In June, the foreign exchange market experienced a continued decline of the US dollar against the Moroccan dirham, according to a report from the research center “BMCE Capital Global Research.” The dollar-dirham exchange rate decreased by 2.37% month-on-month.
The center’s latest publication, “Fx Monthly,” indicates that this decline reflects a market impact of -0.3366% and a basket impact of -1.5948%. This notable decrease in market impact occurred in the context of increased global risk appetite and a significant rise in the value of the euro, which influenced the composition of the reference currency basket.
Additionally, a de-escalation of trade tensions between the United States and China, along with signs of resilience in the European economy, contributed to sustained pressure on the dollar.
BMCE Capital Global Research estimates that, given expectations for the euro-dollar exchange rate to rise to 1.16, coupled with increased liquidity spreads, the target exchange rates for the euro-dirham and dollar-dirham pairs are expected to reach 10.61 and 10.15, respectively, within three months.
Looking ahead six months, with expectations for the euro-dollar exchange rate to reach 1.17 and continued increases in liquidity spreads, the forecasts for the euro-dirham and dollar-dirham pairs are expected to stabilize around 10.75 and 9.20, respectively.
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