The Uganda shilling traded sideways as market momentum continued to fade. The shilling was confined within a range of 3650/75 .
In the regional markets, the Kenya shilling was on the defensive as end month demand spilled over into the first trading week of the month. Demand was mainly from the energy sector. Trading was in the range of 109.70/90
In the global markets, the US dollar hit multi month highs against the Euro, Yen and Sterling following the Federal Reserve Chairman, Jerome Powell dovish rhetoric down playing the recent sell off in bonds and reiterating the Fed’s commitment to maintain ultra- easy monetary policy until there are signs of economic pickup.
Riskier currencies across the globe slid along with stocks as investors sentiment turned negative.
Outlook in the coming days point to a stable unit, mainly on account of subdued demand, in a relatively square market. In the near term the currency path seems to be defined, with no game changer on the horizon.
the writer works with Alpha Capital Forex Bureau: For competitive Forex Rates VISIT Plot 12 KAMPALA ROAD-CHAM TOWERS SUITE 43: call: 0414-580619, 0392-612648