Shilling to trade in range bound, as the market remains in a square position

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By Stephen Kaboyo

The Uganda shilling held steady in a short trading week as demand remained muted against adequate inflows.
Trading was in the range 3710/3720.
In the money markets, overnight funds traded at 5% while one week held at the previous weeks rate of 9%.



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In the fixed income market, there was no primary auction. Some trading activity was reported in the secondary market.
In regional markets, the Kenya shilling was stable supported by portfolio flows as well as horticulture proceeds. Trading was in the range of 100.20/40.



In the international currency markets, the US dollar retreated from a four month high on profit taking as the markets focused on whether the US jobs data will provide the spark for another push higher.



In the coming week, the shilling is likely to trade range bound, with some resistance at 3700 level, as the market remains in a square position.

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