INTERNATIONAL HIGHLIGHTS
The MAD appreciates this week against the dollar. The USD/MAD pair fell -0.14% from 10.41 to 10.39.
This change is explained by a basket effect of -0.13% related to the appreciation of the euro this week.
The market effect remains almost neutral. Dirham liquidity spreads remained almost stable this week at 3.35%. Import flows are still greater than export levels. These high spreads put pressure on the MAD.
These are justified by the persistence of the inflationary context on an international scale.
The volatility of the EUR/USD pair remains mainly sensitive to the evolution of inflation in the United States and in the Euro Zone.
We recommend that dollar exporters reduce their exposure to ST hedging in order to benefit from the momentary stability of the USD/MAD pair.
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