The shilling had another bad day. We have seen this one coming though so no big surprise here but each day is tearing a bit off that currency.
It closed at 3471 on the US dollar, 5005 on the British pound, 3778 on the Euro and 33.91 on the Kenyan shilling.
Expect more volatility and more drop as the commodity prices upon which Uganda depends are sinking.
Arabica coffee closed at $2.93 a kilo.
Robusta closed at $1.66 a kilo.
Gold is trending at $1087 an ounce. This one trades 24 by 7.
Brent Crude Oil is still trading in after market hours and currently sitting at $30.23 a barrel. Earlier today this thing touched $29 a barrel. Here is where I think Ugandans are in for a hard time this year and future years.
Shanghai lost 2.42% and closed at 2950. The chart indicates more dropping. Yesterday’s recovery was totally washed up as the sellers came out of the wood works and supply and demand hit in. Now, Uganda has a problem given how much they depend on China.
Hong Kong did not change at all per trading data yesterday compared to today. Which is a good thing.
Tokyo went up beautifully. It gained 2.88% closing at 17716. Maybe they do not manipulate their currency? Just a thought.
Frankfurt opened up but then fell. The good thing is the fall was not significant and it was contained in the positive move from yesterday. It lost 0.25% and closed at 9961.
Paris did pretty good. It went up by 0.30% and closed at 4392. The chart on this one looks promising.
London is looking great. It went up by 0.54% and closed at 5961. Two up candles in a row and it is curving upwards.
Canada and USA:
Toronto was bloody. It fell by 1.64% closing at 12170. This is worrisome but then again Canada depends a lot on oil and other commodities.
The DOW oh… What a drop. It fell 2.21% closing down 365 points ending at 16151.
The Nasdaq fell 3.41% losing 160 points and ending at 4526.
NASDAQ CHART ENCLOSED. Just notice the big red candle from today’s trading. It means bad news.
Martha Leah Nangalama