INTERNATIONAL HIGHLIGHTS
The EUR/USD pair appreciated by +0.73% from 1.0760 to 1.0839. European stock market indices, particularly banking stocks, started to rise again this week. The latter benefited from an improvement in economic sentiment following of the reassuring speech of the President of the ECB, Christine Lagarde. She reaffirmed the solidity of the European banking sector in terms of capital and liquidity.
At the end of the week, preliminary inflation in the Euro Zone came out at 6.9% in March, below expectations of 7.1%.
The MAD appreciates this week against the Dollar. The USD/MAD pair fell -0.71% from 10.29 to 10.22 in one week.
This change is explained by a basket effect of -0.81% related to the sharp rise in the euro this week and a market effect of +0.10%.
Dirham liquidity spreads appreciated by +10 BPS this week to 3.15%. In our view, the latter should fall slightly on the ST due to the rebalancing of import and export flows.
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