The shilling has closed sessions at the 3675/3685 levels, having opened the week at the 3670/3680 levels. Month-end inflows from Non-governmental organizations (NGOs) and other sectors are trickling into the market, but on the other hand, the flows are being covered by some demand from the Corporates and other sectors as activity for the year starts to gain some momentum.
The unit is anticipated to trade within the 3650 – 3750 trading range in the short term as activity picks up in the short term.
Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda said money Markets faced tight liquidity conditions during the week with overnight yields ranging between 11.00% – 12.50%.
Bank of Uganda held a 2-year and 10-year Treasury Bond auction and yields cleared at averages of 13.50% and 15.39% respectively. Bank of Uganda is scheduled to hold a Treasury Bill auction on Wednesday 1st February 2023. The next Monetary Policy Committee Meeting is scheduled during the month of February 2023.
“The narrative remains the same with the Kenya shilling as it remains weak against the dollar with continued demand requirements amidst a shortage of dollar supply that has kept the unit within the 124.00 -130.00 trading ranges,” she said.
The dollar had some positive economic data on Wednesday with US Q4 GDP at 2.90%, Jobless Claims printed at 186k – which pointed to a growing US Economy supporting the Fed’s Monetary Policy stance.
The Euro weakened on Wednesday due to a strong dollar to touch lows of $1.0848 (Shs 3,998) and closing at $1.0889 (Shs 4,013).
The Pound was also pressured by a strong dollar touching lows of $1.2430 (Shs4,581) and closing the day at $1.2406 (Shs 4,572).
Crude Oil prices rose marginally on expectations of the reopening of China’s economy that will lead to increased demand. Brent traded at $88.53 (Shs 326,319) a barrel and West Texas Intermediate traded at $82.16 (Shs 302839) a barrel.
Gold traded at $1930.80 (Shs7.1 million) an ounce.
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