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The Uganda shilling held firm supported by inflows from commodities and Non-governmental organizations, Central Bank liquidity mop up, against subdue corporate demand.

Trading was in the range of 3585/3595. In the money market, overnight rates averaged 6% while I week funds traded at 10%.

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In other market news, Inflation declined from 7.2% to 6.4% for the month of June largely driven by lower food prices.
In Government securities market, Bank Of Uganda announced the resumption of auctions after a prolonged break , with the 1st auction of the new fiscal year due on 5th July 2017

In international currency markets, the dollar trading was mixed as investors fine-tuned positions ahead of the 4th July long holiday weekend, while the British sterling surged to a three week high on comments attributed to Bank of England that there is a likely need to raise interest rates in the coming months.

The shilling outlook remains stable with range bound trading expected in the coming days.

READ: Shilling ends the week trading in the range of 3585/95

The writer works with Alpha Capital Forex Bureau: For competitive Forex Rates call: 0414-580619, 0392-61264

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