INTERNATIONAL HIGHLIGHTS
The USD/MAD pair continues to follow its uptrend thus reaching a new high of 20 years at 10.8089.
Originally, a double restrictive Basket/Market effect for the MAD of respectively +0.49% and +0.12%. To this end, liquidity spreads posted an increase of +12.4 BPS to 3.63% at the end of this week, reflecting operators' expectations of substantial import flows over the short run.
For its part, the banking foreign exchange position is strengthening to a level superior to MAD 5 Bn on average per week, i.e. a one-year high according to the latest data published by Bank Al-Maghrib.
Investors are watching monetary policy decisions by the Fed and the ECB very closely, fueling intense volatility
in the currency markets.
We advise investors to reduce their hedging horizons.
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