The Uganda shilling firmed in thin trade. Activity was low on both counters. The unit was quoted at 3825/35 in most of the trading sessions of the week.
In other peer markets , the narrowing of interest rate differential between the frontier markets and the US is continuing to cause mayhem as the relative interest rate return between local currencies and dollar assets diminish.
In the global markets, the US dollar loomed over major peers as treasury yields peaked at multi year high. Gloomy data and down beat corporate outlooks dimmed investor risk appetite .
In other major markets, focus was on the UK, where the pound recovered a bit as investors welcomed the news that all tax measures set out in the mini budget were to be reversed. However markets remained nervous over the political turmoil in the ruling party .
A look at the week ahead, the shilling is likely to maintain the current trajectory with minimal upside, if supply holds at the levels seen in the past week.
