hawkish', negL: 'Dovish', posC: 'text-emerald-400', negC: 'text-rose-400' }, { label: 'BCE — ton', v: r.ecb_fwd_signal, posL: 'Hawkish', negL: 'Dovish', posC: 'text-emerald-400', negC: 'text-rose-400' }, ].map(g => (
{g.label}
0.2 ? g.posC : g.v < -0.2 ? g.negC : 'text-slate-400', )}> {g.v > 0.2 ? g.posL : g.v < -0.2 ? g.negL : 'Neutre'}
{g.v > 0 ? '+' : ''}{g.v.toFixed(1)}
))}
{/* Pip decomposition */}
Décomposition ({r.delta_pips > 0 ? '+' : ''}{r.delta_pips} pips)
{r.contribs.map(c => )}
{/* Relative influence */}
Influence relative
{r.contribs.slice(0, 5).map(c => (
0 ? 'bg-emerald-500' : 'bg-rose-500')} /> {c.label} {maxAbs > 0 ? Math.round((Math.abs(c.pips) / maxAbs) * 100) : 0}%
))}
Canal taux (solid) : variations des taux directeurs → principalement US/Bund 2Y. Réponse rapide, déjà pricée.
Canal ton (tirets) : discours des CBs + surprises CPI/NFP → principalement 10Y. Anticipe la trajectoire future des taux.
Coefficients heuristiques — non calibrés sur données historiques.
) }