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 banking foreign exchange position is strengthening to more than 5 billion dirhams (MMDH) on a weekly average, ie a high of one year according to the latest data published by Bank Al Maghrib, notes AGR.
AGR analysts also note that investors are scrutinizing monetary policy decisions by the Fed and the ECB, fueling intense volatility in the currency markets, thus recommending investors to reduce their hedging horizons.
HS
MAP 221946 September 2022 GMT