The shilling traded relatively flat versus the greenback in what was a dull Wednesday trading session. The home unit was little changed against the dollar in a session that saw both demand and supply equally matched.
Dollar flows from corporates tipped the scale slightly in the afternoon and helped the USD/UGX currency pair gain 2 shillings on the day.
Yesterday’s trading range will likely be preserved as market searches for fresh economic rudiments to give price direction.
Dollar dives, recovers slightly
The U.S. dollar dove on Wednesday before recovering slightly after U.S. president Donald Trump reiterated his accusations that the Federal Reserve is not cutting rates fast enough.
Trump’s comments were made after three other countries’ central banks cut rates. Trump tweeted that the Fed needs to “cut rates bigger and faster,” and that “our problem” was not China, but the U.S. central bank.
The euro was little changed gaining 0.01% against the dollar as it took cues from risk appetite in the market. The GBPUSD traded at session lows as fears of a no deal Brexit are likely to worsen, though it is anticipated that it will be avoided.