The Uganda shilling closed at 3383 on the US dollar, 4424 on the British pound, 3792 on the Euro, 50.76 on the Rupee, 33.40 on the Kenya shilling, 2592 on the Canadian dollar, 2586 on the Australia dollar and 1.56 on the Tanzania shilling. The slow steady degradation of the shilling is beautiful. Many Ugandans have not fully understood the effect of WB suspending funding. And many do not realise that with most salaries going unpaid for months, the purchasing power falls so expect more businesses to close down.
Coffee Arabica closed at $3.83 per kilo.
Coffee Robusta closed at $2.18 per kilo.
Gold is trending at $1335 per ounce after gaining $1.58 per ounce. This means that the markets are stabilizing.
Brent Crude Oil hardly moved. It is sitting at $47.39 per barrel. It is turning bullish though.
WTI Crude Oil closed at $46.32 per barrel after gaining a dollar. Big time bullish so go easy shorting oil. At the same time, Oil has some serious resistance so hold all positions and go in carefully using money you can afford to lose.
Shanghai gained 16 points closing a hair below its 50 day MA. It is bullish.
The Australia composite gained 37 points but it is still has resistance at the 200 day MA and the red candles from last week so it is a WATCH.
Tokyo gained 315 points but what a nice set up. It is approaching its 200 day MA resistance but with today’s trading, the Nikkei will blast through this resistance.
Frankfurt put in a great performance. It gained 238 points and this is a good show for the DAX. Besides this, it is trading well above its 200 and 50 day MA.
Paris – fantastic performance from the CAC. It gained 100 points and its pattern looks like the DAX.
London gained 77 points. I feel bad for the shorters because the FTSE is unstoppable.
Toronto gained 86 points but gapped up. Gaps are great. The TSX is at prior resistance but with today’s gap, I would be careful shorting it.
Dow Jones Industrial Average gained 99 points. We have a bull on our hands.
Standard and Poor gained 14 points. But it gapped up and closed above 3 key resistance levels. It closed above the 50 day MA an the 200 day MA is way way below. It also closed above the big red negative candle from last week. But it the SPX was not done yet. It closed a gap down. Let the bulls run.
I had appointments today so did not contribute to the World news. However, apart from The Insider, if you follow me on social media, you get news. Turns out my doctors had changed the appointments and had left voice mail. NOTE to self, maybe listen to voice sometimes or answer the phone. http://www.theinsider.ug/category/world-news/
Martha Leah Nangalama
I have an IT and Business background and also own oil shares.