The Uganda shilling’s movement against the U.S. dollar remained constrained within the 3680-3710 band on Thursday.
The session saw minimal activity across the counters that just about evened out on the day, with USDUGX pair closing the day unchanged from previous day’s close.
Ahead of the weekend, the local unit is likely to continue trading within recent ranges as market continues to witness a lull in activity.
Dollar registers little change
The dollar was little changed on Thursday with global trading subdued as U.S. financial markets remained closed for a public holiday.
U.S. President Donald Trump’s administration on Wednesday said it was scheduling a call with Chinese negotiators next week that would mark resumption of talks between the two countries. Attention today shifts to the U.S. jobs report that will help make or break the case for a rate cut later in July. The euro was steady near a two-week low at 1.1285.
The single currency has weakened since IMF Managing Director Christine Lagarde perceived as a policy dove, was nominated as the next European Central Bank President. Sterling traded at 1.2580, struggling near the 2-week low of 1.2557 touched on Wednesday due to speculation that the Bank of England would abandon its preference to raise interest rates and swing to the dovish camp as the trade war and uncertainty about Brexit continue to weigh
