The Uganda shilling did not break through its resistance at 3350 and even bridged the last support at 3375 on the US dollar. It is heading down. 3375 now becomes resistance with the next stop still sitting at 3350. Pray. Support is now sitting at 3400 and heaven forbid that we brush it because then we shall head lower to be stopped at 3325. These are minor movements and nothing to worry us except large volume traders of forex know that each Pip peeps big time.
The Uganda shilling closed at 3377 on the US dollar, 4429 on the British pound, 3707 on the Euro, 50.30 on the Rupee (I like this play), 3326 on the Kenyan shilling, 2572 on the Canadian dollar, 2521 on the Australian dollar and 1.54 on the Tanzania shilling.
CAUTION: Do not count on the shilling rising for a while. The main reason for this, despite the balance of trade things is the fact that in August school fees are due for university and college bound kids and soon after that the third term for the little ones. What we face around school fees time is people living abroad buying the shilling to remit money to Uganda and hence causing its value to rise. Did you know that Ugandans in the diaspora (the ones you call Nkuba Kyeyo) remitted $1 billion to Uganda in 2015 and $750 million in 2014? Respect people street sweeping or toilet cleaning seems to pay them rather well.
Coffee Arabica closed at $3.66 per kilo.
Coffee Robusta closed at $2.01 per kilo.
Gold is trendinga t $1322 per ounce having fallen quite a bit. Wait, it is Friday night so consider that as the last price until Australia opens on Sunday. Not much flight into the precious metals and gold indicating that the markets ought to have done well this week.
Shanghai. Whoa! Yikes! It lost 26 points and formed a bearish pattern (more sellers than buyers). I would not be too confident in this pull back though because the $SSEC has risen a lot and people who trade Index Funds likely wanted to take some profits off the table.
Hong Kong – Holly molly! Reason we maybe should not leave the financials till Friday. This thing rocked up so high during the week and I am also stunned. It gained nothing today but the chart is a winner. Super chart for today. Mama mia caramba!
Tokyo lost 183 points but this is the baby that tanked 1300+ points on #BREXIT and has regained everyone of those points. Haters will be haters. The minor loss is simply because some people made a lot of money so being Friday as it is, no one wants to leave all their cards on the table. You would not do it either. Ride Nikkei, ride!
Frankfurt lost 9 points and it is nothing to write home about because the $DAX is still marching North. WAIT a minute. Something happened in Munchen after the markets closed so Monday might not be a good day.
Paris gained 5 points but we must keep an eye on Frankfurt because of that attack in Munich.
London gained 31 points and continues to laugh at all the people who panicked and wrote off Britain during #Brexit. In fact, this is the most fun I have had in a very long time. The $FTSE tanked only one day, pulled back and then put the rest of us to shame. Good job London. Does not hurt that May will put things right. Hallelujah!
OIL (Brent Crude) is now being reported under North America given that we use Brent prices which only close after Wall Street and Bay Street close. It lost $0.31 per barrel ending the week at $45.75 a barrel. The trend on oil is downwards. You heard it right. It has been rising this year and the smart ones took out profits with each rise but the tangent is down.
Toronto gained 35 points and the $TSX is on a wave of good things for those who buy and hold. Not sure about the ones who short though. Certainly since 2014 I have been telling people not to short when it did not feel right. Yeah, but I do not even trade so no deal at all. The TSX shows nothing but bulls on both the daily and weekly charts.
Dow Jones Industrial Average gained 54 points showing a curve downwards on the daily chart but the weekly chart is a beauty. The $INDU is going up. Life is Good (LG).
Standard and Poor gained 10 points and dear heaven! This thing is flying North. The $SPX has formed one of the most lovable charts on the weekly and even the daily. Oh man, I feel bad for the people who shorted because with this kind of magic graphical art, someone is gonna get hurt. On the short side.
Nasdaq gained 71 points and on the daily and weekly charts, the NAS is rising wonderfully. It is almost like everyone has forgotten the old adage “Sell in May, buy in September”. People do not seem to have taken the North American summer off at all because the volumes are not the usual. Then again, there might be other reasons.
- #SouthSudan continues to kill one or the other and foreigners have pulled out. The Insider covers South Sudan daily so just keep an eye on it.
- African Union (#AU) voted for the next chairman / chairwoman / chairit and deferred the voting to 2017. Apparently none of the candidates got the votes required. Until Kikwete joined the party at the last minute. The next 6 months will tell who barks and gets the bite and who can humbly swallow pie.
- Then we had #TurkeyCoup and the aftermath of it is still WIP (work in progress).
- As if the world did not have enough going on, Russia got banned from the #Rio Olympics. Before you go off and cry about it, know that the Russian Athletic team has thrown their support behind this young beautiful lady by the names of Darya Klishina. God help her.
- Today we have the Germany factor. In Munchen, shooting in a mall with the city under lockdown.
Do not believe all this. READ http://www.theinsider.ug/
Martha Leah Nangalama
IT and Business background, social media, blogger, etc….