INTERNATIONAL HIGHLIGHTS
The Dirham appreciated this week against the Dollar thanks to a basket effect of -0.35%. Despite a penalizing market effect for the MAD, the USD/MAD pair fell -0.12% to 10.2943.
The banks’ foreign exchange position improved to -MAD 4.9 bn on average weekly against MAD -5.4 bn
the previous week. An evolution supported by record workers’ remittances in H1-22.
Nevertheless, liquidity conditions on the interbank foreign exchange market seem unfavourable.
Liquidity spreads remain positive this week at 0.52% up +23 BPS from the previous week.
Inflationary pressures continue to weigh on growth prospects in Europe. These fears are rekindling expectations of a recession scenario in and fueling volatility in currency markets, particularly the EUR/USD pair.
To this end, we recommend that exporters in Dollar adopt very ST hedging strategies.
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Sur le même thème
MAD Insights august 12th, 2022
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.
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%.
