The Uganda shilling is not moving at all. Given all the issues in Uganda, I would have expected it to tank big time but it is not tanking. I should have short sold it a year ago but my broker does not carry it.
The Uganda shilling closed at 3368 on the US dollar, 4353 on the British pound, 3760 on the Euro, 50.34 on the Rupee, 33.20 on the Kenyan shilling, 2599 on the Canadian dollar, 2577 on the Australian dollar and 1.54 on the Tanzania shilling.
If you wanna play the Uganda shilling then peg it on the US dollar. The country makes no sense and people are paying rent and buying property in US dollars in a country which has its own currency. The resistance for the shilling is now at 3350 (has not changed for months). The support is 3400 and it was 3375 prior but we keep kissing this line so in order to be safe, put the support at 3400.
Coffee Arabica closed at $3.51 per kilo.
Coffee Robusta closed at $2.04 per kilo.
Coffee has pulled back a bit but it is summer and people choose cold drinks during summer. My advice still holds. All coffee traders need to mix both types to balance things out.
Gold closed at 1336 per ounce. It only lost $4 per ounce. Whenever gold goes down we know that the markets are going up as gold is safety.
Oil Brent crude gained $1.20 and closed at $47.17 per barrel.
Oil WTI gained $1 and closed at $44.49 per barrel.
Shanghai – oh my gosh, it moved. The SSEC went up by 48 points. I love love love it. At least I can use chopsticks.
Hong Kong gained 2.5 points. That was not even worth the MBs to pull up that chart.
Tokyo gained 185 points which is not much for the Nikkei but it gapped up. Gaps are beautiful.
Frankfurt lost 29 points but it is pausing. This is not a good candidate to short. Shorting the $DAX may look great now but you would be going against the trend.
Paris lost 4 points and it is nothing there at all.
London gained 1 point. I really should have bought into that index on Brexit. The FTSE has caused billions in losses and the thing keeps going up. It is truly amazing how Brexit caused world panic and London still stands strong. How?
Toronto lost 49 points but it is just pulling back a little because this one rides with oil so do not short it.
Dow Jones Industrial Average lost 37 points but this is a pause and it is not a good short now.
Standard and Poor lost 2 points and this is insignificant as we are in a bull market (more buyers than sellers).
NASDAQ gained 4 points. Oh, this makes sense. The kids are returning to school and they need gadgets and the NAS is techie heavy. This is the only explanation why it would go up when its cousins are going down. Yeah, I am a victim (new phone and then other things).
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Martha Leah Nangalama
I have an IT and Business background and I own shares in oil and mutual funds with a mixture of various industries.