INTERNATIONAL HIGHLIGHTS
The dirham is depreciating this week against the dollar. The USD/MAD pair thus rose from 10.07 to 10.20, an increase of +1.35%.
This is due to a significant liquidity effect of +1.39% against the MAD. The basket effect is insignificant at
-0.04%.
Liquidity spreads rose from 1.32% to 2.73%. This is an increase of +141 BPS after two consecutive weeks of
decline. These spreads nevertheless moved away 12/23 from the upper limit of the dirham's fluctuation band.
Uncertainties about the economic environment and central bank decisions are fueling EUR/USD volatility.
This remains high on the foreign exchange market.
We recommend that dollar importers reduce their hedging horizons in order to benefit from the relative
stability of the USD/MAD parity.
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