HUF/EUR: Limited Gains Through End-Year

Having weakened in the final two weeks of 2009 due to local seasonal forex demands, the Kenyan shilling has begun to edge higher early in 2010. However, given that the shilling has broken out of the broad uptrend in place since March 2009, and considering the uncertain fundamental backdrop, we see the unit range trading over the short term between KES76.00/US$ and KES74.00/US$. A break of the latter would potentially signal a renewed uptrend.

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