Some banks offloading US dollars

October 25, 2018 by

National Commercial Bank sold off US$ on Thursday.

The Jamaican dollar closed below the J$130 to the US dollar on Thursday, with the selling rate to buyers ending at an average of $129.62. The rate fell as National Commercial Bank bought just US$6.2 million and sold $14.8 million while JN Bank offloaded US$5.3 million while buying a mere $190,000.
On Wednesday, Scotiabank offloaded nearly US$23 million against buying $13.6 million. For the week to date, dealers bought US$182 million and sold US$204 million. In the previous full week, purchases amounted to $192 million and selling $188 million. With one more day of trading to come for this week, inflows will be well ahead of last weeks’ level which included purchases of US$10 from Bank of Jamaica (BOJ). No sale of foreign exchange was done by the central bank this week, and none are planned for the next four weeks. BOJ sold US$19 million to the market up to November 15 last year.
For the current week dealers also bought 5.9 million of Pound sterling and sold 3.4 million and purchased $21.2 million Canadian dollars and sold $18.9 million.
In 2017, for the first four days of the fourth week of October, purchases of all dealers and Cambios amounted to $196 million which including purchases from BOJ of US$10 million with sales of US$179 million.

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More gains for Jamaican dollar

October 14, 2018 by

The Jamaican dollar gained almost one percent in value for the past week, with the selling rate ending the week at J$132.55 to one US dollar, an improvement over the J$133.80 it was sold for at the close of the previous week.
The local currency closed on Thursday with the selling rate at $133 and buying at $131.77, on Friday the buying rate closed at $131.33 or 44 cents less than on Thursday.
Unlike the previous week when dealers bought $48.8 million in US currency and the equivalent of US$56.6 million in all currencies and sold $46 million in US currency and US$53.2 million in all currencies, this past Friday only US$32 million was purchased in United States dollars and US$34.8 million in all currencies with US$43.74 million sold in US dollars with a total of US$44.67 million of all currencies.
On Wednesday coming, Bank of Jamaica will have it last scheduled sale for October when it auctions off US$10 million to the market that could lead to further revaluation of the local dollar.

Filed Under: FX Market Tagged With:

Jamaican dollar makes strong gains

October 11, 2018 by

The Jamaican dollar recovered the losses suffered at the close of trading on Wednesday as the selling rate closed on Thursday at $133 to US$1 as dealers sold US$40.57 million, down from $133.55 on Wednesday as US$42.75 million was sold.
Dealers bought just US$30.3 million on Thursday at an average of $131.77, down from $132.26 in purchasing US$45 million. Total foreign exchange traded on Thursday amounted to US$38 million being bought by dealers and sales of US$47.9 million. the amount purchased by dealers on Wednesday was boosted by sale of US$10 sold by Bank of Jamaica through their B-FXITT weekly auction.

Filed Under: FX Market Tagged With: ,

BOJ FX auction rate drops $1 to $132.75

October 10, 2018 by

The average rate for the sale of the US$10 auction sale by Bank of Jamaica in its regular B-FXITT Standard Intervention on Wednesday, fell by $1 to $132.74 this week from $133.75, in the previous week’s auction.
The central bank offered US$10 million to eligible bidders that attracted 31 bids amounting to $21.5 million, 17 bids were accepted and resulted in an average rate of $132.74. the out turn suggest that rates in the spot market for foreign exchange could decline in the next series of trading.
Interestingly, the highest bid was priced at $133.90 and the lowest at $130.83. The lowest bid that was successful was at $132.30 and received just 16.3 percent of the amount applied for.
The final scheduled auction for October will be on the 17th when US$10 million will be auctioned.
In trading on the foreign exchange market on Tuesday, dealers bought $46.28 million in US dollar currency at an average of $132.39, slightly below the rate in today’s auction. Dealers sold US$46.94 million at an average rate of $133.34 overall, trading of all currency amounted to just over $55.3 million for both selling and buying. In trading on Monday, US dollars purchase amounted to just US$20 million at an average rate of $131.11 and sale of US$34 million at $133.99.
On Monday overall, trading of all currencies, amounted to just over $25 million and US$36.74 million, buying and selling respectively.

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NIR steady despite BOJ sales

October 5, 2018 by

Jamaica’s Net International Reserves slipped by just US$32 million in September according to data just released by the country’s central bank – Bank Of Jamaica ( BOJ).
According to BOJ the NIR stood at US$3.027 billion at the end of September down marginally from US$3.027 billion at the end of August. Reserves amounts to just over 19 weeks of Goods & Services Imports, the central bank states.
The change comes against the back ground of sale of US$41 million in B-FXITT weekly auction of foreign currency.

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Jamaican$ plunges below $134 to US$1

October 5, 2018 by

In another day of buoyant foreign exchange trading, the Jamaican dollar pushed below the $134 mark for one US dollar at the close of the market on Friday.
Dealers bought US$48.8 million at an average rate of $132.914 and sold US$46 million at $133.80 bettering the closing rate on Thursday of $134.02 for the $40.32 million sold and a bit higher than the $132.88 for the US$30.92 Million bought by dealers.
Overall the market had US$56.6 million of inflows of all currencies and US$53.17 million of sales on Friday compared to the buying of US$45.26 and the selling of US$44.58 million of all currencies.
Friday’s rate is the lowest since July 24, when it averaged $134.05 with July 23 just below at $133.39. The local dollar slipped to its lowest level ever on August 23, this year at $137.96

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J$ rate could make more gains

October 4, 2018 by

The rate of exchange for the Jamaican dollar versus the US dollar could fall below the J$134 mark at the close of trading on Thursday for the first time since the early summer.
At mid-day on Thursday, the average rate for selling US dollar, declined to J$133.999 for one US dollar, down from $134.25 on Wednesday, $134.43 on Tuesday and $134.51 on Monday.
In Thursday trading, at mid-day, dealers bought $14 million in United States dollars and sold $12 million while they bought Can$ 15 million and sold just $4 million. That compares with Can$ 5 million being purchased on Wednesday and selling of Can$11 million.
The softening in the rate for the US dollar comes from the Bank of Jamaica’s weekly intervention into the market, by a scheduled sale of US$10 million on Wednesday.
BOJ next scheduled sale is US$10 million each on 10th and 17th of October with none planned on October 24.

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BOJ intervention keeps JS$ rate down

October 4, 2018 by

35 bids amounting to US$20.65 million, entered Bank of Jamaica’s B-FXITT auction on Wednesday, for the continued sale of United States dollars.
The central bank offered US$10 million that attracted only 19 successful bids, resulting in an average rate of $133.75, with the highest submitted being $134.10 and the lowest at $130.34.
The auction resulted in US$53.9 million at an average rate of $133.38 being purchased by dealers in the foreign exchange market and the selling of $48.7 million at an average rate of $134.20.
Dealers bought US$59.9 million in all currency and sold US$62.7 million. Included in the total purchases was Can$5.85 million and total sales included Can$16.86 million.
On Monday, dealers sold US$58 million, resulting in an average rate of $134.69 after buying US$49.60 million at an average of $133.39. On Tuesday purchases by dealers amounted to US$32.3 million at $133.18 and selling, US$53.69 million at $134.48.
BOJ plans sale of US$10 million each on 10th and 17th of October and none on October 24.

Filed Under: FX Market

BOJ FX sale pushes rate down

September 26, 2018 by

BOJ sold US$11M in today’s BXFITT auction.


The average rate for the Jamaican dollar auctioned by Bank of Jamaica in today’s B-FXITT Standard Intervention Auction came out at $135.42 down from $136.55 at last week’s auction.
Bank of Jamaica offered US$11 million for sale in today’s B-FXITT auction with 42 bids received covering US$23 million. Last week 41 bids were received amounting to $26.15 million for US$11 million on offer.
The country’s central bank will be offering US$41 million in sales over the next four weeks, including $11 million next week and US$10 million for the other three weeks up to October 17.
Today’s average rate compares with an average buying rate of $134.612 for purchase of US$33.75 million in Tuesday’s foreign exchange trading and an average rate of $135.56 with US$37.67 million being sold. On Monday, Dealers bought US$42.19 million at an average of $134.87 and sold US$42.19 at $135.95.
On Wednesday, the foreign exchange market closed with dealers buying US$56.88 million in all currencies which included US$49.86 million in US dollar currency at an average rate of $134.73 and selling a total of US$519 million in all currencies with the US dollar accounting for US$38.27 million at an average of $135.65, up slightly on Tuesday selling rate.

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What a fairly valued FX rate means

September 7, 2018 by

Filed Under: Economy, Feature Stories, FX Market