INTERNATIONAL HIGHLIGHTS
The USD strengthens against the MAD for the 2nd consecutive week after a downward trend since mid-March.
The pair rose by +1.20% in a week. This change is explained by a basket effect of +0.62% following the appreciation of the ollar combined with a positive market effect of the USD/MAD pair of +0.58%.
MAD liquidity spreads increased by 59 BPS to 2.39%.
Nevertheless, we believe that this increase in liquidity spreads is temporary. The latter are still part of a downward trend supported by workers’ remittances and the good performance of tourist receipts during the summer period.
We recommend that exporters hedge on ST horizons as our scenario anticipates a MAD appreciation during the
summer period.
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