INTERNATIONAL HIGHLIGHTS
The USD/MAD pair appreciated by +0.68% to 11.02 this week. Originally, a double Basket & Market effect
of +0.39% and +0.29% respectively.
Despite a slight improvement in the foreign exchange position of banks in Morocco, liquidity conditions on the Moroccan foreign exchange market have tightened. Dirham liquidity spreads increased by +30 BPS to 4.16% this week. The latter remain at historic highs approaching the upper range of the MAD fluctuation band set at +5.0%.
The basket effect was unfavorable to the MAD and is explained by an appreciation of the dollar internationally following the release of US inflation figures.
The great uncertainties surrounding the growth prospects of the world economy and the risk of recession in Europe make it more complex to draw up reliable forecasts on the foreign exchange market.
For example, the sharp reversal in the trend of the EUR/USD pair after rallying at the start of the week.
Thus, we recommend reducing hedging maturities.
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Sur le même thème
MAD Insights - october 14th, 2022
USD/MAD depreciates -0.44% to 10.95 this week. This is due to a double negative Basket/Market effect of -0.24% and -0.20% respectively.
MAD Insights - october 7th, 2022
USD/MAD is up +1.19% to 11.00 this week. This is due to the tightening of liquidity conditions on the Moroccan interbank foreign exchange market.
MAD Insights - september 30th, 2022
The USD/MAD pair appreciated by +0.53% to 10.87 in one week. This can be explaied by the continued appreciation of the Dollar internationally neutralized the improvement in liquidity conditions within the interbank foreign exchange market.
