INTERNATIONAL HIGHLIGHTS
The USD/MAD pair is on the rise again and shows an increase of +1.08% to 10.26, a 5 months high.
At the origin of this evolution, a double positive effect.
A market effect of +0.81% related to the tightening of liquidity on the interbank market and a basket effect of +0.27% after the appreciation in the Dollar internationally.
Liquidity spreads increased by +82 BPS to 2.31% at the end of this week. This increase is explained by significant import flows this week.
After a long series of increases in interest rates, the FED and the ECB seem to be approaching the end of their monetary tightening cycle. This situation fuels volatility in the international foreign exchange market.
Taking our forecasts into account, we recommend exporters to hedge their Dollar operations in foreign currencies over the next 3 months.
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Sur le même thème
MAD Insights September 15th 2023
The upward trend in the USD/MAD parity was interrupted this week with a drop of -0.14% to 10.1535, the first time since the end of July 2023.
MAD Insights September 8th 2023
The Dirham is depreciating this week against the Dollar following a double basket-liquidity effect. The USD/MAD appreciated by +0.54% to 10.17 in one week, its highest level since the beginning of June 2023.
MAD Insights september 1st, 2023
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. The evolution of the EUR/USD pair remains mainly dependent on the monetary policy decisions of the Fed and the ECB. [...]
