The Uganda shilling traded within confined ranges against the U.S. dollar on Monday as foreign currency flows evened out.
In a rather quiet session, the domestic unit held steady versus the greenback on the back of matching flows on both the demand and supply counters.
The USDUGX currency pair ended the day little changed from the previous close.
Market chatter alludes to range-bound trading between the 3670-3700 farrows for the home unit.
The U.S. dollar rose on Monday’s session on the back of increased demand for the greenback as uncertainty arose from the U.S –China trade war.
Attention today shifts to the Institute for Supply Management and Markit Purchasing Managers Index data.
The EUR/USD pair plummeted to two-year lows, trading below 1.0900 levels yesterday on disappointing
preliminary German annual inflation data.
German consumer prices rose by 0.9% year-on-year after an increase of 1.0% in August, undershooting a 1.0% forecast.
The focus moves to the preliminary Eurozone inflation data for September. The single currency could
regain some poise if the core inflation beats estimates.
The GBP/USD pair traded below the 1.2300 levels for the better part of the previous trading session.
A speculated leak from the British Prime Minister’s proposal, indicates multiple checks to be the solution to the Irish backstop, which was turned down by Ireland’s deputy Prime Minister. Markets await Boris Johnson reveal of his Brexit plan.