INTERNATIONAL HIGHLIGHTS
The dirham is depreciating this week against the dollar. The USD/MAD pair fell from 10.16 to 10.25, an increase of +0.86%.
This is due to a basket effect of +1.26% linked to the strengthening of the dollar internationally against a liquidity effect favorable to the MAD of -0.40%.
Export flows were relatively higher this week.
Liquidity spreads thus improved through a variation of -41 BPS to 2.45%. The latter has moved away from
the upper limit of the MAD fluctuation band set at +5%.
The EUR/USD evolution remains very sensitive to the release of economic figures and the monetary policies
of major central banks.
We recommend that dollar exporters reduce their exposure levels to hedging transactions in a context
where the USD/MAD parity should oscillate around its spot rate over the coming two months.
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