The Uganda shilling’s movement against the U.S. dollar remained constrained within the 3680-3710 band in a lacklustre trading session on Tuesday.
The session saw minimal activity across the counters, with flows just about evening out on the day. The USDUGX currency pair closed the day little changed from the previous day’s close.
The domestic unit is likely to continue trading within recent ranges if the lull in activity in the local FX market continues to manifest.
The U.S dollar dipped on hopes of a breakthrough in the U.S and China trade talks and Brexit developments.
Focus shifts to the much-awaited U.S Retail sales data due later today.
The EUR/USD pair traded above 1.1000 levels yesterday. German Zew October Survey on economic sentiment printed at -22.80, the view remains pessimistic but better than expected.
The GBP/USD pair soared to trade close to 1.2800 levels yesterday, on reports that Britain and the European Union were close to a deal. The British Pound will likely come under pressure if Johnson fails to get the Democratic Unionist Party’s support.
On the data front, the ILO Unemployment rate printed at 3.9% against an expectation of 3.8%, while average earning dropped to a 3.8% increase in August.