The dirham should appreciate against the US dollar over 1, 2 and 3 months, coinciding with the summer period, according to Attijari Global Research (AGR). This period should thus support the dirham until August with the launch of the “Marhaba” operation and the influx of foreign tourists, estimates AGR in its recent note “Weekly Mad Insights – Currencies”.
Given the forecasts for the EUR/USD and the liquidity conditions of the interbank market, AGR has revised upwards its forecasts for the USD/MAD over the next 3 months, specifies the same source. The target levels of the USD/MAD parity stand at 10.00; 10.06 and 9.96 over 1, 2 and 3 month horizons against a spot price of 10.13.
Against the Euro, the Dirham should depreciate over the same horizons, estimate AGR analysts, noting that the target levels of the EUR/MAD parity stand at 10.60; 10.67 and 10.56 at 1, 2 and 3 month horizons against a spot price of 10.53.