Shilling gains slight momentum

There was some activity was seen during Friday’s overall session with the shilling gaining marginally to close the day’s session at the 3800/3810 levels as month-end inflows outweighed demand side activity, a report by Catherine Kijjagulwe, Head of trading at Absa Bank Uganda said.

Money Markets were fairly liquid on Friday with overnight yields at averages of 11.35%. Bank of Uganda will hold a 2-year and 10-year Treasury Bond auction on Wednesday 2nd November 2022. Uganda Bureau of Statistics is scheduled to release the October 2022 inflation figures on Monday 31st October 2022.

A Centenary Bank report Sterling fell on Thursday against a strengthening U.S. dollar and steadied against the euro ahead of an expected 75 basis point interest rate hike from the European Central Bank.

The Euro briefly fell back below parity with the U.S. dollar after the European Central Bank raised interest rates in line with expectations and data showed that the U.S. economy rebounded more than expected in the third quarter.

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