Sunday, December 18, 2011

Today's Major Market Move: Kenyan Shilling Strengthens 6.7% Against the US Dollar in December

After weakening as much as 32%, the Kenyan Shilling is almost back to even for the year. It's had a particularly strong December so far as it has been the best performing currency versus the US Dollar, strengthening 6.7%. Here are the top performers:

Click here to go to the live table.

The last time we mentioned the Kenyan economy was in a post on the Burundian Franc on Dec 7. We mentioned an article in that claimed that the inflation rate in Kenya as of October was 18.9%. We haven't been able to find updated data but we would expect that inflation must have improved significantly in order for the currency to have strengthened as much as it has. Here's the full year line chart for the USDKES cross:

Click here to go to the live chart.

From an equities perspective, the Kenyan stock market is still struggling for the year, down 31%. The benchmark Nairobi All Share is the 11th worst performing benchmark equity index in 2011:

Click here to go to the live table.

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