INTERNATIONAL HIGHLIGHTS
The USD/MAD pair depreciated by -0.19% from 10.29 to 10.27 this week.
This evolution is explained by a positive basket effect of +0.21% related to the appreciation of the dollar internationally
and a negative market effect of -0.40% which is explained by a drop in liquidity spreads on the Moroccan interbank foreign exchange market this week.
These spreads fell by -40 BPS from 1.95% to 1.55%, the 4th consecutive drop on a weekly basis. Import flows were less important than export flows.
US inflation surprised the markets which expected the continuation of the downward trend started months ago.
This situation has led to uncertainty regarding the end of monetary tightening by the Fed and is fueling volatility
on the EUR/USD currency pair in particular.
Taking our forecasts into account, we recommend that importers hedge their Dollar transactions over a ST horizon of 3 months.
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