INTERNATIONAL HIGHLIGHTS
The Dollar depreciates against the Dirham this week to 10.04 against 10.07 the previous week, a variation of -0.26%.
This evolution is explained by a negative basket effect of -0.34% after the depreciation of the Dollar this week.
The liquidity effect, for its part, came out positive to +0.08% to the disadvantage of the Dirham.
Liquidity spreads tighten slightly by +9 BPS this week, to a level of 1.08%. This is due to import flows which
weighed on the Dirham liquidity.
The timing of the first interest rate cut of the Fed and ECB remains uncertain. Expectations of a first rate cut
have been postponed until June.
Main international brokers anticipate an appreciation of the Dollar against the Euro on the ST. We recommend
importers to hedge their operations in Dollars over time horizons of 1 month to 3 months.
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