J$ slips vs the US

May 28, 2014 by

Trading on the forex market on Wednesday saw a fall from Tuesday’s level as dealers bought the equivalent of US$36,191,438 compared to US$56,613,960 on Tuesday and sold the equivalent of only US$39,497,951 versus US$50,084,398 on Tuesday. Trading activity lead to the local currency losing ground against the US dollar but remained mixed against the Canadian dollar and the Pound Sterling.

Dealers bought US$30,528,721 compared to US$48,291,916 bought on Tuesday as the buying rate for the US dollar rose by 2 cents to $110.72 and sold US$36,248,389 versus US$42,234,288 on Tuesday with the rate closing 12 cents lower to $111.26. The Canadian dollar buying rate fell by 81 cents to end at $101.08 with dealers buying C$1,567,082 and selling C$1,870,817 with the rate rising by 35 cents to end at $102.87. The Pound closed at $185.61 for the purchase of £2,198,845 with the rate increasing by 60 cents while £857,183 was sold with the rate rising by $1.47 cents to $185.85. Other currencies bought amounted to the equivalent of US$545,898 while selling accounted for the equivalent of only $88,005.

Highs & Lows| The highest buying, the lowest buying and the highest selling rates for the US dollar remained unchanged at $111.50, $90.18 and $115.56 respectively but the lowest selling rate fell by $1.41 to $90.18

The highest buying rate for the Canadian dollar lost 10 cents to $102.45, the lowest buying rate ended up by 29 cents to $80.72. The highest selling rate eased by 5 cents to $104.34 and the lowest selling rate increased by 5 cents to $97.30.

The highest buying rate for the Pound rose 40 cents to $187.90 while the lowest buying rate fell by 29 cents to $148.90. The highest selling rate declined by $2.59 to $189.74 while the lowest selling rate fell 35 cents to $179.40.

Filed Under: FX Market

BOJ intervention squeezes buying

May 26, 2014 by

bOJ building #4Trading on the forex market did not match or come close to the levels of funds traded in the market on Thursday last week, the last day of the holiday shortened week. For Monday, dealers bought the equivalent of US$25,375,062 compared to US$72,581,952 on Thursday and sold the equivalent of only US$22,862,624 versus US$71,142,957 last week Thursday. In spite of the lower purchases all the spot rates fell against the local currency except for a one cent rise in the selling rate for the Canadian dollar.  “Bank of Jamaica intervened in the market last week Thursday selling dealers all the forex funds they needed” IC Insider source indicated as to the reason for the big increase in trading on that day. The big amount bought on Thursday may be the reason why buying on Monday after the holiday was so low. The purchase on Monday was in contrast to nearly US$45 million bought on the previous Monday as well as the week before.

Dealers bought US$20,649,053 compared to US$68,621,498 bought on Thursday as the buying rate for the US dollar declined by 76 cents to $110.15 and sold US$19,573,771 versus US$67,344,895 on Thursday with the rate closing 2 cents lower to $111.17. The Canadian dollar buying rate fell 2 cents to end at $100.40 with dealers buying C$1,928,329 and selling C$1,600,232 with the rate rising by a cent to end at $101.97. The Pound closed at $184.25 for the purchase of £1,651,343 with the rate declining by 91 cents while £908,165 was sold with the rate declining by 87 cents to $186.96. Other currencies bought amounted to the equivalent of US$206,180 while selling accounted for the equivalent of $293,819.

Highs & Lows| The highest and the lowest buying rates for the US dollar and the highest selling rate remained unchanged at $111.70, $90.18 and $115.56 respectively but the lowest selling rate fell by $2.14 to $90.18.

The highest buying rate for the Canadian dollar lost 30 cents to $102.30, the lowest buying rate was unchanged at $80.43. The highest selling rate rose by 50 cents to $104.29 and the lowest selling rate fell $2.10 to $96.90.

The highest buying rate for the Pound fell 10 cents to $187.40 while the lowest buying rate rose by 29 cents to $149.44. The highest selling rate declined by 27 cents to $192.65 while the lowest selling rate fell $3.20 to $180.05.

Filed Under: Feature Stories, FX Market

US$72.6 million hits market

May 22, 2014 by

The Jamaican lost a small bit of ground against the US dollar on Thursday as US$72.6 million hit market with dealers buying the US dollars higher than on Wednesday and selling just less than the amount purchased for almost the same rate as the previous day. The Pound sterling rates were mixed as more pounds were purchased than sold but rates for the Canadian dollars rose even with more buying than selling. The market is closed on Friday for the Labour Day holiday.

Dealers bought US$68,621,498 compared to US$28,672,969 bought on Wednesday as the buying rate rose by 34 cents to $110.91 and they sold US$67,344,895 versus US$23,946,596 on Wednesday with the rate closing up a cent to $111.19.

The Canadian dollar buying rate rose 60 cents to end at $100.42 with dealers buying C$973,284 and selling C$885,222 with the rate rising by 44 cents to end at $101.96.

The Pound closed at $185.16 for the purchase of £1,333,514 with the rate declining by 83 cents while £1,298,352 was sold with the rate rising by 19 cents to $187.82.

Other currencies bought amounted to the equivalent of US$853,012 while selling accounted for the equivalent of $793,131.

Purchases of all currencies by dealers amounted to the equivalent of US$72,581,952 up from only US$33,892,702 on Wednesday and selling amounted to the equivalent of US$71,142,957 versus US$27,038,237 sold on Wednesday.

Highs & Lows| The highest buying rate for the US dollar fell 10 cents to $111.70 while the lowest buying rate at $90.18 and the highest selling rate at $115.56 remained unchanged but the lowest selling rate rose $2.14 to $92.32.

The highest buying rate for the Canadian dollar gained 60 cents to $102.60, the lowest buying rate fell 8 cents to $80.43. The highest selling rate declined by 27 cents to $103.79 and the lowest selling rate gained $2 to $99.

The highest buying rate for the Pound fell 80 cents to $187.50 while the lowest buying rate was unchanged at $149.15. The highest selling rate increased by $3.47 to $192.92 while the lowest selling rate was up $3.55 to $183.25.

Filed Under: FX Market

FX: J$ appreciates

March 24, 2014 by

Monday, 24th March 2014 | The local currency appreciated against the major currencies except for the selling rate for the Canadian dollar. This took place as the amount for foreign currency bought exceeded the amount sold by the equivalent by $7.5 million.

There was buying of US$38,600,389 with the rate declining by 12 cents to end at $108.88 (Friday: US$39,864,913) and selling of US$29,900,773 (Friday: US$39,864,913) for 6 cents decline to $109.43.

The buying rate for the Canadian dollar fell by 23 cents to $95.34 as C$1,114,268 was bought and the selling rate rose 22 cents to $98.57 with C$2,479,837 sold.

The buying rate for the Pound dropped by $1.42 to $177.19 as £1,449,392 was bought by dealers and £727,330 was sold at $180.48 as the rate slipped 52 cents.

FX_TRADE+Currency+Mar24Other currencies bought equate to US$694,012 with the equivalent of US$1,254,297 being sold, a total of US$42,093,724 equivalent was bought and the equivalent of US$34,588,319 was sold.

Highs & Lows | The highest buying rate for the US dollar fetched 45 cents less than on Friday in reaching $109.90 while the lowest rate remained unchanged at $88.93; the highest selling rate remained at $113.95 and the lowest fell $17.99 to $88.51.

FX_TRADE+HighLow+Mar24The highest buying rate for the Canadian dollar fell 16 cents to end at $98.10, the lowest buying rate was unchanged at $76.69; but the highest selling rate moved down by 50 cents to $100.50 and the lowest closed up 65 cents to reach $93.05.

The highest buying rate for the Pound fell by 75 cents to $181.35, the lowest buying rate rose 4 cents to end at $144.05; the highest selling rate closed down by $1.30 at $185.70 and the lowest closed up 5 cents at $173.55.

 Image courtesy of Arvind Balaraman/FreeDigitalPhotos.net

Filed Under: FX Market, Stock Market Tagged With: , ,

FX: BOJ action pushes rate down

March 20, 2014 by

Thursday, 20 March 2014 | Bank of Jamaica pushed down foreign exchange rate for the Jamaican dollar when it intervened by making funds available to Authorized Dealers and Cambios at a rate of US$1 to J$109.346 for resale at US$1 to J$109.396. This comes against the rate continuing to race after the Central Bank issued a release on Sunday stating that they were willing to lend support to the market. In other words, a veiled attempt at saying the market was being manipulated.

On Sunday the BOJ stated “Against the background of recent movements in the exchange rate, Bank of Jamaica wishes to assure the public that it stands ready to provide support to prevent disorderly conditions from emerging in the foreign exchange market. Since the beginning of March 2014 the exchange rate has depreciated by J$0.93 (0.85%) against the US dollar. This movement over the two-week period compares to a J$0.49 (0.45%) depreciation over the previous two weeks. The faster pace of depreciation has occurred despite increased supply in the foreign exchange market, where volumes from earners for the month to date are higher than for January and February 2014.”

ThumbsupIstockFreePurchases & Sales | Authorized Dealers bought US$44,344,150 at $109.15 which gained a cent but dumped US$66,475,637 or US$22 million more than the amount bought at $109.42, 24 cents less than on Wednesday, as dealers who were hording the currency released a large portion of their holdings. In contrast US$41 million was bought on Wednesday and $39 million sold. Between Friday last and Wednesday, dealers bought US$17.5 million more than they sold resulting in a total of $22.7 million surplus of buying over selling of all currencies traded.

There was buying of C$478,746 at $95.34 that was off by $1.50 and selling of C$358,349 at $1.57 down to $97.53.  The buying of the pound amounted to £636,781 at $1.94 down to $177.75 and sold £317,117 at $181.16 at 76 cents less than on Wednesday.

Other currencies sold came to the equivalent of US$667,774 with US$635,271 sold.

The total amount of foreign exchange traded came to the equivalent US$46,467,181 being bought and US$67,955,336 sold.

Highs & Lows | The highest buying rate for the US dollar fell 70 cents to $110.30, the lowest was up 25 cents to $88.76 while the highest selling rate came out unchanged at $113.74 and the lowest was up $1.40 to $89.91.

The highest buying rate for the Canadian dollar is down $1.25 to $98.50, the lowest moved down by 62 cents to $77.44.  The highest selling rate was lower by 52 cents at $100.63 and $2.40 came off the the lowest rate to end at $93.30.

The highest buying rate for the British Pound is 10 cents down at $183.10, the lowest buying rate gained 21 cents and ended at $144.84, while the highest selling rate climbed $1.59 to $186.71 and the lowest fell $1.90 to $175.10.

Related post | BOJ suggests FX stability close

Filed Under: Breaking News, FX Market, Stock Market Tagged With: , , ,

FX: Buying down selling up

March 17, 2014 by

Monday, 17th March 2014 | Dealers bought US$7 million less than they sold but both the selling and the buying rates fell in today’s ForEx trading. Overall, dealers bought US$26,134,543 versus US$32,158,590 on the previous trading day as the rate fell by 43 cents to an average of $108.25 and sold US$33,188,609 for 4 cents higher at $109.31, $11.5 million more than the amount of US$21,791,303 sold on the previous trading day.

The average buying rate for the Canadian dollar fell 51 cents to $96.32, as C$1,186,679 was purchased by dealers and C$650,246 was sold at $98.81 for a 5 cents rise. There was purchasing of £1,987,834 as the rate fell 36 cents to end at $179.41 and £1,556,902 was sold, with the rate rising $1.36 to $183.65.

Other currencies bought amounted to the equivalent of US$807,867 while US$693,308 was sold.

FX_TRADE+Currency+Mar17Buying of foreign currency on Monday resulted in the equivalent of US$31,292,863 purchased compared with US$35,308,641 purchased on Friday, while dealers sold US$37,085,469 compared to US$24,480,952 on the previous trading day. In contrast on Monday, March 10, dealers bought a total of US$48,574,825 in all currencies and sold the equivalent of US$43,973,841.

Highs & Lows | The highest and lowest rates were mixed on Monday.

FX_TRADE+HighLow+Mar17The highest buying rate for the US dollar was up 25 cents to $110.50, while the other rates were unchanged and closed at $88.51 for the lowest buying rate, $113.42 for the highest selling and $88.09 for the lowest selling rate.

The highest buying rate for the Canadian dollar fell 5 cents to $99.35, the lowest buying rate was up 49 cents at $77.56. The highest selling rate ended up by 9 cents at $100.89 and the lowest selling fell by 25 cents at $93.45.

The highest buying rate for the British Pound rose $2.29 to $184.99, the lowest buying rate was down 83 cents to $144.25. The highest selling rate ended 21 cents lower at $185.97 and the lowest buying rate fell $1 to $173.80.

Filed Under: FX Market, Stock Market Tagged With: , ,

FX: J$109 to the US

March 12, 2014 by

Wednesday, 12th March 2014 | Trading in the forex market continued its buoyancy but with buying being almost $3.5 million less than on Tuesday with the equivalent of US$29,252,753 purchased compared with US$32,814,104 purchased on Tuesday. Dealers sold US$28,518,794 compared to US$35,056,222 sold on the previous trading day.

Dealers bought US$26,728,659 versus US$26,954,780 on the previous trading day as the rate rose 17 cents to an average of $108.35 and sold US$26,613,914 for 8 cents higher at $109.02, $4 million less than the US$31,164,042 sold on the previous trading day.

FX_TRADE+Currency+Mar12The Canadian dollar was bought for an average of $96.18, for a fall of 23 cents with C$748,855 purchased by dealers and only C$494,579 sold at $98.11 for a 31 cents fall. There was purchasing of £1,030,110 as the rate fell 61 cents to end at $178.38 and only £619,076 was sold, with the rate slipping 40 cents to $181.38.

Other currencies bought amounted to the equivalent of US$159,198 while US$429,829 was sold.

Highs & Lows | The highest and lowest rates were mostly up for all currencies.

FX_TRADE+HighLow+Mar12The highest buying rate for the US dollar was up 10 cents to $110, while the low was up 25 cents to $88.34; the highest selling rate was unchanged at $113.21 and the lowest selling rate increased by 25 cents to $88.09.

The highest buying rate for the Canadian dollar picked up 40 cents to $99.10, the lowest buying rate was unchanged at $77.61. The highest selling rate ended down by 48 cents at $100.10 and the lowest selling gained $1.90 at $95.40.

The highest buying rate for the British Pound was up 25 cents to $182.60, the lowest buying rate ended up by $26.72 to $144.42. The highest selling rate slipped 97 cents to $185.52 and the lowest rate increased by $3.50 to $177.50.

Filed Under: FX Market, Stock Market Tagged With: , ,

FX: J$ record gains

February 10, 2014 by

Monday, 10th February 2014 | The Jamaica dollar regained some value against the USA and Canadian dollars but had mixed fortunes against the British Pound in today’s trading in the Forex market.

There was slightly more buying than selling of the various foreign currencies. The total value of all currencies bought amounted to the equivalent of US$38,550,609 with the equivalent of US$35,464,282 sold.

FX_TRADE+Currency+Feb10Dealers bought US dollars at 4 cents less than on Friday’s close to end at $107.04 as US$33,410,739 was purchased with US$32,551,751, sold at $107.77, for a decline of a cent. C$1,254,062 was bought with the rate falling by $1.11 to $95.26 and the selling rate fell by 59 cents to $97.73 with C$791,412 being sold. Dealers bought £2,160,428 with the rate falling 57 cents to $173.90 and sold £1,084,975 at $176.93, an increase of 58 cents. Other currencies bought amounted to US$514,075 and US$413,423 was sold.

FX_TRADE+HighLow+Feb10Highs & Lows | The highest buying rate for the US dollar increased by 10 cents to $108.40 and the lowest buying and highest selling rates were unchanged at $87.68 and $110.25 respectively. Meanwhile the lowest selling rate fell by $16.38 to $87.67.

The Canadian dollar went as high as $98.30, a decline of 20 cents. The low went up 79 cents to $78.19. The highest selling rate eased by 16 cents to $99.84 and the low fell by 25 cents to $93.

The highest buying rate for the Pound amounted to $177.30, the same rate as Friday and the lowest buying rate closed at $100 for a huge drop of $40.93. The highest selling rate increased by 71 cents to close at $179.92 and the low increased by 85 cents to $170.65.

Filed Under: FX Market, Stock Market Tagged With: , ,

FX: J$ down 28 cents

January 31, 2014 by

Friday, 31 January 2014 | The selling rate for the Jamaican dollar lost 28 cents to $107.75 as dealers sold US$21,895,645 on Friday on the ForEx market. Dealers bought US$25,844,982 at an average rate of $106.98 for a rise of 8 cents.

There was buying of C$2,903,880 as the rate climbed 52 cents to $96.27 and C$4,520,878 was sold at an average rate of $97.61, and rose by $1.11. More of the British Pound was bought than sold resulting in mixed rates as £1,800,400 was purchased at an average rate of $175.17, a fall of 81 cents and £1,211,560 was sold at $178.77 for a $1.47 increase.

FX_TRADE+Currency+Jan31Other currencies that were bought amounted the equivalent of just US$159,035 with US$276,147 sold. Overall there was buying of the equivalent of US$31,565,110 and equivalent of US$28,277,467 was sold.

Highs & Lows | The highest buying rate for the US dollar fell by 15 cents to $108.25, the lowest buying rate was unchanged at $87.68 and so were the highest selling rate of $112.35 and the low at $104.05.

FX_TRADE+HighLow+Jan31The highest buying rate for the Canadian dollar fell $1.50 cents to end at $97, the lowest buying rate was gained 16 cents to end at $77.27. The highest selling rate was unchanged at $100 and the low was up by 10 cents to $93.10.

The rates for the British Pound were mixed. The highest buying rate unchanged at $178.50 and lowest buying rate went down by $3.53 to $143.18. The highest selling rate moved down by 26 cents to $181.12 while the lowest selling rate moved up by $2.5 to $172.50.

Image courtesy of DreamDesigns/FreeDigitalPhotos.net

Filed Under: FX Market, Stock Market Tagged With: , ,

FX: J$ slips 11 cents vs US$

January 30, 2014 by

Thursday, 30 January 2014 | The rate for the Jamaican dollar slipped by 11 cents against the US dollar as dealers bought US$27,351,446 at an average rate of $106.91 for a rise of 10 cents and sold US$27,496,495 at 11 cents more than on Wednesday.

The rate for the Canadian dollar climbed $1.11 to $95.75 as C$1,720,196 was bought and C$1,303,032 was sold at an average rate of $96.50, a fall of $1.14. There was buying of £1,956,646 at an average rate of $175.99, an increase of 45 cents and £1,249,474 was sold at $177.30 for a fall of 88 cents.

FX_TRADE+Currency+Jan30Other currencies that were bought amounted the equivalent of US$1,231,239 with US$1,489,659 being sold. Overall there was buying of the equivalent of US$33,344,310 and equivalent of US$32,217,463 was sold.

Highs & Lows | The highest buying rate for the US dollar fell by 15 cents to end at$108.25, while the others remained unchanged with the lowest buying closing at $87.68, the highest selling rate at $112.35 and the low at $104.05.

FX_TRADE+HighLow+Jan30The highest buying rate for the Canadian dollar dropped $1.50 to end at $97, the lowest buying rate increased by 16 cents to end at $77.27 while the highest selling rate remained unchanged at $100 and the low ended up by 10 cents to $93.10.

The highest buying rate for the Pound remained at $178.50. The lowest buying rate went down by $3.53 to $143.18, the highest selling rate moved down by 26 cents to $181.12 while the lowest selling rate moved up by $2.50 to $172.50.

Filed Under: FX Market, Stock Market Tagged With: , ,