The shilling was relatively stable in a humdrum market characterized by subdued demand. The unit remained in the of range of 3390/3400 in a short trading week.
In the government securities market, Bank of Uganda held a 170 billion Treasury bill auction. Yields marginally changed. The 91 days slightly went up to 15.64% while the 182 and 364 day dropped to 16.00 and 17.33% respectively.
In the International currency markets, the dollar lost some ground as investors waited for the US job report to see if the labour market was stronger than the previous account. The British pound continued to under shoot against other major currencies as Brexit fears lingered on.
‘’The outlook for the shilling point to a stable unit, trading sideways in a low volume environment with no game changer on the horizon.’’ Says Stephen Kaboyo, the Alpha Capital Markets boss