Key Market View: Bullish Kenyan Shilling On Carry

BMI View: With overnight deposit rates spiking to 21.00% in response to an aggressive rate hike by Kenyan monetary authorities, we have decided to open a bullish KES/US$ position at KES96.50/US$ into our key market view portfolio in order to take advantage of the extremely attractive carry. Given the existence of several pertinent risks to the shilling, we have decided to protect ourselves by entering a tight stop-loss at KES100.00/US$.

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