INTERNATIONAL HIGHLIGHTS
The Dollar depreciates against the Dirham this week to 10.03 against 10.09 the previous week, a variation of -0.60%.
This evolution is mainly explained by a negative basket effect which stands at -0.70% following the depreciation
of the Dollar against the Euro this week. The market effect, for its part, comes out positive at +0.10% to the
disadvantage of the Dirham.
Liquidity spreads are thus tightening by +10 BPS this week, to a level of 1.61%. This is due to import flows which continue to weigh on the Dirham liquidity.
The markets anticipate a first rate cut in June for the Fed and the ECB but this decision remains dreliant on the economic developments and inflation evolution in the United States as well as the Euro Zone.
The 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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