The Uganda shilling ended the day at 3592 on the US dollar. It even brushed 3600.
Resistance is now firm at 3375. Support will be 3625. We will play within this range for a day or two. Congratulations to those who read what I say. You should have shorted the UGX months ago. It will get worse.
Do not get surprised if it tanks to 4000. The fact is the Uganda economy is bleeding.
Gold is at $1210 after losing $9 per ounce. This is a bit interesting. It means money is not flying into gold for safety. Although the markets are not reflecting this, the indices will rise. Abeit.
Brent Crude Oil ran into a snag. Oil affects a lot of markets. Russia said they expect oil to hold around $40 per barrel.
Do you remember the CEO of Total in Qatar saying Total saw no big rises on oil for 2017 but hoped that oil would trade around $60 per barrel for Total to break even?
And then today, CNN runs a story that USA made another oil discovery. WT??? Some 20 billion barrels and natural gas to boot.
What we need to now keep an eye on are the geopolitical affairs. Not do we now have cheap oil but wars need armo. Keep an eye on ammunition exporters. No money in oil but money in arms and reconstruction contracts in every country we bomb to smeetherens.
Then we have the Trump factor. His team has brainiacs. America will be okay. No idea how they will calm down the HATE.
Martha Leah Nangalama
DISCLOSURE: I am affiliated with 2 oil companies but all opinions are mine.