Stability With An Upside Bias

October 2006 | Currency Forecast

Our short-term view of the shilling remains constructive. The break of KES72.25/US$ was a positive sign, and as long as the unit remains this side of three-month trendline support at KES72.60/US$, we are optimistic. A break through KES71.80/US$ could set up a move to 2006 highs of around KES70.50/US$. We are also bullish KES/EUR, following the break above the key KES91.50/EUR level, and look for a move through KES90.00/US$.

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