By Stephen Kaboyo
The Uganda shilling was a touch weaker at the close of the trading week on uptick of demand from major sectors of the economy.
Trading was between the range of 3665/75.
It was a similar trend in the Kenyan foreign exchange market. The unit slipped, trading in the range of 125.53/75 on surge in dollar demand mainly from energy and manufacturing sectors.
In fixed income market, Treasury bill yields held flat as Ban of Uganda continued on their strategy to cap rates in order to manage the debt service that has become a center of focus.
In the global markets, the greenback ascended to a six week peak against the major currencies after the release of stronger than expected US retail sales, bolstering investors expectation that the Federal Reserve would keep monetary policy tight for sometime to curb the persistent inflation
Going forward in the local market, while the shilling outlook has been improving and becoming less bearish in the last couple of months, the near term trajectory is less clear going by the technical charts that show a weakening bias.
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