The Uganda shilling movement against the U.S. dollar remained constrained within a band of 3660-3680 in Wednesday’s session.
The session saw little activity across the counters that just about evened out on the day, with foreign currency demand edging supply to push the local unit 3 shillings lower.
The USDUGX currency pair is likely to continue trading within the recent ranges as the market continues to witness matching foreign currency flows.
The U.S. dollar rose against a basket of other major currencies on Wednesday after an impeachment inquiry against U.S. President Donald Trump failed to intensify following the release a call transcript between him and his Ukrainian counterpart.
Although there was no sign of coercion in the transcript, the market was still unconvinced, with investors pricing in bets that Trump will still be impeached, but unlikely to be removed from office.
The euro fell towards yearly lows against the dollar amid worries of the dreary state of the Eurozone economy.
The market now shifts focus to European Central Bank (ECB) President Mario Draghi’s speech due later today.
The pound ceded its earlier gains against the dollar as U.K. MPs returned to parliament, with investors envisaging many more months of Brexit and general election risk.