INTERNATIONAL HIGHLIGHTS
The USD/MAD parity is strengthening this week at 10.13. Originally, a significant basket effect for the MAD of +1.03% to which is added a liquidity effect of +0.40%. The dollar thus appreciated by +1.43% against the dirham over one week to its highest since April 2020.
Liquidity conditions on the interbank foreign exchange market have tightened this week with MAD liquidity spreads of -0.5% against -0.9% a week earlier.
This situation is explained by higher import flows at this time of the year. The surge in international commodity prices also contributed to the rise in foreign currency imports and therefore to the appreciation of the dollar against the dirham.
Volatility remains on the foreign exchange market given the strong risk aversion due to the geopolitical context and the monetary policy decisions of the Fed and the ECB.
Given market and liquidity conditions, we recommend that dollar exporters implement hedging strategies over the ST .
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