The Uganda shilling strengthened against the U.S. dollar as activity on the FX supply counter outmuscled demand in Monday’s trading session.
Corporate dollar sellers made forays into the local foreign exchange market, outpacing waning demand, and pushed the home unit higher by 5 shillings at the closing bell.
We see the USDUGX currency pair trading within recently established ranges, albeit with a bullish bias in the near term, as market participants lookout for fresh factors to offer price direction.
The pound climbed against the dollar on Monday, but some experts warned further gains will likely be kept in check by ongoing UK-EU trade tensions and steady U.S. interest rates.
Cable’s advance, however, could come under pressure as soon as today, should Federal Reserve Chairman Jerome Powell deliver a positive assessment of the U.S. economy in his semiannual testimony before Congress.
The U.S. dollar index, which measures the green against a trade-weighted basket of six major currencies, rose to 98.76
The euro fell to $1.094, with some warning the coronavirus poses a bigger risk to the economy of Germany, the EU’s growth engine, than that of the U.S
