INTERNATIONAL HIGHLIGHTS
The USD/MAD pair depreciated by -0.32% from 10.29 to 10.26 this week.
This evolution is explained by a negative basket effect of -0.55% related to the depreciation of the Dollar internationally this week and a positive market effect of +0.23%. This is due to the tightening of liquidity conditions on the interbank market.
The liquidity spreads levels on the interbank foreign exchange market tightened by +23 BPS (1.94% to 2.18%) under the effect of import flows which weighed on the MAD liquidity this week.
The ECB and the Fed took a break in their last monetary policy meeting and the consensus does not foresee further interest rate hikes by the end of 2023.
Under these conditions, brokers anticipate an appreciation of the Dollar in the ST.
We recommend that importers hedge their Dollar transactions over 3-month horizons.
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