INTERNATIONAL HIGHLIGHTS
The USD/MAD pair fell -0.47% this week from 10.16 to 10.11, a 3-month low.
This variation is due to a negative basket effect of -0.22% related to the weakening of the Dollar this week. The market effect, for its part, came out also negative at -0.25% in favor of the Dirham. This situation could be explained by a temporary easing of liquidity conditions this week on the interbank foreign exchange market in Morocco.
Under these conditions, the levels of Dirham liquidity spreads fell by -25 BPS (2.47% to 2.22%) under the effect of import flows which were less significant than export flows this week.
Volatility remains high in the FX market and dependent on the next monetary policy decisions of the Fed and the
ECB. International brokers forecasts remain in favorable to the the Dollar compared to the Euro on the ST.
To this end, we advise investors to hedge their Dollar transactions over a 3-month horizon.
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