Shilling Setting Up Short-Term Weakness

September 2008 | Market Strategy

Trading at one point at UGX1,656/US$ on September 24, the Ugandan shilling continues to extend its depreciatory reversal begun in June 2008, having lost 6.2% against the US dollar since its eight-year high of UGX1,560/US$ touched on June 16. The unit has broken through support at UGX1,645/US$ that we have previously highlighted and is now on the verge of breaking through important one-year trendline support at its current level.

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