The Jamaican dollar recorded further gains at the close of foreign exchange Tuesday with the selling rate of J$128.46 for one US dollar, down from J$128.50 it ended at on Monday.
Inflows into the local foreign exchange market generated just US$23.84 million in all currencies while US$22.52 million was sold to the public. In USA dollar trading, inflows into the system ended at US$21.54 million while selling amounted to only US$20.36 million. Inflows are well down on the US$61 million that entered the system last week Tuesday and outflows the US$46 million of all currencies then traded.
The selling rate for the Canadian dollar inched up to J$99.01 compared to J$98.94 at the close on Monday, while the British Pound cost more at the close on Tuesday with J$166.91 buying the British currency versus J$166.38 on Monday but the Jamaican dollar gained value against the euro, with it taking J$145.20 to buy the European common currency on Tuesday versus Monday’s rate of J$146.61.
Jam$ gains on reduced trading
Jam$ starts July with more gains
The Jamaican dollar recorded further gains on the first trading day of July and closed Monday with the selling rate of J$128.50 for one US dollar down from J$128.62 it ended June at. Inflows into the local foreign exchange market generated US$51 million in all currencies while US$46 million was sold to the public.
In USA dollar trading, inflows into the system ended at US$46 million while selling amounted to US$41 million. Inflows are slightly ahead of those for the first Monday in June but outflows are up a bit for the United States currency as well as for all currencies traded.
The selling rate for the Canadian dollar dipped to J$98.94 compared to J$99.39 at the close on Friday while the British Pound cost slightly less at the close on Friday with J$166.39 buying the British currency versus J$166.58 on Friday and the Jamaican dollar also gained value against the euro, with it taking J$ 146.61 to buy the European common currency on Friday versus Friday’s J$147.94.
Now J$1.52 cheaper for a US$ than May
The Jamaican dollar closed May at a selling rate of J$130.144 for one US dollar and ended June at J$128.62, $1.52 improvement in June. The closing rate is lowest for the month as the local foreign exchange market generated US$51 million more inflows than the amounts sold to the public.
Net total foreign exchange inflows into the system in June ended at US$59 million but US$70 million excluding the first two days which were the last two days of the first week of the month.
On Friday authorised and cambio dealers bought US$5 million more than they sold of all currencies and just US$3 million. A total of US$48 million of all currencies was bought and US$43 was sold while in US dollars trading US$35 million was bought and US$32 million was sold. For the week, total Inflows amounted to US$263 million, the most for any week in June, with the prior week being the next highest, with US$217 million.
Inflows of United States dollars reached US$36.58 million and selling $46.69 million on Friday. Overall foreign exchange of all currencies entering the market totaled the equivalent of US$45.3 million with US$53.2 million sold.
The selling rate for the Canadian dollar rose to J$99.39 compared to J$99.07 at the close on Thursday while the British Pound cost slightly more at the close on Thursday with J$166.58 buying the British currency versus J$165.40 on Thursday and the Jamaican dollar lost value against the euro, with it taking J$147.94 to buy the European common currency on Friday versus Thursday’s J$146.66.
July is one of the best months for inflows of foreign exchange, and that should result in the local currency recording further gains, with the surplus for the month likely to be higher than for June.
Jamaican dollar strengthens
Authorised and cambio dealers sold US$10 million more than they bought on Thursday, an amount similar to the amount the central bank sold in their first monthly auction of US dollars trading, on Wednesday.
The increased take by the public did not have an adverse effect on the rate for trading the United States currency.
The Jamaican dollar that is set to close out June with a higher value than at the start of the month, gained more ground versus the United States dollar at the close on Thursday. The selling rate for the US dollar dipped to J$128.73 to US$1 as US dollar, down from J$128.81 on Wednesday. The buying rate for the US dollar fell to JS$127.95 from $128.16 at the end of trading on Wednesday.
Inflows of United States dollars reached US$36.58 million and selling $46.69 million. Overall foreign exchange of all currencies entering the market totaled the equivalent of US$45.3 million with US$53.2 million sold.
The selling rate for the Canadian dollar rose to J$99.07 compared to J$98.14 at the close on Wednesday while the British Pound cost slightly more at the close on Thursday with J$165.40 buying the British currency versus J$165.10 on Wednesday and the Jamaican dollar gained value against the euro, with it taking J$146.66 to buy the European common currency on Thursday versus Wednesday’s J$147.25.
Inflows in June is set to exceed out flows by a good level. With July being one of the best months for inflows of foreign exchange, the value of the local currency should see further gains in the days ahead, with the surplus for the month being higher than for June.
Jamaican$ gains more ground
A
uthorised and Cambios dealers sold the United States dollar on Tuesday for less Jamaican dollars than they did on Monday as well as on Wednesday.
On Tuesday, they sold US$36.57 million at an average rate of $128.89, 4 cents lower than on Monday and on Wednesday they sold US$42.62 million at $128.81, the lowest for the Month. The latest movement of the local currency, continues a daily rise in value since the start of June, with the exception of one day.
The traded selling rate for the United States dollar is still some distance off from the lowest amount of Jamaican dollar required to purchase one US dollar of JS$127.93 reached on February 13, this year.
Dealers bought the United States currency at an average of J$128.25 on Tuesday and at 128.16 on Wednesday. The Canadian dollar was sold to the public at 26 cents less than on Tuesday while the British Pound and the Euro selling price rose by JS$2.16 each.
Overall, total foreign exchange of all currencies entering the market totaled US$60.92 million on Tuesday with US$45.76 million sold and on Wednesday the equivalent of US$57.39 was bought by dealers and US$51.32 was sold. In US dollar trading US$52.17 was bought on Tuesday with US$36.57 being sold while Wednesday saw buying of US$49.53 with selling of US$42.62.
US$10M sold by BOJ at J$128.76
The average exchange rate for the US dollar offered by Bank of Jamaica in the B‐FXITT PILOT sale of foreign exchange ended at $128.76 with 41 bids received from eligible Authorised Dealers and Cambios by Jamaica’s central bank, covering US$16.82 million chasing US$10 million offered by the Central Bank on Wednesday, 28 June.
The highest bid received was $129.60 to buy US$100,000 which was successful in getting the full amount applied for, with the lowest being J$127.50 to purchase US$100,000. The lowest bids that were fully allocated amounted to US$1.82 million at J$128.60, while the bid that was partially allocated was at $128.55.
The trade today follows Bank of Jamaica announced yesterday, “that Effective 26 July 2017, Bank of Jamaica will commence selling foreign exchange (FX) to Authorized Dealers (ADs) and eligible cambios via a competitive bidding process”.
“The introduction of this new framework will follow a pilot exercise on 28 June 2017. Under this process, the BOJ Foreign Exchange Intervention & Trading Tool (B-FXITT), BOJ will pre-announce, up to four weeks ahead, the quantity of FX that it intends to sell to the market on Wednesday of each week. 
All ADs and eligible cambios will be invited to submit bids to purchase FX from Bank of Jamaica at exchange rates that they specify. The Bank will publish a report from each operation on the same day, including the weighted average exchange rate arising from the operation, and will also introduce the publication of midday weighted average exchange rates. The Bank may also sell foreign exchange to ADs and eligible cambios outside of this weekly schedule if circumstances merit.
At yesterday’s foreign exchange trading, dealers and cambios bought the US dollar from the market at an average of J$128.25 with highest rate being J$129.
Jamaican dollar records more gains
The Jamaican dollar gained more ground versus the United States dollar on Monday with the selling rate dipped to J$128.89 to US$1 as US dollar inflows reached US$45.15 million and selling accounted for $39.14.
Inflows were just US$1 less than entered the market on Monday June 19. Overall, total foreign exchange of all currencies entering the market totaled US$50.79 million with US$42.2 million sold.
The buying rate for the US dollar fell to JS$128 from $128.15 at the end of trading on Friday.
The selling rate for the Canadian dollar declined to J$97.32 compared to J$97.83 at the close on Friday while the British Pound cost more at the close on Monday with J$163.71 buying the British currency versus J$162.63 on Friday and the Jamaican dollar gained value against the euro it taking J$144.89 to buy the European common currency on Monday versus Friday’s J$145.84.
Jamaican$ gains strenght
The Jamaican dollar regain more lost grounds against the United States dollar on Friday, with the selling rate ending at $129.01, down from $129.15 on Thursday as authorized dealers sold US$26.36 million against purchase of US$38.4 million at an average rate of $128.15.
Dealers bought a total of US$44.89 million in all currencies and sold the equivalent of US$30.6 million. For the week $216.84 was purchased by dealers, up from $209 million, the week before and they sold $182 million, down from $200 million sold in the prior week, resulting in a surplus of $35 million for the week and US$64 million for the month since June 5. In United States dollars trading, dealers purchased US$200 million and sold $164 million during the week, for a net surplus of $36 million, compared to US$180 million bought and US$174 million sold the previous week, a net of just $5 million. For the month since June 5, net inflows of US$55 million came into the system.
Jamaican Dollar rise again
Foreign exchange trading on Thursday saw the equivalent of US$42.7 million entering the market and US$39.6 million being sold, bringing the surplus for the week to date to US$20.2 million.
Traders purchased United States dollar in the amount of $41.1 million and sold $37.2 million resulting in a net intake of US$24 million for the week to date. Trading resulted in another day of appreciation for the local currency with the selling rate of the US dollar being J$129.15 versus J$129.21 on Wednesday. Today’s gain for the local dollar is the 15th trading day for June, that the rate has appreciated.
J$ revaluation on the way
The value of the Jamaican dollar continues to appreciate in June, with the selling rate of the US dollar falling to J$129.21 at the close on Wednesday, down from J$130.14 at the close on the last day of the May.
The rate for the local dollar has appreciated on every day of the month except for a 1 cent rise on the 14th.
Helping with the fall in the value of the US dollar against the local currency is net inflows in each week of June. In the first full week of June, ending on the 9th net inflows into the system were US$21 million equivalent and for the US dollar $14 million, the second week, US$8.5 million and US$5 million respectively and so far of the third week, USS$17 million and US$20 million respectively.