The Uganda shilling closed at 3420 on the US dollar, 4171 on the British pound, 3765 on the Euro, 51.19 on the Rupee, 33.76 on the Kenyan shilling, 2577 on the Canadian dollar, 2586 on the Australian dollar and 1.57 on the Tanzania shilling.
I am loving the depreciation on the Uganda shilling. If only they could make use of this depreciation and import less and pump up the exports. Oh well, we can only hope that the dollar will hurt them so much that they will buy local.
The next major level on its downfall to watch is 3450 since we kissed 3425 so this one is out of the way. On its rise, now 3400 is a serious level and behind it is 3375 to beat on its rise.
Coffee Arabica closed at $3.70 per kilo.
Coffee Robusta closed at $2.25 per kilo. Nice play on robusta and I think it will rise faster than Arabica but Arabica is steady all the time. Always mix both types if you are exporting from Uganda.
Gold is trading at $1256 after gaining $1 per ounce. This is nothing. The markets are not moving violently to force flight from Gold but they are also not gaining as much as hype so people are being careful.
Brent Crude Oil closed at $51.72 after losing $0.84 per barrel. Whoa! Brent just set up a perfect SHORT. When it shot through resistance at $53+, it was okay to not short it but it has failed to sustain it and now it is on its way down. In any case, the rise was due to “irrational exhuberance” and shorts covering their positions. In reality, the whole OPEC Russia thing is exaggerated. They wanna cut back only 200,000 barrels per day. Hello!
WTI Crude Oil closed at $50.18 after losing $0.61 per barrel. It formed the same pattern as Brent.
Shanghai lost 7 points. Insignificant as it is still bullish.
Australia index lost 7 points and is looking like a good short.
Tokyo lost 185 points and it still remains bullish.
Frankfurt lost 54 points and it is 50/50. It would be better to sit on the sidelines. I would not get rid of any positions and would not add any positions.
Paris lost 19 points and the same advice applies as the DAX above.
London lost 47 points. It looks like it might be going down but the FTSE has burned many people so be careful.
Toronto gained 69 points and still looks bearish.
Dow Jones Industrial Average gained 16 points and it is going down.
Standard and Poor gained 2 points and is it ever dropping!
NASDAQ lost 8 points and it is also heading down.
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Martha Leah Nangalama
I have an IT and business background plus years of trading.