INTERNATIONAL HIGHLIGHTS
The Dirham appreciated this week against the Dollar at 9.21, i.e. a negative performance of -0.83% of the USD / MAD.
The banks' foreign exchange position widened to MAD -5.3 Bn, its lowest since March 2020, while liquidity spreads remained at their highest since the end of April 2021. These stood at -4, 0%, almost stable compared to the last week.
The evolution of the liquidity conditions of the foreign exchange market had little influence on the Dirham. Indeed, it benefited from a restrictive basket effect of -0.85%.
The divergence between the speech of the Fed and the ECB, in relation to economic growth and inflation is behind the high volatility of currencies.
Taking into account the lack of visibility on the sanitary conditions, we recommend that importers hedge the dollar in anticipation of its appreciation over the next 3 months.
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Sur le même thème
MAD Insights january 17th, 2022
The Dirham continues to depreciate against the Dollar this week at 9.29 by a weekly performance for the first week of 2022 of +0.06%.
MAD Insights january 10th, 2022
The MAD depreciated this week against the greenback in a foreign exchange market marked by significant import flows at the end of the year. The banks foreign exchange position was in negative territory at MAD -3.6 Bn, thus bringing the liquidity spreads to their highest since the end of April 2021.
MAD Insights january 3rd, 2022
The liquidity spread of the dirham, which represents the difference between the reference price of the MAD and its central price, is reduced by +0.7 PBS. It stands this week at -4.23%, a 7-month high, stable from the previous week.
