Money markets: Shilling ticked slightly higher in thin trading

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The Uganda shilling ticked slightly higher in thin trading on cautious optimism as the economy opens up. Sustained market inflows also worked in favour of the local unit.

Trading was in the range of 3525/35.

In African markets, Zambia, Kenya, and Tanzanian currencies were firm on general slowdown of demand while Nigerian Naira shed value responding mainly on global energy factors.

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In the global currencies, the US dollar fell to a two month low against its peers after data showed an expected surge in US consume prices in December.

The annual increase is the largest in nearly four decades which could bolster expectations that the Federal Reserve will likely start rising rates as early as March.

In energy markets, oil prices slipped, trimming big gains amid uncertainty over near term demand as cases of Omicron variant surged around the world.

In the coming days, the shilling is likely to trade range bound amid thin trading as most corporates gear up for mid-month tax payments.

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

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