Daily Market Update
MARKET UPDATE FOR 3rd April 2025
LOCAL MARKET
USD/KES
The Kenyan shilling was stable on Wednesday with importer demand for dollars matched by supply.
Expected range today is 127.00 -132.00
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 127.00 | 132.00 | ||
| GBP | 1.2916 | 1.3323 | 164.03 | 175.86 |
| EUR | 1.0772 | 1.1073 | 136.80 | 146.16 |
| JPY | 145.82 | 148.83 | 0.8533 | 0.9052 |
| ZAR | 17.357 | 20.366 | 6.24 | 7.60 |
| CHF | 0.8694 | 0.8795 | 144.40 | 151.83 |
| CAD | 1.4193 | 1.4294 | 88.85 | 93.00 |
| KES/UGX | 3592 | 3702 | 27.21 | 29.15 |
| KES/TZS | 2565 | 2715 | 19.43 | 21.38 |
MONEY MARKET
CBK analysis on Tuesday showed excess liquidity in the market. The regulator was therefore in the market to mop up Kes 40Bn in 1,7 and 14 day TAD in order to remain within the monetary policy path set by the MPC.
| 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 | 2,790.24 | 1,706.31 | 10,249.39 |
| Amount Accepted | 2,704.14 | 1,701.35 | 10,104.04 |
| Current Rate | 8.7907 % | 9.0583 % | 10.4117 % |
| Previous Rate | 8.8402 % | 9.0860 % | 10.4613 % |
GLOBAL MARKETS
Asian stocks tumbled on Thursday, with Japan leading the declines, after U.S. President Donald Trump unveiled sweeping 10% tariffs on most imports and much higher reciprocal duties on some countries. The DXY dives to a fresh year-to-day low at 102.82 in reaction to US President Donald Trump’s trade tariffs.
The EUR/USD is extending the rebound above 1.0900 in the early European morning session on Thursday. The pair benefits from US President Trump’s tariffs-led broad US Dollar weakness. However, further upside appears capped due to escalating trade war fears, with looming EU retaliatory tariffs.
The GBP/USD gains strong follow-through positive traction for the second successive day on Thursday and advances to its highest level since October 2024 during the Asian session. Spot prices currently trade just above mid-1.3000s, up 0.40% for the day, and seem poised to climb further amid a bearish US Dollar (USD). The GBP draws support from expectations that the BoE will lower borrowing costs more slowly than other central banks, including the Fed.
Source: Reuters
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 3.6% | ||
| KES CBR | 10.75% | ||
| GBP BOE RATE | 4.50% | ||
| EUR ECB RATE | 2.90% | ||
| USD FED RATE | 4.50% | ||
| SOFR O/N RATE | 4.35%, 2.417%, 4.4572% | ||
| BRENT OIL ($/BARREL) | 73.14 | ||
| MURBAN CRUDE ($/BARREL) | 69.89 | ||
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For firm quotes and more information on other treasury products kindly contact our treasury team
Treasury team: Milton Onyuna, Martin Githinji, Lorna Kageni, Musa Ongori,
Dennis Ingolo, Elizabeth Kiarie, Brian Gachanja and Oliver Kilonzo.
Telephone Contacts: 020 3275 XXX; EXT.244/558/257/185/378/245/221/526
Mobile Lines: 0703 058 XXX; EXT.244/558/257/185/378/245/221/526
Email: dealing@boakenya.com
Disclaimer
Whilst every care has been taken in compiling this market update, the Bank will not be responsible for any 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.