Daily Market Update

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MARKET UPDATE FOR 24th May 2019

LOCAL MARKET

USD/KES

The shilling was seen under pressure on Thursday due to merchandise and oil importers buying dollars to meet their end-month obligations. Expected trading range is 100.80 -101.80.

INDICATIVE FOREX RATES
CROSS RATES AGAINST KES
USD 100.20 102.10
GBP 1.2509 1.2913 125.34 131.84
EUR 1.1030 1.1333 110.52 115.71
JPY 108.09 111.12 0.9017 0.9446
ZAR 12.986 15.993 6.27 7.86
CHF 0.9988 1.0091 99.30 102.22
SEK 9.4186 9.8215 10.20 10.84
CAD 1.3422 1.3526 74.08 76.07
KES/UGX 3715 3815 36.39 38.07
KES/TZS 2245 2355 21.99 23.50

MONEY MARKET

CBK analysis yesterday showed a square market . The regulator therefore stayed out of the market in order to remain within the set monetary policy.

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 5,844.41 4,637.31 21,053.04
Amount Accepted 5,844.41 4,637.31 18,498.62
Current Rate 7.085% 7.738% 9.312%
Previous Rate 7.250% 7.958% 9.320%

GLOBAL MARKETS

The dollar was on track on Friday to post a small weekly loss after coming off two-year highs on lower U.S. yields as investors feared the Sino-U.S. trade dispute will hurt the U.S. economy more than previously thought. Against a basket of key rival currencies ,the dollar was largely unchanged at 97.878, having fallen from a two-year high of 98.371 overnight. That put the dollar on track for a 0.12% loss this week.

The euro was flat at $1.1181, having bounced from a two-year low of $1.11055 during the previous session. The single currency came under pressure after a private survey showed activity in Germany’s services and manufacturing sectors fell in May, aggravating fears about the effect of unresolved trade disputes on Europe’s largest economy.

Sterling fell 0.1% to 1.2645. The pound was under pressure as chatter continued about the departure of U.K. Prime Minister Theresa May.

Source: Reuters

LOCAL AND INTERNATIONAL BENCHMARK RATES
Local Inflation 4.14%
KES CBR 9.00%
GBP BOE RATE 0.75%
EUR ECB RATE 0.00%
USD FED RATE 2.5%
$ LIBOR 6 & 12 Month 2.57063/2.66563
£ LIBOR 6 & 12 Month 0.90213/1.04838
€ LIBOR 6 & 12 Month -0.31429/-0.22014

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.244/221/232/185/180/550/378/257
Mobile Lines: 0703 058 XXX; EXT.244/221/232/185/180/550/378/257
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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