EXECUTIVE SUMMARY
The USD/MAD pair depreciated this week by -0.22% to 9.97 compared to 9.99 a week earlier.
At the origin of this development, a positive basket effect of +0.03% linked to the low volatility of the EUR/USD parity this week. The market effect, for its part, came out negative at -0.25% in favor of the dirham.
A downward trend in MAD liquidity spreads was observed.
The latter fell by -25 PBS to -0.45%.
This trend should be sustained over the coming months thanks to Moroccans living abroad remittances and the good performance of travel revenues.
Political risk in Europe, combined with reassuring economic data in the United States, should maintain pressure on the Euro at CT.
For its part, the dirham should benefit from a liquidity effect on the CT, in anticipation of foreign currency inflows during the summer period.
We recommend that importers strengthen their level of hedging on their Dollar operations over the next 3 months.
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