Overall market lethargy left the Uganda shilling trading flat against the U.S. currency in yesterday’s trading session.
Fickle dollar supply by corporate players was evenly matched by a dearth inactivity on the foreign currency demand counter that left the home unit stuck within the 3780-3800 trough versus the buck.
The USDUGX currency pair looks settled, and will probably remain within the present levels in the interim, barring fresh factors coming into play.
The U.S. dollar struggled from a sell-off of safe-haven assets as investors became more optimistic about the global economy’s recovery.
With more nations easing their lockdown restrictions, traders are hopeful that we could see a faster – than – expected rebound in the global economy.
As a result, traders are seeking out riskier assets.
The euro suffered as risk-on markets meant that investors had flocked to riskier assets. This followed the announcement that the US biotech firm, Novavax, had begun trials on human subjects for its experimental COVID–19 vaccination.
More so, Germany’s GFK consumer confidence survey for June, which improved slightly from -23.10 to -18.90, left many single currency traders feeling gloomy.
The pound rose by 0.5% against the dollar after UK markets reopen after a long weekend. It benefited from a rally in the global stock markets today as investors become more hopeful as COVID – 19 lockdown measures across the world continue to ease.