The Uganda shilling closed at 3364 on the US dollar, 4918 on the British pound, 3738 on the Euro, 50 on the Rupee, 33 on the Kenyan shilling, 2582 on the Canadian dollar, 2417 on the Australian dollar and 1.54 on the Tanzanian shilling.
The shilling is weakening on the major currencies. Earlier this month, the shilling looked like it was going to beak higher through its resistance of 3300. No idea what happened. Currently, its support is at 3400 and its resistance is at 3350 on the US dollar.
The shilling is in a position for exports. Exports are cheap now. What does Uganda export? Commodities whose prices are not doing well at all on the world market. Brace yourselves and think before you import.
Coffee Arabica closed at $3.13 per kilo.
Coffee Robusta closed at $1.85 per kilo.
Nice play on Robusta. Arabica is only pulling back because it had risen a lot in the last few months. Coffee exporters should always mix the two because Arabica holds its own but when the prices go too high, Robusta moves in.
Gold is trending at $1212 per ounce and lost $9 per ounce. This means the markets did well.
Oil (Brent) did not move and is sitting at $50.10 a barrel.
Shanghai lost 1 point only and seems to be determined to rise up. Those who trade Indexed funds might consider the $SSEC as a buy at this level.
Hong Kong gained 3 points. It has some resistance shaping up so one might want to remain on the sideline.
Tokyo gained 62 points. You will remember that the Nikkei can move up to 1000 points. Today’s closing is still engulfed in negative territory. It would be wiser to just keep watching it rather than short it or go long.
Frankfurt gained 14 points and is trading in bullish territory (more buyers than sellers).
Paris gained 2 points and closed at the resistance level, the 200 day Moving Average (MA). It might go higher next week.
London gained 5 points. The chart for the $FTSE is a beauty. The only problem is it has 3 red (negative) candles from 2 weeks ago and it needs to climb above them before becoming attractive. For now, the $FTSE might be a shorting opportunity but given how Frankfurt and Paris are behaving, it would be wiser to stay on the sideline.
Toronto gained 56 points. This is not much for the $TSX but remember that Toronto is oil heavy so the price of oil rising means that the $TSX will rise. The inverse is true.
Dow Jones Industrial Average gained 45 points and is rising.
Standard and Poor gained 9 points and is heading north.
NASDAQ flew up 32 points. It is as if the NAS has suddenly developed a mind of its own.
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Today president Barrack Obama was in Hiroshima Japan. http://www.theinsider.ug/video-obama-makes-history-and-visits-hiroshima/