Daily Market Update

Bank Through Conversations

Chat with Us

MARKET UPDATE FOR 23rd February 2024

LOCAL MARKET

USD/KES

The Kenya Shilling held steady against the dollar on Thursday and it was expected to gain ground due to hard currency inflows from tea exports. Expected range today is 144.50 —149.50

INDICATIVE FOREX RATES
CROSS RATES AGAINST KES
USD 144.50 149.50
GBP 1.2511 1.2912 180.78 193.03
EUR 1.0672 1.0974 154.21 164.06
JPY 149.09 152.10 0.9500 1. 0082
ZAR 17.654 20.666   6.99 8.47
CHF 0.8758 0.8859 163.11 170.70
CAD 1.3430 1.3531 106.79 111.32
KES/UGX 3854 3970 25.78 27.47
KES/TZS 2490 2600 16.66 17.99

MONEY MARKET

CBK analysis on Thursday showed that liquidity was skewed in the market. The regulator was therefore in the market for KES 10BN in 7-day reverse repo in order to remain within the monetary policy 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 9,902.87 7,420.64 19,651.16
Amount Accepted 5,604.11 6,833.68 10,646.21
Current Rate 16.5895% 16.7344% 16.9194%
Previous Rate 16.5539% 16.7155% 16.9188%

 

GLOBAL MARKETS

Most Asian stocks rose on Friday and were set for a positive week as optimism over artificial intelligence drove stellar gains in the technology sector, while Chinese stocks extended a rebound into a second week. The DXY hovers near 103.90, supported by higher US yields.

EUR/USD consolidates following a volatile session prompted by the release of European and US PMI data on Thursday. The EUR stabilized as investors processed the mixed figures concerning private business activity in the EU. The pair gets buoyed around 1.0820 during the Asian trading hours on Friday.

The GBP/USD posts modest gains above the mid1.2600s during the early Asian trading hours on Friday. The pair is currently trading at 1.2663, adding 0.02% on the day. Investors have lowered their expectations for the first rate cut from the Fed to June from May due to a solid job market and hotter-than-expected inflation in January.

Source: Reuters.

LOCAL AND INTERNATIONAL BENCHMARK RATES
Local Inflation 6.90%
KES CBR 13.00%
GBP BOE RATE 5.25%
EUR ECB RATE 4.50%
USD FED RATE 5.50%
SOFR O/N RATE 5.32%, 3.91%, 5.19%
BRENT OIL ($/BARREL) 83.23
MURBAN CRUDE ($/BARREL) 78.16

:

 

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.

Bank Through Conversations

Chat with Us