Daily Market Update
MARKET UPDATE FOR 23rd April 2024
LOCAL MARKET
USD/KES
The Kenyan shilling eased slightly lower against the U.S. dollar on Monday.
Expected range today is 133.00—138.00
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 133.00 | 138.00 | ||
| GBP | 1.2190 | 1.2595 | 160.91 | 175.07 |
| EUR | 1.0500 | 1.0804 | 138.60 | 150.18 |
| JPY | 153.28 | 156.31 | 0.8445 | 0.9068 |
| ZAR | 17.697 | 20.702 | 6.38 | 7.85 |
| CHF | 0.9073 | 0.9177 | 143.84 | 153.20 |
| CAD | 1.3652 | 1.3753 | 95.98 | 101.82 |
| KES/UGX | 3762 | 3872 | 27.06 | 29.33 |
| KES/TZS | 2535 | 2645 | 18.24 | 20.04 |
MONEY MARKET
CBK analysis on Monday showed that liquidity was skewed in the market. The regulator therefore was in the
market for 70BN in 7 and 14-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 | 6,005.06 | 7,814.98 | 12,266.87 |
| Amount Accepted | 5,945.12 | 7,763.37 | 12,263.02 |
| Current Rate | 15.8029% | 16.4667% | 16.5077% |
| Previous Rate | 15.7330 % | 16.8684% | 16.5310% |
GLOBAL MARKETS
Most Asian currencies moved little on Tuesday even as easing safe haven demand saw the dollar weaken
slightly, although anticipation of more cues on the U.S. economy and interest rates kept traders biased towards
the greenback. The DXY moved little in Asian trade on Tuesday, with focus squarely on upcoming inflation and
economic growth readings.
The EUR/USD is testing the waters near 1.0650 after a quiet Monday saw the major pair flatline ahead of densely-packed economic data docket. Both the US an the wider Eurozone area will see updates to PMI figures on Tuesday, with high-tier US data due in the back half of the trading week as rate-hungry markets continue to froth for rate cuts from the US Fed.
The GBP/USD struggles to capitalize on the overnight bounce from the 1.2300 mark, or its lowest level since November 14 and oscillates in a narrow band during the Asian session on Tuesday. Receding fears about a wider Middle East conflict remain supportive of a generally positive risk tone, which is seen undermining the
safe-haven buck and lending some support to the GBP/USD pair.
Source: Reuters.
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 5.70% | ||
| KES CBR | 13.00% | ||
| GBP BOE RATE | 5.25% | ||
| EUR ECB RATE | 4.50% | ||
| USD FED RATE | 5.50% | ||
| SOFR O/N RATE | 5.31%, 3.909%, 5.1984% | ||
| BRENT OIL ($/BARREL) | 87.33 | ||
| MURBAN CRUDE ($/BARREL) | 87.19 | ||
:
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.