The local Foreign Exchange market begun the day as it had closed the previous one, with minimal activity witnessed across the counters, leaving the Uganda shilling unmoved for most of the session.
Subdued demand for the dollar from corporate and interbank players was amply met by fickle foreign currency inflows that left the home unit little changed from the previous close.
With continued slowdown inactivity, we see the local unit trading within the 3680-3710 range against the dollar in the interim.
The U.S. dollar remained tepid on Tuesday with traders reluctant to make moves as U.S.-China trade talks dragged on.
Meanwhile, data from the Commerce Department showed that the goods trade deficit fell sharply in October due to reduced trade flows from the White House’s toughened stance on trade with China.
The euro was little changed against the greenback at 1.1014, holding above the one-week low of 1.1003 reached on Monday.
Whereas, the pound slipped over the worry that the Conservative Party’s lead in the December election is narrowing.
A poll released on Tuesday showed that the Conservatives are at 43%, while Labour is at 32%. The Dec. 12 election is expected to be close, as Brexit looms as the main issue facing voters.
