Trading in Jamaica’s foreign exchange market picked up sharply on Tuesday with dealers buying US$18.5 million more than they sold, as inflows continue to exceed outflows as was the case for the high summer months.
In Tuesday’s trading, dealers bought US$82,044,075 and sold US$63,505,815 compared to US$23,079,436 purchased and US$19,531,349 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$78,399,363 compared to US$19,609,026 on Monday. The buying rate for the US dollar jumped $1.03 cents to close at $127.29. 
A total of US$61,557,554 was sold versus US$18,292,586 on Monday, with the selling rate rising 1 cent to end at $127.68. The Canadian dollar buying rate rose $1.18 to $95.82, with dealers buying C$1,202,592 and selling C$707,371 at an average rate that fell 38 cents to $97.65. The average rate for buying the British Pound rose $1.24 to $166.45 for the purchase of £2,026,181 while £909,970 was sold with the rate that rose $1.97 to end at $170.35.
At the end of trading, the selling rate for the Euro, rose 19 cents to close at J$142.98 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$135.64 for a fall of $5.48 from the rate on Monday. The US dollar equivalent of other currencies traded amounts to US$89,829 being bought, while US$193,203, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include a rise of 75 cents in the highest buying rate for the Canadian Dollar to $99.45, a rise in the lowest selling rate of $1.20 to $94.20. Trading in the British Pound resulted in a $1.10 rise in the highest buying rate to $171.50 and a rise of $1.50 in the lowest selling rate to $163.50.
Surplus FX jumps Tuesday
Surplus FX continues to rise
Trading in Jamaica’s foreign exchange market on Monday saw reduced flows coming in and out of the market only US$23 million entering and US$19.5 million leaving, as inflows again exceeded outflows as was the case for July and August.
In Monday’s trading, dealers bought US$23,079,436 and sold US$19,531,349 compared to US$42,537,612 purchased and US$33,911,288 sold on Friday, of all currencies.
In US dollar trading, dealers bought US$19,609,026 compared to US$39,102,100 on Friday. The buying rate for the US dollar dropped 77 cents to close at $126.26. A total of US$18,292,586 was sold versus US$31,532,699 on Friday,
with the selling rate rising 6 cents to end at $127.67. The Canadian dollar buying rate rose by 27 cents to $94.64, with dealers buying C$1,398,679 and selling C$727,965 at an average rate that gained 49 cents to $98.03. The average rate for buying the British Pound dropped $1.41 to $165.21 for the purchase of £1,674,712 while £359,434 was sold with the rate that falling 75 cents to end at $168.38.
At the end of trading, the selling rate for the Euro, rose 64 cents to close at J$142.80 from Friday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$141.12 for a jump of $5.13 from the rate on Friday. 
The US dollar equivalent of other currencies traded amounts to US$230,776 being bought, while US$205,828, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Monday, include a rise of $1.20 in the highest buying rate for the Canadian Dollar to $98.70, a fall in the lowest selling rate of $1 to $93. Trading in the British Pound resulted in a $3.50 fall in the highest buying rate to $170.40, a rise of $2.18 in the highest selling rate to close of $177.66 and a fall in the lowest selling rate of 50 cents to $162.
Surplus FX flows continue to grow
At the end of Friday’s trading in Jamaica’s foreign exchange market inflows again exceeded outflows with the sale of the United States currency being $7.6 million less than the amount purchased by dealers, leading to a slight revaluation of the local dollar.
On Friday authorized dealers bought another $8.6 million more than they sold, bringing the net inflows since the end of June, to US$280 million.
In Friday’s trading, dealers bought US$42,537,612 and sold US$33,911,288 compared to US$32,204,317 purchased and US$29,187,613 sold on Thursday, of all currencies.
In US dollar trading, dealers bought US$39,102,100 compared to US$29,599,812 on Thursday. The buying rate for the US dollar rose 14 cents to close at $127.03. 
A total of US$31,532,699 was sold versus US$28,195,660 on Thursday, with the selling rate declining 5 cents to end at $127.61. The Canadian dollar buying rate dropped $1.69 to $94.37, with dealers buying C$1,002,532 and selling C$793,772 at an average rate that gained 5 cents to $97.54. The average rate for buying the British Pound rose $1.92 to $166.62 for the purchase of £1,683,642 while £875,310 was sold with the rate that climbing $1.43 to end at $169.13.
At the end of trading, the selling rate for the Euro, dropped $2.35 to close at J$142.16 from Thursday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$135.99 for a fall of 29 cents from the rate on Thursday. The US dollar equivalent of other currencies traded amounts to US$156,176 being bought, while US$123,678, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Friday, include a drop of $3 in the highest buying rate for the Canadian Dollar to $97.50, a fall in the highest selling rate of $3.18 to $101.52 while the lowest selling rate climbed by $2 to $94. Trading in the British Pound resulted in a rise of $3.25 in the highest buying rate to $173.90, a rise of $1.41 in the lowest buying rate to close of $136.12 and a gain in the lowest selling rate of $2 to $162.50.
September off with surplus FX
The buoyancy in the foreign exchange market with inflows exceeding which characterized the market in August carried over into September with authorized dealers buying another $3 million more than they sold on Thursday, bringing the net inflows since the end of June, to US$271 million.
In Thursday’s trading, dealers bought US$32,204,317 and sold US$29,187,613 compared to US$38,398,614 purchased and US$35,708,315 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$29,599,812 compared to US$35,926,513 on Wednesday. The buying rate for the US dollar fell 1 cent to close at $126.89. 
A total of US$28,195,660 was sold versus US$31,057,928 on Wednesday, with the selling rate rising 8 cents to end at $127.66. The Canadian dollar buying rate rose $1.55 to $96.06, with dealers buying C$1,513,995 and selling C$629,370 at an average rate that fell $1.25 to $97.49. The average rate for buying the British Pound rose 44 cents to $164.70 for the purchase of £1,003,295 while only £295,065 was sold with the rate that climbing 47 cents to end at $167.70.
At the end of trading, the selling rate for the Euro, jumped $3.56 to close at J$144.51 from Wednesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$136.28 for a fall of 98 cents from the rate on Wednesday. The US dollar equivalent of other currencies traded amounts to US$156,176 being bought, while US$123,678, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include a drop of $19.08 in the lowest selling rate for the US dollar to $103.92. The highest buying rate for the Canadian Dollar jumped $3.30 to close at $100.50, the highest selling rate climbed $3.58 to $104.70 and the lowest selling rate fell by $2.20 to $92. Trading in the British Pound resulted in a rise of $1.05 in the highest buying rate to $170.65, a rise of $1.62 in the highest selling rate to close of $175.28 and a decline in the lowest selling rate of $2 to $160.50.
Surplus FX purchases at US$268M
Foreign exchange inflows continue to exceed sales but by a much smaller margins than for most of August with authorized dealers buying another $2.7 million more than they sold on Wednesday, bringing the net inflows since the end of June, to US$268 million. In Wednesday’s trading, dealers bought US$38,398,614 and sold US$35,708,315 compared to US$42,556,485 purchased and US$31,710,930 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$35,926,513 compared to US$38,239,418 on Tuesday. The buying rate for the US dollar gained 8 cents to close at $126.90.
A total of US$31,057,928 was sold versus US$29,280,909 on Tuesday, with the selling rate rising 6 cents to end at $127.57. The Canadian dollar buying rate dropped $2.60 to $94.51, with dealers buying C$771,704 and selling C$3,689,777 at an average rate that rose 55 cents to $98.74. The average rate for buying the British Pound rose 79 cents to $164.26 for the purchase of £1,406,245 while only £1,092,489 was sold with the rate that climbing $1.42 to end at $167.23.
At the end of trading, the selling rate for the Euro, dropped by $2.72 cents to close at J$140.94 from Tuesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.26 for a rise of 17 cents from the rate on Tuesday. The US dollar equivalent of other currencies traded amounts to US$77,039 being bought, while US$362,552, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a jump of $19.17 in the lowest selling rate for the US dollar to $123. The highest buying rate for the Canadian Dollar dropped $1.45 to close at $97.20, the highest selling rate fell $1.76 to $101.12 and the lowest selling rate rose $2.20 to $94.20. Trading in the British Pound resulted in a rise of $2.60 in the highest buying rate to $169.60 and a fall of $3.35 in the highest selling rate to close of $173.66.
Surplus FX purchases up to US$265M
Foreign exchange inflows continue to exceed sales by wide margins for the past two months with authorized dealers buying another $10.8 million more than they sold on Tuesday, bringing the net inflows since the end of June, to US$265 million. In Tuesday’s trading, dealers bought US$42,556,485 and sold US$31,710,930 compared to US$63,176,140 purchased and US$47,394,596 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$38,239,418 compared to US$59,700,993 on Monday. The buying rate for the US dollar dipped by 9 cents to close at $126.82. A total of US$29,280,909 was sold versus US$44,268,643 on Monday, with the selling rate rising 7 cents to end at $127.51. 
The Canadian dollar buying rate rose 94 cents to $97.11, with dealers buying C$2,776,775 and selling C$2,485,227 at an average rate that dropped 49 cents to $98.19. The average rate for buying the British Pound rose 49 cents to $163.47 for the purchase of £1,564,410 while only £252,501 was sold with the rate climbed 13 cents to end at $165.81.
At the end of trading, the selling rate for the Euro, fell 9 cents to close at J$143.66 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.09 for a drop of 87 cents from the rate on Monday. The US dollar equivalent of other currencies traded amounts to US$174,341 being bought, while US$187,808, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include a drop of 62 cents in the lowest buying rate for the Canadian Dollar to close at $78.44 and a fall of $1.30 in the lowest selling rate to $92. Trading in the British Pound resulted in a fall of $1 in the highest buying rate to $167, a fall of $1.58 in the lowest buying rate to close of $136.46 and a rise of $2 in the lowest selling rate to $162.
Monday’s inflows push surplus to US$254M
Foreign exchange inflows continue to exceed sales by wide margins for the past two months,as net inflows grew yet again, with authorized dealers buying another $15.8 million more than they sold on Monday, bringing the net inflows since the end of June, to US$254 million. In Monday’s trading, dealers bought US$63,176,140 and sold US$47,394,596 compared to US$40,765,078 purchased and US$32,968,997 sold on Friday, of all currencies.
In US dollar trading, dealers bought US$59,700,993 compared to US$38,520,593 on Friday. The buying rate for the US dollar climbed 15 cents to close at $126.91.
A total of US$44,268,643 was sold versus US$30,809,968 on Friday, with the selling rate rising 8 cents to end at $127.44. The Canadian dollar buying rate rose 55 cents to $96.17, with dealers buying C$2,398,362 and selling C$2,521,603 at an average rate that rose 14 cents to $98.68. The average rate for buying the British Pound fell $2.29 to $162.98 for the purchase of £1,111,668 while only £293,780 was sold with the rate dropped $1.99 to end at $165.68.
At the end of trading, the selling rate for the Euro, fell 37 cents to close at J$143.75 from Friday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.96 for a fall of $3.15 from the rate on Friday. The US dollar equivalent of other currencies traded amounts to US$230,040 being bought, while US$791,447, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Monday, include a drop of $1.40 in the highest buying rate for the Canadian Dollar to close at $98.60 and a fall of $1.30 in the lowest selling rate to $93.30. Trading in the British Pound resulted in a fall of $1.20 in the highest buying rate to $168 and a fall of $2.50 in the lowest selling rate to close of $160.
More net fx flows on Friday
As authorized dealers bought another $10 million more than they sold on Friday bringing the net inflows since the end of June, to US$238 million as dealers bought US$40,765,078 and sold US$32,968,997 compared to US$42,116,500 purchased and US$34,757,990 sold on Thursday, of all currencies.
In US dollar trading, dealers bought US$38,520,593 compared to US$38,450,163 on Thursday. The buying rate for the US dollar slipped 6 cents to close at $126.76. A total of US$30,809,968 was sold versus US$32,644,249 on Thursday, with the selling rate rising 5 cents to end at $127.36. 
The Canadian dollar buying rate rose 1 cent to $95.62, with dealers buying C$816,078 and selling C$789,840 at an average rate that rose 58 cents to $98.54. The average rate for buying the British Pound climbed 63 cents to $164.97 for the purchase of £1,167,267 while £1,014,519 was sold with the rate falling 30 cents to end at $167.97.
At the end of trading, the selling rate for the Euro, rose 54 cents to close at J$144.11 from Thursday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$141.11 for a rise of $1.39 from the rate on Thursday.
The US dollar equivalent of other currencies traded amounts to US$109,799 being bought, while US$209,951, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Friday, include a drop of $3.24 in the highest selling rate for the US dollar to $134.30, a rise of $1.60 in the lowest selling rate of the Canadian Dollar to close at $94.60. Trading in the British Pound resulted in a rise of $1.50 in the lowest selling rate to close of $162.50.
More inflows in Ja. FX market
As authorized dealers bought another $7.3 million more than they sold on Thursday bringing the net inflows since the end of June, to US$228 million. In Thursday’s trading, dealers bought US$42,116,500 and sold US$34,757,990 compared to US$48,991,761 purchased and US$30,732,595 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$38,450,163 compared to US$46,332,966 on Wednesday. The buying rate for the US dollar was unchanged at $126.82. A total of US$32,644,249 was sold versus US$28,655,368 on Wednesday, with the selling rate rising 6 cents to end at $127.31.
The Canadian dollar buying rate rose 12 cents to at $95.61, with dealers buying C$976,528 and selling C$516,412 at an average rate that fell 86 cents to $97.96. The average rate for buying the British Pound dropped 74 cents to $164.34 for the purchase of £2,007,388, while £1,030,002 was sold with the rate climbing $1.19 to end at $168.27.
At the end of trading, the selling rate for the Euro, fell 83 cents to close at J$143.57 from Wednesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$139.72 for a rise of $1.49 from the rate on Wednesday. The US dollar equivalent of other 
currencies traded amounts to US$328,758 being bought, while US$354,975, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include a jump of $3.24 in the highest selling rate for the US dollar to $137.54, a decline of $1.15 in the highest buying rate of Canadian Dollar to close at $99.50. Trading in the British Pound resulted in a rise of $1.96 in the highest selling rate to $176.58 and a fall of $1.50 in the lowest selling rate to close of $161.
FX market numbers not adding up
BOJ sold US dollars into the system on Monday
While these inflows suggest that banks have more than enough foreign exchange to fund the market, reports are that the Central bank sold US$55 million to the market last week. The sale does not square with the net inflows coming in and residing with the banking system. Data from the BOJ indicates that the net inflows are mostly accounted for by the country’s two largest banks but not confined to them alone. The evidence seeping through, is that Bank of Jamaica who mandated the dealers to surrender 25 percent of the daily take to the central bank must be buying most of not all of the surplus inflows.
Analysis of the Central Bank’s balance sheet, shows a US$250 million build up in the foreign exchange reserves of between July 27th and August 10th. The amount is more than the net inflows into the system but with the compulsory surrender it is quite conceivable that just about all of the build-up of the country’s reserves, is from the local financial system.In Wednesday’s trading, dealers bought US$48,991,761 and sold US$30,732,595 compared to US$42,680,027 purchased and US$38,124,870 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$46,332,966 compared to US$39,305,076 on Tuesday. The buying rate for the US dollar rose 6 cents to $126.82. A total of US$28,655,368 was sold versus US$36,480,180 on Tuesday, with the selling rate rising 1 cent to end at $127.25. The Canadian dollar buying rate lost $1.28 to at $94.49, with dealers buying C$962,750 and selling C$937,055 at an average rate that rose 6 cents to $98.82. The average rate for buying the British Pound climbed $1.56 to $165.08 for the purchase of £1,270,480, while £821,678 was sold with the rate falling 15 cents to end at $167.08.
At the end of trading, the selling rate for the Euro, fell 86 cents to close at J$144.40 from Tuesday’s rate, according to data from Bank of Jamaica, The US dollar equivalent of other currencies traded amounts to US$280,192 being bought, while US$270,648 was sold.Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a drop of $6.70 in the highest selling rate for the US dollar to $134.30, a decline of 85 cents in the highest buying rate of Canadian Dollar to close at $100.65. Trading in the British Pound resulted in a fall of $2.50 in the highest buying rate to $169, a fall of $5.38 in the highest selling rate to end at $174.62, while the lowest selling rate gained by $2.50 to close of $162.50.