MARKET UPDATE FOR 24th January 2019
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|
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.
|LOCAL MONEY MARKET|
|TREASURY BILLS AND BONDS (MIO KES)|
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 $1.3002, its weakest in a week, after poor British economic news and chances of a hard Brexit are rising fanned speculation about a cut in interest rates.
|LOCAL AND INTERNATIONAL BENCHMARK RATES|
|GBP BOE RATE||0.75%|
|EUR ECB RATE||-0.50%|
|USD FED RATE||1.75%|
|$ 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
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.