EXECUTIVE SUMMARY
The Dollar appreciates against the Dirham this week to 10.09 against 10.04 the previous week, a variation of +0.50%.
This evolution is explained by a double positive effect. On the one hand, a basket effect of +0.08% and on the
other hand a positive liquidity effect of +0.42% to the disadvantage of the Dirham.
Liquidity spreads tightened by +42 BPS this week, to a level of 1.51%. This is due to import flows which weig hed on the Dirham liquidity .
The timing of the first interest rate cut by the Fed and ECB remains uncertain. Expectations of a first rate cut
have been postponed to June.
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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