Daily Market Update

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MARKET UPDATE FOR 24th January 2019

LOCAL MARKET

USD/KES

The Kenyan shilling firmed on Friday supported by inflows from diaspora remittances amid thin dollar demand from importers. Expected trading range today is 100.50 –101.50.

 

INDICATIVE FOREX RATES
CROSS RATES AGAINST KES
USD 99.75 101.65
GBP 1.2970 1.3374 128.38 135.95
EUR 1.0899 1.1200 108.72 113.85
JPY 108.03 111.04 0.8983 0.9409
ZAR 12.857 15.868 6.29 7.91
CHF 0.9647 0.9752 10.25 10.89
KES/UGX 2245 2355 22.09 23.61
KES/TZS 2250 2360 22.13 23.66

MONEY MARKET

CBK analysis on Friday showed excess liquidity. The regulator was in the market to mop Kes.10Bn in 7 days repo to remain within the set MPC path.

Previous Rate7.200%8.142%9.833%

LOCAL MONEY MARKET
TREASURY BILLS AND BONDS (MIO KES)
Tenor 91-day 182-day 364-day
Amount Offered 4,000.00 10,000.00 10,000.00
Bids Received 5,010.12 6,355.93 16,985.45
Amount Accepted 5,008.55 6,355.93 11,337.09
Current Rate 7.232% 8.167% 9.842%

GLOBAL MARKETS

The dollar began the week on a firm note on solid U.S. economic data right across the U.S. economy, reducing the likelihood of interest rate cuts at the end of the month.

Figures on Friday showed U.S. homebuilding surged to a 13-year high in December, with retail sales also on the rise and a gauge of manufacturing activity rebounding to its highest in eight months.

The dollar index, which tracks the greenback’s strength against a basket of six major currencies, was steady at 97.620.

The Euro was steady at $1.1096.

The Pound edged lower to $1.3002, its weakest in a week, after poor British economic news and chances of a hard Brexit are rising fanned speculation about a cut in interest rates.

Source: Reuters

LOCAL AND INTERNATIONAL BENCHMARK RATES
Local Inflation 5.82%
KES CBR 8.50%
GBP BOE RATE 0.75%
EUR ECB RATE -0.50%
USD FED RATE 1.75%
$ LIBOR 6 & 12 Month 1.84488/1.92300
£ LIBOR 6 & 12 Month 0.73850/0.79600
€ LIBOR 6 & 12 Month -0.36329/-0.27157

 

For firm quotes and more information on other treasury products kindly contact our treasury team. Treasury team: Jackline Muchangi, Sylvia Mwangi, Benson Wainaina, Cleophas Makori, Alfred Too, Kenneth Mulandi ,Lorna Kageni and Martin Githinji
Telephone Contacts: 020 3275 XXX; EXT.244/221/185/180/550/378/257/558
Mobile Lines: 0703 058 XXX; EXT.244/221/185/180/550/378/257/558
Email: dealing@boakenya.com

Disclaimer
Whilst every care has been taken in compiling this market update, the Bank will not be responsible for and shall be exempt from all liabilities in respect of any loss of any kind whatsoever, incurred by any persons as a consequence of relying on the above information or otherwise.

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