INTERNATIONAL HIGHLIGHTS
The USD/MAD pair appreciated this week by +1.06%, up from 9.88 to 9.98, a 5-month high.
This evolution is explained by a positive basket effect. It comes out at +1.22% after the appreciation of the Dollar against the Euro this week. The market effect comes out to be less significant at -0.16% in favor of the Dirham.
The liquidity spreads of the Dirham thus eased -16 BPS to -1.03% this week. Despite the end of the summer, the good performance of export flows maintained these spreads in negative territory. However, they would gradually readjust upwards over a 3-month horizon.
The election of Trump in the United States should determine important decisions in geopolitics and international trade. The bearish trend of the EUR/USD this week reflects the new expectations of the financial markets.
Taking into account the new forecasts on the foreign exchange market, we recommend exporters to hedge their foreign exchange transactions over a 3-month horizon.
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