By Benjamin J. Cohen SANTA BARBARA – With the onset of the COVID-19 crisis, the United States seems to have developed a severe case of what psychologists call dissociative identity disorder: it is simultaneously projecting two distinct personalities. On the one hand, the US Federal Reserve has responsibly assumed a leadership role in international finance, […]
The Board of Directors of the African Development Bank has approved a $13.7 million grant to finance the COVID-19 response in Zimbabwe. The funds will provide an immediate lifeline for targeted frontline responders and health personnel and boost the country’s Global Health Security Index in the wake of the novel coronavirus pandemic. Approval for the grant was made […]
By Esther Ngumbi URBANA, ILLINOIS – Around the world, food insecurity is spiking. Experts predict that the number of hungry people will double during the COVID-19 pandemic. Throughout Africa, governments struggle to provide for the neediest. In Burkina Faso, which at one point had the highest number of deaths from COVID-19 in Sub-Saharan Africa, more […]
The local unit strengthened against the U.S. dollar as activity on the FX supply counter outmuscled demand in Thursday’s trading session. The central bank pumped dollars into the local foreign exchange market, outpacing waning demand, and pushed the home unit higher by 40 shillings at the closing bell. We see the USDUGX currency pair trading […]
The shilling caught a break from the recent pressure, gaining some ground versus its American counterpart. Activity started off rapidly earlier in the day but picked up later with most players lightening their dollar positions. Foreign currency inflows from investors following the settlements from the just concluded 3yr and 10yr bond auction, also supported the […]
Increased dollar demand saw the Uganda shilling edge lower against the U.S. unit on Thursday. The home unit was down 5 shillings, with the USDUGX currency pair closing the day at the upper range of the recently established 3705/3725 farrow, on the back of increased activity on the foreign currency demand counter. We see competing […]
It was a calm Wednesday with little to report, as the local currency treaded water for most of the day, ending the session little changed from previous close. Sideways trading was the dominant theme in the local currency market with activity from both demand and supply counters remaining well balanced through the session at the […]
The Uganda shilling edged slightly higher against the U.S. dollar yesterday on account of increased foreign currency supply. Early morning trade saw the USDUGX currency pair marginally higher amid increased corporate demand for the U.S dollar. The domestic unit showed renewed energy later in the day and closed the session at the 3700/3720 band stronger […]
The Uganda shilling started the week lower against the U.S. dollar on account of increased greenback demand. The local unit started the day on the back foot, weighed by increased activity in the foreign currency demand counter, that was unmatched by muted dollar inflows. The USDUGX currency pair closed the session 5 shillings higher by […]
The Shilling’s movement was restricted within tight ranges as calm continued to engulf the local FX market on Thursday. A state of equilibrium permeated as trivial dollar inflows matched corporate demand for foreign currency, leaving the USDUGX pair tucked within the current range of 3700-3720 band. As dollar demand eases in the coming days, the […]
The upbeat momentum of the USDUGX pair remained sound yesterday, dragging the local unit to new lows. The shilling has been drifting south versus the greenback in the last couple of days on account of buoyant dollar appetite amid a shortage of foreign currency inflows, high liquidity conditions, as well as bearish sentiments surrounding the […]
Increased dollar demand saw the local unit, Shilling, edge lower against the U.S. unit on Wednesday. The home unit was down 10 shillings, with the USDUGX currency pair closing the day at the upper range of the recently established 3670-3700 farrow, on the back of increased activity on the foreign currency demand counter. We see […]
The odds were against the Shilling in Tuesday’s trading session, as the home unit reversed its recent gains against the dollar. A flurry of activity in the morning saw dollar demand tip the scale against the Shilling, where it steadied for the majority of the session to close the day 10 shillings lower. Market chatter […]