Business

Uganda shilling and global market report – November 10, 2016

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What a wild day on the markets yesterday and even today. We saw some really aggressive movements all around with Asian tumbling as soon as Trump got the lid, Europe waking up shaky and as Asia was signing off with blood all over the walls, North America opened and the Fat Lady sung.

Thursday both Europe and North America closed in the green. Today Asia regained everything it had lost yesterday and then some. You can see from the charts the big white candles althouth some indices are back at their resistance levels prior Trump. It will be interesting to see where we close on Friday.

There will certainly be some profit taking in Asia and Europe for supposing people take the weekend to think about it. Just imagine. Then Monday we hit the panic buttons. Canada and US markets are closed. Rememberance Day November 11 for Canada and Veterans Day for USA. Basically remembering the sacrifices of the war heroes and honouring them.

The Uganda shilling closed at 3515 on the US dollar but had fallen to bid 3520 with offers at 3530. It is only going to get worse but do not say you were not warned. This is great news. Now you can all start buying #MadeInUganda.

Gold is at $1258 after losing $15 per ounce.

Brent Crude Oil closed at $45.69 after losing $0.88 per barrel. Oil is turning back up. You can see from the nice hammer it put in yesterday and we know Trump is good for energy companies.

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www.theinsider.ug/category/world-news/#.WCUEm8pZTqA

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Martha Leah Nangalama

Twitter: @mlnangalama

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