INTERNATIONAL HIGHLIGHTS
The EUR/USD pair appreciated this week by +1.75%, rising from 1.0644 to 1.0830, its highest since April 2022.
US inflation fell sharply in December. This stands at 6.5% against 7.1% the previous month. This decline confirms financial markets expectations of Fed Fund rates hikes slowdown in the United States.
The ECB, for its part, should raise its rate by +50 BPS next February. It would thus begin to catch up on its delay in monetary tightening compared to the Fed. A situation which benefits to the euro.
dirham since the end of September when it reached a peak of 11.1 MAD. The USD/MAD fell from 10.41 to 10.07 this week, a drop of -3.30%.
This is due to a double liquidity effect of -1.52% and a basket effect of -1.78% in favor of the MAD.
Liquidity spreads improved significantly for the 2nd consecutive week, dropping from 2.88% to 1.32%, a drop of -156 BPS. The latter move away from the upper limit of the dirham's fluctuation band.
This evolution is explained by a decline in import flows at the start of the new year.
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