After a thrilling trading session on Thursday, a dearth in the market activity left the USDUGX currency pair stuck within the 3700-3720 ranges.
Trivial dollar inflows from the corporate sector just about edged demand by interbank players and saw the pair end the day just 5 shillings lower from the previous close.
Market chatter alludes to range-bound trading, as declining dollar demand continues to keep the currency pair’s movement in check.
The dollar was lower in late trade on Friday after data showed a mixed view on the economy, and as optimism that the U.S. and China will reach a deal to end their trade war reduced safe-haven demand for the greenback.
The euro was firm at $1.1168 as bulls looked to test the October peak of $1.1179 and the 200-day moving average at $1.1195. Today investors wait to hear the first speech from the new head of European Central Bank (ECB).
Sterling remained well bid at $1.2935, after last month’s rally from $1.2200, as investors wagered there was less risk of a hard Brexit now that an election campaign was underway.