INTERNATIONAL HIGHLIGHTS
The MAD appreciates this week against the dollar.
The USD/MAD pair evolved by -0.95% going from 10.39 to 10.29 in one week.
This change is explained by a basket effect of -0.53% related to the fall in the dollar this week and a market
effect of -0.42%. The latter reflects an improvement in the liquidity conditions of the dirham.
Dirham liquidity spreads thus fell by -44 BPS this week to 3.05%. In our view, this trend would reflect
expectations of lower import flows on the ST.
The EUR/USD pair remains mainly sensitive to expectations of Fed and ECB Interest Rate decisions.
We recommend that dollar exporters increase their hedging level against expected dollar volatility in the
coming weeks.
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