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US DOLLAR: The shilling was unchanged against dollar on Friday with demand and supply well matched closing the day at a level of 61.60/70. We expect it to remain in a tight range of between 61.55-61.75 till we see inflows from off shore investors meant for Safaricom shares allocation.
EURO: Despite signs of slowing growth, ECB President Trichet remained characteristically hawkish at the press conference following Thursday’s monetary policy decision. This week, his hawkishness will be put to the test with GDP and industrial production reports due for release. The latest price action in the Euro suggests that the market is still skeptical of how long the ECB can maintain their current stance. The Euro is trading at $1.5040.
STERLING POUND:The British pound extended its losses against the US Dollar, as investors remain confident the BoE should be cutting rates in the near future. Despite the lack of any significant economic news, investor sentiment remained bearish, as Experian expects the UK financial-services industry to cut 10,000 jobs over the next three years and house prices to fall 7.9% over the next two years. The British pound should be a big focus in this week with PPI, employment and the Bank of England Quarterly Inflation report due for release. The pound is trading at $ 1.9484.
(Last updated on 12th May 2008)
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rates
|
| Currencies |
Buy |
Sell |
| USD/KES |
58.80
|
64.50
|
 |
| GBP/KES |
116.91
|
123.29
|
|
| EUR/KES |
91.98 |
98.08
|
|
| JPY/KES |
0.5682
|
0.6251
|
|
| ZAR/KES |
5.54
|
10.59
|
|
| CHF/KES |
56.03
|
61.72
|
|
