Normally, the shilling and global market comes out on Fridays but today we had a new cabinet get released so we want to watch how the shilling is faring.
Tuesday June 7, 2016 will have given the markets time to absorb the budget.
The Uganda shilling closed at 3354 on the US dollar, 4849 on the British pound, 3810 on the Euro, 50.21 on the Rupee, 33.17 on the Kenyan shilling, 2517 on the Canadian dollar, 2472 on the Australian dollar and 1.53 on the Tanzanian shilling.
Despite all the unrest, the shilling is holding up rather well. We will watch this week how it fairs up on its major trading currency patterns. You will notice that we do not report on the Yuan because it is a controlled currency.
Coffee Arabica closed at $3.30 per kilo.
Coffee Robusta closed at $1.87 per kilo.
I suppose now you understand why coffee dealers should always mix their shipments. Arabica jumped up big time.
Gold is trending at $1245 per ounce after a gain of $1.14 per ounce. Nothing to write home about.
Oil (Brent Crude) gained $0.64 per barrel and closed above a key price, $50.52. We have been saying that oil was heading north and too bad for the people who fell for the shake outs and shorted it.
Shanghai lost 5 points but it is basing only to go higher. In reality, 5 points is nothing for Shanghai.
Hong Kong gained 1.51 points which is also nothing but it formed a chart that says it might fight the down trend and head to the North pole.
Tokyo dropped hard under its support line but then somehow managed recovered and closed at a loss of only 62 points. But the Nikkei can drop or gain up to 1000 points in one day. Things which cause heart attacks.
Frankfurt gained 18 points. It is moving up. In fact the $DAX bounced off and closed above a major support level.
Paris gained 1.6 points. The $CAC is forming a negative bearish pattern. It has a lot of support to lift it up but remember crowds run away faster when there is any bad news. This one will be interesting to watch this week.
London was beautiful today. It gained 64 points but formed this awesome looking chart that it is going up north. Were I bearish, I would be saying BAD BAD BAD. But we are in a bullish market and shorting things and indices now is a bit on the risky side.
Toronto gained 43 points. Read oil. When oil is doing well, the $TSX does well. The reverse is true.
Dow Jones Industrial Average gained 113 points and it is also bullish (read more buyers than sellers).
Standard and Poor gained 10 points and is going north.
NASDAQ gained 26 points and is well into bullish territory.
You can also learn to read charts online for free. Candle stick charting is one of the main tools most professionals use for stocks, mutual funds, equities, forex, options, futures, etc.. Try it. http://stockcharts.com/school/doku.php?id=chart_school
Our Chart of the day is oil from when dipped hard and then recovered. If you keep a watch on our weekly reports, you will see when we predict a drop or an upswing. Check our website on BUSINESS and always look for the Uganda shilling for it has analysis to help you guide your business.
Keep an eye on The Insider. We cover global news 24 by 7. We also cover regional news in the Great Lakes of Africa. Uganda news is a given since our news is geared towards Uganda and our friends who read about Uganda. Thank you.
Martha Leah Nangalama
I have an IT and business background. My opinions do not reflect the news website or any organisation I am affiliated with.