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Friday, November 27, 2015

#UGANDA SHILLING DAILY UPDATE

The Uganda shilling is trading at 3350 on the US dollar and 5041 on the pound. Lots of improvement. Do not forget the IMF, World Bank and Moody's. You need to keep in mind that around this time many Ugandans in the diaspora send money home or travel home. This causes an increase in demand for the shilling and hence the non factor of the downgrades on Uganda. February will bite hard. Expect the shilling to fall.  Come to think about it, I expect the shilling to rise to 3250 in the next week or so. The chart is pointing towards that resistance point. Once we do better, the next stop will be 3000.

Gold is at $1057 an ounce. Hardly any movement because 1079 down to 1057 an ounce is not worth writing home about.

Oil is trading at $42.23 a barrel. Tiny fall but not worrisome. The chart looks good. Ben, be in class. That first big white candle is holding the fall.  What we are seeing now is basing. Looks like many buy orders were set in this area so they are preventing more sells or basically eating up every sell order.

Martha Leah Nangalama

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