The Uganda shilling stood tall against the dollar in Monday’s trading session that saw ample dollar supply.

Euro at a new 2-year low; Dollar supported by safety flows

The odds were against the Shilling in Thursday’s trading session, as the home unit reversed its recent gains against the dollar.

A flurry of activity in the afternoon saw dollar demand tip the scale against the local unit, where it steadied for the majority of the session to close the day 5 shillings lower.

Looking ahead, we see a continued lull in activity, with the local currency trading within recent ranges against the greenback as traders look for the fresh impetus for further direction.

The dollar stood tall, holding near multi-week highs against most major currencies as heightened risks from political tensions to the Sino-U.S. trade war increased its safe-haven lustre.

In Asian trade, it was steady around 107.75 yen, near a one-week peak, and edged higher against the euro to $1.0916. The single currency slipped to a fresh two-year low pressured by an increasingly weak outlook for the eurozone.

The pound wallowed at $1.2325, close to a two-week low hit after the European Union’s Brexit negotiator said Britain had yet to provide “legal and operational” proposals for an agreement on exiting the bloc.