The shilling and global market indices report will only be provided on Fridays.
You are only getting this one because the shilling and oil moved quite a bit this week.
On Thursday May 21, 2016 here is how our shilling did.
The Ugandan shilling traded at 3353 on the US dollar, 4894 on the British pound, 3757 on the Euro, 49.71 on the Rupee, 33.29 on the Kenyan shilling, 2562 on the Canadian dollar and 1.53 on the Tanzanian shilling.
What I find interesting about the Ugandan shilling is its depreciation on the US, UK, EU and the Canadian dollar. The key trading partners are Kenya and Tanzania as well as India. It is not appreciating much on these last three.
We ignore the Yuan because it is a controlled currency and in fact many Forex companies do not allow trading in it. It shall be added in time though since Uganda is now only one more province of China.
Coffee Arabica closed at $3.30 per kilo.
Coffee Robusta closed at $1.88 per kilo.
Generally, Arabica moves more than Robusta but Robusta does not experience wild moves. Coffee traders should always combine the two. Uganda grows the two types so what is your excuse?
Gold is trading at $1255 per ounce after losing $2 per ounce. I am getting the feeling that waiting to do the market report only on Fridays might not be a good idea.
Oil (Brent Crude) did not move today but gained a bit this week. It closed at $48.76 a barrel. Too bad for those who shorted it. It is flying.
Shanghai did not move and has not moved for the last the last 8 days of trading. Two weeks ago, it signaled that it would fall but here is one of the reasons why you should never trade with money you cannot afford to lose.
Hong Kong lost only 3 points but its chart is pointing to gravity. Let us make this the chart for today. Just watch the down trending on this one. Ouch! We should have shorted it. This is a classic of “down we go” and it looks like Shanghai is not helping and the $HKDOW is sinking.
Tokyo gained 2 points. Please do remember that this is an index which can drop or gain up to 1000 points in a day. The Japanese have a great medical system so no wonder they can put up with such volatility. Not only that, Tokyo has a mind of its own. Usually one would think that it moves the way of Shanghai or Hong Kong but hardly ever.
Frankfurt lost 147 points and is closing way under its support. Just blame it on Merkel.
Paris lost 37 points and formed a pattern similar to its big brother Frankfurt.
London bridge is falling down. It lost 112 points and did not listen to Frankfurt. Oh my, might it be because of Bre-Exit? Hon. David Cameron has some explaining to do here.
Toronto lost 9 points. This is nothing for the $TSX because it can move hundreds of points and follows oil intimately.
Dow Jones Industrial Average lost 91 points and is heading down.
Standard and Poor lost 8 points but signaled that the falling might not get serious.
NASDAQ lost 27 points and formed a chart similar to the S&P so we should not expect the NAS to fall too hard.
The global news is posted during the day when we get updates. Our condolences go out to all the families and friends who lost their loved ones in the Egyptian Air crash into the Mediterranean. You can read more about this: http://www.cbc.ca/news/world/experts-weigh-in-on-egyptair-flight-crash-1.3590584
Martha Leah Nangalama
I have an IT and business background. I have traded equities, options, mutual funds and indexed funds. I own oil shares.