INTERNATIONAL HIGHLIGHTS
The USD/MAD pair is strengthening this week after a downward trend which began in mid-March. It rose by
+0.87% from 9.99 to 10.07.
This change is mainly explained by a basket effect of +0.67% related to the appreciation of the dollar combined
with a positive market effect of the USD/MAD pair of +0.20%.
MAD liquidity spreads increased to 1.80% i.e. 20 BPS.
According to our estimates, these spreads would follow a downward trend over the coming months.
The latter would be supported by MRE receipts and the good performance of tourist receipts during the summer period.
The US government debt issue is the markets' main concern. These concerns seem to benefit to the dollar as
a safe haven.
On the sidelines of the summer season, we recommend that exporters consider the scenario of a slight appreciation
of the MAD.
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