INTERNATIONAL HIGHLIGHTS
The Dirham depreciated jointly against the Dollar and the Euro penalized by a significant liquidity effect. The market effect comes out at +0.25%, justifying the variation of the USD/MAD pair by +0.18% to more than 10.30.
Moreover, the effects of foreign currency inflows during this summer period were felt on banks' foreign currency liquidity. The average bank exchange position stands at MAD -5.4 Bn against MAD -6.7 Bn a week earlier.
As for MAD liquidity spreads, they continue to move up by +25 PBS to +0.29% against +0.04% last week.
Concerns about global growth prospects are gaining more and more ground. Indeed, the tightening of Financial conditions on an international scale as well as the persistence of high inflation induce high volatility in the foreign exchange market.
We recommend that dollar exporters reduce their hedging horizons.
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Sur le même thème
MAD Insights august 4th, 2022
The dirham depreciated against its benchmark basket following the sharp deterioration in liquidity in the interbank foreign exchange market. Attests to this the restrictive MAD liquidity effect of 0.64%. To this effect, the USD/MAD pair appreciates by +0.29% to 10.2880.
MAD Insights - july 29th, 2022
The Dollar depreciated against the Dirham this weekby -1.74% to 10.2579. This favorable variation for the Dirham is explained by a double basket effect of -0.63% following the rebound of the Euro internationally and a liquidity effect of -1.11%.
MAD Insights - july 21st, 2022
The Dollar appreciated strongly against the Dirham this week by +2.58% to 10.4395, driven by a double basket effect of +0.55% and a liquidity effect of +2.03%.
