EXECUTIVE SUMMARY
The Dollar depreciated against the Dirham this week to 10.06 against 10.12, a variation of -0.54%.
This evolution is explained by a basket effect of -0.21% related to the depreciation of the Dollar this week and a liquidity effect of -0.33% in favor of the Dirham.
Liquidity spreads ease -34 BPS this week, to a level of 0.93%. This is due to export flows which were greater than those related to imports.
Control of inflation in the United States does not yet seem to have been achieved. The Fed would be determined to wait as long as necessary before cutting rates.
The weakness of the job market in the United States could cause it to react more quickly than expected.
We recommend importers to reduce their hedging horizons on the Dollar.
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