INTERNATIONAL HIGHLIGHTS
The Dollar appreciates against the Dirham this week to 10.07 against 10.04 the previous week, a variation of +0.34%.
This evolution is explained by a double positive effect. On the one hand, the contribution of the basket effect stands at +0.08% following the strengthening of the Dollar. On the other hand, the liquidity effect contributes +0.26% against the Dirham.
Liquidity spreads tighten by +26 BPS this week, to set at 1.00%. This is due to import flows which weighed on the Dirham liquidity this week.
Expectations for monetary easing from the Fed are currently uncertain. Expectations of a first rate cut are being pushed back beyond March and May deadlines.
Main international brokers forecast a slight appreciation of the Dollar compared to the Euro on the ST.
We recommend importers to hedge their Dollar denominated transactions over 2 months to 3 months horizons.
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