EXECUTIVE SUMMARY
The Dollar depreciated against the Dirham this week to 10.03 against 10.06, i.e. a variation of -0.33%.
This evolution is explained by a double negative. On the one hand, a liquidity effect of -0.24%, which led to an appreciation of the Dirham against several foreign currencies this week. On the other hand, a basket effect of -0.09% due to the weakening of the Dollar this week.
Liquidity spreads eased by -24 BPS this week, to a level of 0.69%. This is due to export flows greater than import flows as the summer period begins.
Fed officials are not yet unanimous on the fact that inflation MT trajectory is under control. To this end, the Fed's next decisions remain uncertain especially given the concerns of the cooling of the labor market in the United States.
We recommend importers not to commit to long maturities in terms of hedging their Dollar transactions.
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