USD/MAD appreciated by +1.24% from 9.99 to 10.11 this week. The Dollar is thus appreciating for the 4th consecutive week to go back above MAD 10 for the  first time since June.

This evolution is explained by a basket effect of +0.32% related to the rise of the Dollar and a significant liquidity effect of +0.92%.

MAD liquidity spreads continue to tighten from 0.73% to 1.66% this week. Export flows, which were supported by workers remittances, become less  important as the summer period ends.

The evolution of the EUR/USD pair remains mainly dependent on the monetary policy decisions of the Fed and the ECB. At the same time, we are seeing increasingly visible tensions on the liquidity of the MAD.

A situation which would increase the volatility of the USD/MAD pair in the weeks to come.

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