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MARKET UPDATE FOR 21st June 2024

LOCAL MARKET

USD/KES

Kenya’s shilling was flat on Thursday, as hard-currency
inflows from tea exporters matched an uptick in dollar
demand from fuel importers and manufacturers.
Expected range today is 126.50 -131.50

INDICATIVE FOREX RATES
CROSS RATES AGAINST KES
USD 126.50 131.50
GBP 1.2510 1.2914 158.25 169.82
EUR 1.0568 1.0869 133.69 142.93
JPY 157.34 160.37 0.7888 0.8358
ZAR 16.455 19.467   6.50 7.99
CHF 0.8858 0.8962 141.15 148.45
CAD 1.3624 1.3728 92.15 96.52
KES/UGX 3690 3800 28.06 30.04
KES/TZS 2570 2680 19.54 21.19

MONEY MARKET

CBK analysis on Thursday showed a square market. The
regulator was therefore out of OMO in order to remain
within the MPC’s 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 5,918.24 3,932.99 4,553.01
Amount Accepted 5,083.77 3,856.40 4,448.52
Current Rate 15.9716% 16.7379% 16.7545%
Previous Rate 15.9719% 16.6997% 16.7538%

 

GLOBAL MARKETS

Asian hedge funds led global gains in May and the first
five months, as bullish sentiment towards regional equities and winning positions in China boosted performance. The DXY edged upwards to 105.54.
The EUR/USD fell back to familiar technical levels on
Thursday, clunking down to the 1.0700 handle after a
miss in US economic figures bolstered the USD. Friday
markets loom ahead, with PMI figures for both the EU
and the US on the cards. The latest US Initial Jobless
Claims numbers came in higher than expected, with
238,000 people filing for unemployment benefits in the
week ending June 14, compared to the revised previous
week’s figure of 243,000.
The GBP/USD pair is seen oscillating in a range during the Asian session on Friday and consolidating the
previous day’s post-Bank of England (BoE) decline to
over a one-month low. Spot prices currently trade just
above mid-1.2600s and seem vulnerable to prolonging
the recent retracement slide from a multi-month peak,
around the 1.2860 region touched last week.
BoE Governor Andrew Bailey said on Thursday that it
was “good news” that official figures had shown inflation was back at its 2% target.

Source: Reuters.

LOCAL AND INTERNATIONAL BENCHMARK RATES
Local Inflation 5.10%
KES CBR 13.00%
GBP BOE RATE 5.25%
EUR ECB RATE 4.25%
USD FED RATE 5.50%
SOFR O/N RATE 5.33%, 3.663%, 5.2000%
BRENT OIL ($/BARREL) 85.66
MURBAN CRUDE ($/BARREL) 81.26

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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.

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