Shilling stronger as appetite for hard currency wanes

The Ugandan shilling was firmer on Thursday as appetite for hard currency waned on the interbank market, traders said.

Centenary Bank quoted the shilling trading at 3710/3850 buying and selling respectively on Friday, stronger than at the start of the week.  

A Centenary Bank report indicated that the dollar held onto recent gains against the euro and sterling on Friday ahead of Federal Reserve Chair Jerome Powell’s widely- anticipated speech, which traders hope will offer clues on the U.S. central bank’s tightening plans.

The euro was barely changed in Asian trade at $0.9971, having failed in several attempts this week to break back above parity against the dollar. It fell below that psychologically important level on Monday.

Sterling was down 0.14% at $1.1821, not far from its more than two-year low of 1.1718 hit early in the week

Market Outlook: The shilling is forecast to strengthen against the dollar.

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