Uganda shilling and global market report – September 6, 2016


The Uganda shilling recovered a tiny bit today but do not count on it because its chart spells weakness on the US dollar.

The Uganda shilling closed at 3375 on the US dollar, 4528 on the British pound, 3797 on the Euro, 50.93 on the Rupee, 33.32 on the Kenyan shilling, 2627 on the Canadian dollar, 2594 on the Australian dollar and 1.55 on the Tanzania shilling.

Coffee Arabica closed at $3.70 per kilo.

Coffee Robusta closed at $2.07 per kilo.

Winter is around the corner and coffee will go up.  My family in Uganda only grows Arabica but with the winter coming around and some people not knowing the difference between the two coffees, you would be safer to mix your shipments.  Robusta tends to move fast but strong coffee drinkers love their Arabica. Mix and mix some more.  You cannot make a killing on coffee unless you ship containers.  It is not a perishable product and many buyers have their own coffee roasting houses to blend.

Gold is trading at 1348 per ounce and lost a dollar.  This is a none issue as Gold can move a lot when the markets fly into safety.

Brent Crude Oil gained $0.75 and closed at $47.36 per barrel. The chart points to down. Ignore all the hype about oil going up because Russia and OPEC are in discussions.  Charts do not lie.

WTI Crude Oil did something interesting. It rose and then fell under its 50 day moving average (MA). It put in a hammer and this now becomes interesting in that it could actually rise up.  But I would stay on the side.  It gained $0.39 and closed at $44.83 per barrel. This now makes Brent suspicious.  The volume on both is not outrageous though.



Shanghai gained 19 points.  It is not so much about points gained or lost, it is about the chart.  The SSEC is on the upside.

Hong Kong gapped big time and gained 8 points.  Might be because those defiant kids are going to retain 30% in the house for the elections.  Long live youth.  It is your life.

Tokyo – well would you just believe it.  The Nikkei gapped up and gained 156 points and the chart is good but this is an index which is a widow maker.  This index can move you out and back in and then just watch you die.


Frankfurt gained 15 points.  Germans are tough and all the attacks on Germany and Merkel are not dampening their resilient spirit at all. Germany is very disciplined so you can attack them all you want but in the end, the EU is Germany funded.  My bad, I just said it.

Paris lost 11 points but it is a tiny pull back.  France has also been attacked a lot but the French are defiant too.  I should know.

London lost 53 points.  It is not too bad but the world has been betting on the FTSE going down.  I would not bet on this loss to write London off.  In fact this loss is likely due to profit taking.  The FTSE is very strong and I would be very careful to short it.  At the same time, I would hold off going long. I am still to understand why Germany and France are the ones bearing all the attacks.

North America:

Toronto hardly moved and gained only 17 points.  Monday was a public holiday but NYSE balances things out.

Dow Jones Industrial Average gained 46 points and it has not yet broken above its resistance so walk carefully.

Standard and Poor gained 6.50 points and it is looking like it might go up but not a definite thing.  I would bet my money on the SPX going up though.

NASDAQ gained 26 points and closed a hair above its resistance.  This one will be interesting to watch as it is not following its North American cousins.  The Nasdaq is looking good for buying (long) or shorting (selling).  Although from past experience, when a stock or index looks attractive both ways, it is safer to stay on the sidelines.


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Martha Leah Nangalama

Moncton, Canada

I have an IT and Business background and do own shares and mutual funds.  I write mostly about business and you can find my work on The Insider, my blog or using Google.


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