INTERNATIONAL HIGHLIGHTS
The USD/MAD pair fell -0.87% this week from 10.25 to 10.16, a 2-month low.
This evolution is explained by a negative basket effect of -1.04% related to the weakening of the Dollar this week. The market effect, for its part, stands at +0.17%.
This situation is mainly explained by the tightening of liquidity conditions on the interbank foreign exchange market in Morocco during the end of the year.
Under these conditions, the dirham liquidity spread levels tightened by +17 BPS (2.30% to 2.47%) under the effect of import flows which weighed on the MAD liquidity this week.
Volatility remains high in the forex market and remains dependent on the upcoming monetary policy decisions
of the Fed and the ECB.
The forecasts of international brokers are in favor of an appreciation of the Dollar compared to the Euro over the
ST horizon.
To this end, we advise investors to hedge their Dollar operations over 3-month horizons.
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