Overall market lethargy left the Uganda shilling trading flat against the U.S. currency in Monday’s trading session.
Fickle dollar supply by corporate players was evenly matched by dearth inactivity on the foreign currency demand counter that left the home unit stuck within the 3685-3705 trough versus the dollar.
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 was lower on Monday as investors remained cautious after U.S. President Donald Trump
denied he would roll back tariffs on Chinese goods.
The hope of a trade deal diminished after Trump said on Friday that he had not agreed to end tariffs on Chinese goods as part of a trade deal, as was claimed by the Chinese Commerce Ministry earlier last week.
The EUR/USD pair was little changed at 1.1034. Citing a person familiar with the decision, that U.S. President Donald Trump is expected to push back on whether to impose tariffs on European Union automobile imports for another six months.
Elsewhere, sterling surged after Brexit Party leader Nigel Farage said his party would not challenge any seats currently held by the Conservative Party.
His comments increase the chances of the Tories winning a majority during the U.K. general election on Dec. 12.