USD/MAD hits new high

USD/MAD hits new high
USD/MAD hits new high

The USD/MAD pair continues to follow its uptrend, reaching a new 20-year all-time high at 10.8089 during the week of September 12-16, according to Attijari Global Research (AGR).

Originally, a double restrictive effect for the MAD, Basket/Market of respectively +0.49% and +0.12%, explains AGR in its recent note “Weekly Mad Insights – Currencies”.

To this end, liquidity spreads posted an increase of +12.4 PBS to 3.63% at the end of this week, reflecting operators’ expectations of substantial import flows in the short term.

For its part, the bank’s foreign exchange position is strengthening to more than 5 billion dirhams (MMDH) on a weekly average, ie a one-year high according to the latest data published by Bank Al Maghrib, notes AGR.

AGR analysts also point out that investors are scrutinizing the monetary policy decisions of the Fed and the ECB, thus fueling intense volatility in the foreign exchange markets, thus recommending that investors reduce their hedging horizons.

The article is in French

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