The Uganda shilling closed at 3375 on the US dollar, 4384 on the British pound, 3764 on the Euro, 50.39 on the Rupee, 33.33 on the Kenyan shilling, 2558 on the Canadian dollar (ouch!), 2549 on the Australian dollar and 1.55 on the Tanzania shilling. I do not trade the Uganda shilling except when I send money to my elders. The shilling is being very strong but seems to be weakening on the Kenyan and Tanzania shillings. Irrespective of all this, trade the Uganda shilling very carefully because the Geo-Political issues are present. Ignore politics at your own your peril.
Coffee Arabica closed at $3.72 per kilo.
Coffee Robusta closed at $2.15 per kilo.
Coffee does not move aggresively. But it can make you rich if you follow the weather patterns. I report on the two types of coffee exported from Uganda. Sadly, most end up in blends. This year is a bit strange because today in Moncton, Canada where I live, the temperature as 21 degrees and with humidex, it was 25 degrees. Last year on this day it was 12 degrees. It is not only because of the weather but kids return to university and college in September and apparently the little monsters drink a lot of coffee.
Gold is trading at 1313 per ounce and only lost $1 per ounce. This gives m hope that the markets recovered,
Brent Crude Oil gained $0.22 per barrel and closed at $46.12 per barrel.
WTI Crude Oil gained $0.19 closing at $44.05 per barrel.
It is very crucial that you understand that despite the rise and attempt at recovery, oil is on the way down. Just look at WTI and its attempt at recovery (Brent has a similar chart), despite the support from two weeks ago of rising, last week and this week are following gravity. Earlier this year when sanctions were lifted off Iran, I had mentioned that Iran was sitting on crude which it would put on the market, Iran is putting out about a million barrels per day but shooting for 4 million barrels per day. Their break even price is only equaled by Saudi Arabia. Iran is opening up rigs slowly. Analysts say that Russia will work with OPEC to cut down supply and push up prices. Those who follow me know that US and Canada can open dormant riggs and their economies of scale are okay. They are also not in OPEC.
Shanghai lost 3 points. Hardly got out of bed. It is bearish.
Hong Kong is missing in action. Oh gosh.
Tokyo – the Nikkei lost 27 points. The heart attack causer is not really moving. Do we see stability in AsiaÉ
Australia index gained 9 points. The $SPASX200 will be replacing Hong Kong. It is bearish and is a better reflection than Hong Kong which hardly moves.
Frankfurt tried to recover and gained 20 points but closed under a key support level of its 50 day moving average (MA). It is acting like it is recovering but I would short every uptick.
Paris closed by a loss of 6 points and it is also bearish like the DAX above so short the CAC or stay out. I would take some money off the table though.
London – OMG, the FTSE is going to give people heart attacks. It is leading the recovery in Europe. But it has been very strong so whoever was shorting it was not paying attention.
Toronto: gained 26 points. It is recovering but still in bear territory.
Dow Jones Industrial Average gained 10 points. It is still in bear territory but shows signs of recovering.
Standard and Poor did not move but it seems to have handed the reigns to the Dow.
NASDAQ gaind 6 points and is a bit resilient. I am thinking that when the markets turn up, the NAS will fly. The COMPQ has set up a mixed pattern. It is great for shorting and at the same time, if you wait a bit, it could be a good long. It has one resistance wall to break through.
- The world seems to be set on killing each other.
- Russia apparently is gonna get whoever hacked for WADA. Cool.
- Putin is doing well but facing some hurdles as his attempt to reconcile his words on muslims and immigrants still haunt him.
- Hillary Clinton recovered from pneumonia. This is where trouble gets bad. If someone is sick, should you make fun of them being sick while promising to protect sick Americans? Read up on Kim Campbell and how she lost to Jean Chretien. Her campaign team made fun of Chretien. We voted her out.
- In Africa, apparently South Sudan and Somalia are still at war. Ethiopia is another story.
- Did you know that the president of Uganda flew to France then to NYC for the UN General Assembly.
- Close to home, a new political party is now in the Province of New Brunswick Canada. Spiritual Party (wanji).
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Martha Leah Nangalama
I have an IT and business background. I am the assistant editor for The Insider (probono).
My opinions do not reflect on The Insider, my employer or any organisation or NGO I am affiliated with.