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.