In its latest note, « Weekly Mad Insights – Currencies », the Commercial Research Center reported that the dollar/dirham currency pair rose by 0.66% between August 26 and 30, moving from 9.66 to 9.73.
The center attributed this increase to the basket effect of +0.28%, following a decline in the dollar against the euro, and a market effect of +0.38%, due to tighter liquidity conditions in the foreign exchange market.
The same source noted that liquidity spreads widened by 38 basis points to -0.75% during the mentioned week. This trend is expected to continue in the short term, driven by the gradual tightening of dirham liquidity following the end of the summer period.
The note also highlighted that financial markets anticipate a monetary pivot by the U.S. Federal Reserve in September, which could lead to a period of monetary easing in the United States. Meanwhile, the European Central Bank is expected to continue reducing its key interest rates during its monetary policy meetings this year.
However, the center’s analysts caution that the extent and impact of these rate cuts remain uncertain, and they advise importers to reduce their coverage to less than three months.
