The Uganda shilling ended up at 3463 on the US dollar by the time North America closed. The UGX is not heavily traded in Canada and USA. It had closed in London UK at 3468 but FX trades 24 by 7. I am looking at offers now at 3475 with bids at 3470. Which tells me that on Friday October 28, we will see it girating between 3460 and 3500. It could get to 3450 though. However, given the turmoil in the financial sector in Uganda, you should work with 3500.
Gold is at $1269 after gaining $4 per ounce. Awesome as there is no flight into safety. Makes no sense why Australia tanked.
Brent Crude Oil gained $51.52. It gapped up and gained $1.57 per barrel. Here is where you must be careful. Yesterday Brent looked like a good short but today it looks like a long. I am still bearish on oil for many factors. Okay, short it because the OPEC is not significant. But the wars in all the key prosucers mean that prosuction will be affected but those countries have many reserves. Why I am bearish is because Canada and USA are not in OPEC and have too many dormant rigs. You might also want to know that no one is attacking our rigs and wells so supply will remain strong. Depends on that margin call.
Frankfurt gained 7 points. The DAX is still looking bearish.
Paris gained 1 point and also looking bearish.
London gained 28 points. I would hold all positions on the FTSE because the news is yet to sink in on CETA. Maybe download 50% but I am sitting tight till next week. The FTSE is tied to North America a lot and US elections are around the corner. Professionals are playing this both ways.
Toeonto gained 26 points. Our biggest trading partner is US. Extrapolate.
Dow Jones Industri Average lost 30 points. The DOW is going to remain in a tight range so none professional traders need to wait.
Standard and Poor lost 6 points so we are in the same rat rug. Elections. Read above.
NASDAQ … Wait what happened there buddy? The COMPQ lost 34 points and crashed through major support at the 50 day moving average. Not good at all. It is good for a short.
For some reasons, people are still set on killing others. The decimation in Aleppo and Mosul is unreal.
Then of course we had after shocks in Italy, terrorist attacks, kidnappings, beheadings, etc..etc..
For Uganda, we had 2 more banks going south and then IMF with their boring usual.
On the bright side, Canada got the trade deal with the EU.
Follow me on social media as I share world news all the time and only write this report when the North America markets close.
Martha Leah Nangalama
I have an IT and business background. All the opions are mine. I have traded in the past, own oil shares and mutual funds.