Alpha Capital Forex Market Commentary for the week ending 22nd January 2016

Alpha Capital Forex Market Commentary for the week ending 22nd January 2016
 
The\r\n shilling advanced slightly during the week on the back of subdued \r\nmarket activity,trading a little above the psychologically important \r\n3450 mark.  A bit of liquidity tightness also helped in uplifting the \r\nunit.
 
In the treasury bill market, BOU accepted 175 billion in \r\nthe auction and rates rose across the board to 19.15%, 21.99% and 24.15%\r\n for 91, 182 and 364 day respectively
 
In the international \r\ncurrency markets, the currency of commodity dependent countries  \r\ncontinued their slide in 2016 as the price of oil fell to it's lowest \r\nlevel since May 2003. These include the Russian ruble and the Brazilian \r\nreal which hit an all- time low against the dollar.
 
Outlook for \r\nthe shilling in the coming days indicate  a gradual bearish trend as end\r\n  month demand kicks in against low fx inflows.
 
 
Stephen KABOYO
WWW.ALPHACAP.CO.UG