Shilling to trade with a slightly weakening tone on anticipation of pick up

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In the first trading week of the year, the Uganda shilling was little changed following a quiet holiday period. Market activity remained low as most market players were yet to fully resume trading.

Bid and Ask quotes were 3535/3545

In other African markets it was a similar trend mainly underpinned by subdued demand . However in the coming week, the Kenya and Zambia are expected to weaken as activity picks up, while those of Nigeria and Tanzania are likely to hold steady.

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In the global markets, the US dollar is set to notch weekly gains and could extend the rally on the expected strong US labour data that could reinforce the case for early Fed Reserve interest rate hikes. In other major markets the pound and the euro slipped on concerns that the Omicron variant could put brakes on global economic recovery.

The interim trend for the shilling suggest that the unit is expected to trade with a slightly weakening tone on anticipation of pick up in import demand as the economy fully opens up.

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