Moroccan Dirham Weakens Against Euro, Gains on Dollar in Weekly Forex Shift

The EUR/USD pair recorded a performance of 0.79%, as the euro has started a consolidation phase against the dollar since last Tuesday, announces BKGR. As for the DH/EUR pair, it shows a weekly decline of 0.34%. Conversely, the DH/USD parity recorded an increase of 0.43%. Regarding the banks’ foreign exchange position, it improved, standing at -2,436.98 on December 10 against -2,436.98 MDH on December 9, but remains in deficit.

These results were obtained after "a relatively bearish week (downward trend, editor’s note) for the dollar index, which has accumulated downward sessions since Monday," explain the BKGR analysts. US President Joe Biden’s speech on the action plan to combat the spread of the Covid-19 variant has reassured investors. As a result, the latter seem to have favored the stock market to the detriment of the greenback.