All eyes are on Brexit and it will happen in some hours. The referendum on June 23, 2016 will be Make of Break.
The great thing about this is the world seems to have gotten over the initial panic and the markets have been settling down. This week and next week will differentiate the boys from the gentlemen. It will also differentiate the girls from the women. Similarly, from the professionals and the jokers. Tomorrow will be a fun day. Bring along your mop to wipe the blood off the trading floors.
The Uganda shilling closed at 3365 on the US dollar, 4982 on the British pound, 3813 on the Euro, 49.90 on the Rupee, 33.27 on the Kenyan shilling, 2627 on the Canadian dollar (time to send my mom money), 2530 on the Australian dollar and 1.54 on the Tanzanian shilling.
The Uganda shilling is depreciating. We will soon fall under our support at 3375 and should that happen, we will drop to 3400. It is actually weakening up on its major trading currencies.
Coffee Arabica closed at $3.53 per kilo.
Coffee Robusta closed at $1.92 per kilo.
Gold is trending at $1262 per ounce after losing $6.03 per ounce. A bit of hesitation here so the markets could be flat. Let us watch.
Oil (Brent Crude) lost $1 per barrel and closed at $49.86 per barrel. I would not read much into this drop because Oil fell and rose a lot and we will always face profit taking where many believe that they should take 50% of the profits off the table. Oil is very tempting to short at this level but please only use the money you can afford to lose. It has put in a good ride north so far despite the pull backs.
Shanghai gained 27 points but still did not close above its 50 day moving average (MA). Until the $SSEC breaks above this level, we will not see a descent movement worth writing home about.
Hong Kong gained 1.62 points. It is becoming very boring to watch the $HKDOW.
Tokyo lost 103 points but it is still closing well under its 50 day MA and forming a pattern that it could go up but not crossing aboe a key resistance level.
Frankfurt gained 56 points and crossed at the 200 day MA. Tomorrow will tell where this index is going.
Paris gained 13 points and crossed in the area of the 50 day MA.
London – What a nice play. Let us make this one the chart of the day. The $FTSE fell very hard and then came back with a vengeance. This index will shake out weak hands.
Toronto lost 8.51 points. Not worth paying attention to the $TSX. Minor pullback due to profit taking likely.
Dow Jones Industrial Average lost 49 points and closed a hair down under its 200 day MA. I would still not short it.
Standard and Poor lost 3 points but closed above its 200 day MA. It is a bull market people.
NASDAQ lost 10 points and crossed just under its 200 day MA. This one is going to be tricky. I would watch the S&P and Dow before making a move.
All eyes on UK (England / Britain).
We cover news from around the globe daily.
In Africa, president Uhuru Kenyatta is thinking of appointing his son to a key position in the government.
Equatorial Guinea’s President Teodoro Obiang’ Nguema has promoted his first son Teodoro ‘Teodorin’ Obiang’ Mangue to the country’s vice-president. The son is also in charge of defence and national security. Previously, he was the second vice-president but the position was recently abolished. government structure.
The UN / EU will extend the sanctions on Russia for another 6 months.
Bernie Sanders conceded to Hillary Clinton for the US democratic elections.
You can read more about the global news at http://www.theinsider.ug/category/world-news/
Martha Leah Nangalama
I have an IT and business background.