MAD: Following Euro Moves

Although we had forecast a 'hard and fast' resurgence in the dollar during the second half of the year, the move has been both harder and faster than even we had anticipated. As a result, we have had to reconsider our forecasts for the dirham, whose fate is closely aligned to that of the euro. With the dirham currently trading at MAD7.7609/US$ (down from its year-to-date high of MAD7.1500/US$ in mid-July), a move towards MAD8.0000/US$ is almost a certainty in the short-term. While we do not rule out the possibility of some volatility and a slight retracement in the dollar

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