Daily Market Update
MARKET UPDATE FOR 11th December 2024
LOCAL MARKET
USD/KES
Kenya’s shilling eased slightly on Tuesday, with little importer demand for dollars outpacing inflows in a session with limited activity ahead of the holidays.
Expected range today is 126.50 -131.50
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 126.50 | 131.50 | ||
| GBP | 1.2613 | 1.3018 | 159.55 | 171.19 |
| EUR | 1.0372 | 1.0674 | 131.21 | 140.36 |
| JPY | 150.15 | 153.16 | 0.8259 | 0.8758 |
| ZAR | 16.295 | 19.334 | 6.54 | 8.07 |
| CHF | 0.8784 | 0.8890 | 142.29 | 149.70 |
| CAD | 1.4116 | 1.4220 | 88.96 | 93.16 |
| KES/UGX | 3608 | 3718 | 27.44 | 29.39 |
| KES/TZS | 2430 | 2550 | 18.48 | 20.16 |
MONEY MARKET
CBK analysis on Tuesday showed liquidity is skewed in the market. The regulator was therefore in the market for KES 15BN in 1 day reverse Repos 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 | 18,927.94 | 6,763.58 | 16,621.92 |
| Amount Accepted | 18,906.52 | 6,707.74 | 16,600.92 |
| Current Rate | 10.4564% | 10.5485% | 11.9673% |
| Previous Rate | 11.2500% | 11.3377% | 12.4903% |
GLOBAL MARKETS
Asian stocks were mixed on Wednesday as investors exercised caution ahead of a key U.S. inflation reading, while Chinese stocks rose in anticipation of more government cues on stimulus measures. The US Dollar Index (DXY) appreciates as the US Treasury yields continue to rise amid market caution ahead of the Federal Reserve’s (Fed) policy decision. The DXY maintains its position around 106.40 with 2 -year and 10-year yields on US Treasury coupons standing at 4.16% and 4.23%, respectively, at the time of writing.
The EUR/USD pair remains subdued for the fourth consecutive day, trading around 1.0530 during the Asian session on Wednesday. However, the pair faced challenges as the US Dollar (USD) gained support from market caution, which could be attributed to the upcoming US Consumer Price Index (CPI) data release due on Wednesday
The GBP/USD pair extends its winning streak for the third successive session, trading around 1.2780 during the Asian hours on Wednesday. The Pound Sterling (GBP) gains support against its major peers as traders become increasingly conÞdent that the Bank of England (BoE) will keep its interest rates unchanged at 4.75% in December’s monetary policy decision.
Source Reuters
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 2.72% | ||
| KES CBR | 11.25% | ||
| GBP BOE RATE | 4.75% | ||
| EUR ECB RATE | 3.25% | ||
| USD FED RATE | 4.75% | ||
| SOFR O/N RATE | 4.63%, 3.164%, 4.7000% | ||
| BRENT OIL ($/BARREL) | 72.66 | ||
| MURBAN CRUDE ($/BARREL) | 72.42 | ||
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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.