The Uganda shilling closed at 3345 on the US dollar, 4749 on the British pound, 3768 on the Euro, 49.87 on the Rupee (weakness here), 33 on the Kenyan shilling (recovery here), 2590 on the Canadian (damn it, should have sent my mom money last week), 2477 on the Australian dollar (not too much movement here, it tends to be stable, they have gold and gold is ruling) and 1.53 on the Tanzanian shilling.
Overall, the Ugandan shilling is actually doing very well given the Geo-political things going on there. The Bank of Uganda did lower the base rate to 15% and has done rather well in containing inflation so credit goes where it is due. Congratulations Mr. Mutebile. Although before you all go off and celebrate, a year ago, the Uganda shilling was at 2500 on the US dollar.
Coffee Arabica closed at $3.46 a kilo.
Coffee Robusta closed at $1.86 a kilo.
Coffee has pulled back a bit but you will always remember PROFIT TAKING. It rose quite a lot in the last 2 weeks so naturally some people exited. However, the graphs show that it was just a minor stop before it continues the upswing. Always please mix both types.
Gold is trending at $1293 per ounce after gaining $8.70 per ounce. This tells us that the markets may have gone down today.
Oil (Brent crude) lost $0.61 per barrel and closed at $48.61 a barrel. This does not border well for Toronto which is oil heavy. If you look at Brent, you will notice a down trend. It has 5 successive red candles (negative) but it still has support on the Moving Averages (MA) and above the 200 day one and well, the 50 day one does not matter till we break through the support at the 200 day one which is at $47 per barrel.
Shanghai gained 45 points. The $SSEC has been holding in this territory for a while now and it is not tanking too much or sprinting a lot. I would be very careful trading this index. The danger with this kind of chart pattern is one does not know whether to sell or buy so in such cases, sitting on the side is better.
Hong Kong – oh dear gods, this thing is going down big time. Definitely to stay out of.
Tokyo gained 61 points but its chart looks so very ugly. What happened in Tokyo even? Stay on the sidelines.
Europe (should be interesting because of BREXIT):
Frankfurt lost 87.51 points and the chart indicates it is so very ugly we should not even look. It is going south. Where is Merkel when we need her?
Paris did the same as Frankfurt. The whole BREXIT thing might be real. This is definitely the chart. Just look at the candles dropping like gravity was even more than just physics. This is heart breaking. Wapi, I do not trade European indices.
London is.. never mind. We could cry.
The Charts for Europe are attached and you will see how nasty things are. Do we dare look at North America since their cousins are Europe? Why not!
Toronto lost only 39 points. Phew!
Dow Jones lost only 35 points.
Standard and Poor lost a lousy 4 points.
NASDAQ lost 9 points.
Did you notice the tamed comments on the North American indices? It is because Europe got decimated today. Big time. The rest of this week and all these people who want to get out of the EU (which by the way they created) makes no sense for them to take all of us down with them. As if we do not have enough of our own problems!
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Martha Leah Nangalama
I have an IT and business background.