The Uganda shilling continued its bullish trajectory against the dollar in Thursday’s trading session, boosted by ample dollar supply.
Corporate dollar sellers raided the local FX market with hefty ticket deals in the morning session. Some dollar buying ensued later in the day that limited the unit’s gains to 3 shillings against its U.S. counterpart at the closing bell.
Market chatter alludes to further appreciation of the home unit if the recent increased activity on the supply counter persists.
The dollar nursed a week of losses, hit by nervousness on trade and mixed signals about the U.S. economy.
Focus turns to U.S. non-farm payrolls, due today, this comes after dismal data through the week showed weak private payrolls, soft services activity and a shrinking manufacturing sector.
Elsewhere, the pound continued to rise due to confidence that the Conservative Party will win the general election on Dec. 12. GBP/USD gained 0.2% to $1.3129.
EUR/USD was up to $1.1092, despite a fresh drop in German factory orders earlier in the day that point to another weak quarter for the Eurozone’s largest economy.