Friday, 24th January 2014 | Bank of Jamaica intervened in the foreign exchange market for the second day following Thursday’s intervention. In addition to the intervention by selling to the market, the central bank also placed fixed interest securities on the market to absorb unlimited amounts of local and United States currencies. The instruments include offers of BOJ-USD Certificate of Deposit (CD) 2016A for unlimited amounts at a fixed coupon of 4 percent per annum and a BOJ-USD CD 2018A at a fixed coupon of 5 percent per annum.

The local CD instruments have a tenure of 365-days. The initial coupon for the first three months at a GOJ Treasury Bill rate of 7.43 per cent, plus 0.25 percentage point and a CD instrument for 18-months and GOJ Treasury Bill rate of 7.43 per cent, plus 0.27 percentage point.

In actual trading in forex market, dealers bought a total of US$47,685,695 of all currencies traded and sold the equivalent of US$57,450,992. The heavy sales could be connected with the BOJ CD instruments. In the past when these instruments were offered there have been higher sales on the closing day of the offers.

Overall rates slipped across all currencies with the exception of a moderate increase for the selling rate for the British Pound. Authorised dealers bought US$44,391,119 as the rate declined by 8 cents to $106.83 and sold US$54,854,249 as the rate slipped by a cent to $107.18. There was buying of C$914,036, the rate declined by 45 cents to $94.80 and selling of C$480,326 at an average of $96.67 down by 42 cents.

Buying of £970,032 resulted in an average rate of $174.23, which was down by 48 cents and selling amounted to £580,135 at $177.84 each but at 23 cents higher than on Thursday.

Other currencies bought in the equivalent of US$901,412 and US$1,200,855 was sold.

Highs & Lows | The highest buying rate for the US dollar grew by 40 cents to end at $108.20, the lowest buying rate was up by 42 cents to $87.68. The highest selling rate closed unchanged at $110.25 and the low dropped by the same amount it went up by the day before, $10.07 to $87.26.

All the rates for the Canadian dollar fell at the end of trading with the highest buying rate falling 20 cents to end at $97 and the lowest buying rate ended down by $1.25 to $77.19. The highest selling rate was down $1 at $99 and the low fell by a dollar to $93.

The rates for the British Pound were mixed. The highest buying rate for the eased by 30 cents to $178.40 and the lowest buying rate went up 29 cents to $143.59. The highest selling rate fell 45 cents to $181.02 while the lowest selling rate of moved up by 35 cents to $173.

Thursday, 23th January 2014 | The selling rate for the US dollar remains above J$107 but the selling rate inched down a bit on Thursday while the Canadian dollar and the British Pound suffered declines on both the buying and selling rates against the Jamaican dollar.

Authorised dealers bought a total US$59,269,945 of all currencies and sold the equivalent of US$61,911,209. Our source indicates that the Bank of Jamaica intervened in the market by selling approximately US$10 million to dealers.

Authorised dealers bought US$56,481,104 in United States currency at $106.92 for an increase of 4 cents and sold US$59,940,115 as the average rate inched down a cent to $107.19. Dealers bought C$930,397, the rate fell by 50 cents to $95.25 and C$626,264 was sold with the rate falling 71 cents to $97.09. The British Pound was bought at an average rate of $174.71, a fall of $1.25 as £1,029,444 was purchased, and only £607,375 was sold for a decline of 40 cents at $177.61.

Other currencies bought amounted to US$277,711 with US$397,459 sold.

Highs & Lows | The highest buying rate for the US dollar fell by 55 cents to end at $107.80, the lowest buying rate was unchanged at $87.26. The highest selling rate closed at $110.25 for a 69 cents decrease and the low moved was up to $97.33 by $10.07

The highest buying rate for the Canadian dollar fell $1 to end at $97.20 and the lowest buying rate ended 54 cents more at $78.44. The highest selling rate was unchanged at $100 and the low was up by 15 cents to $94.

The highest buying rate for the British Pound eased by 90 cents to $178.70; the lowest buying rate fell $1.71 to $143.30. The highest selling rate of $181.47, up 92 cents, the lowest selling rate of moved up by $1.75 to $172.65.

Wednesday, 22nd January 2014 | The selling rate for the US dollar that crossed J$107 yesterday, inched up further today to hit $107.20, even as the amount sold was less than the amount bought by $6 million.

Authorised dealers bought a total US$45,461,292 over $2 million less than on Tuesday for all currencies and sold the equivalent of US$41,433,607 almost $10 million less than yesterday.

Authorised dealers bought US$42,535,467 in United States currency at $106.87 for an increase of 57 cents but only sold US$36,602,246 at an average rate of $107.20, an increase 10 cents. Dealers bought C$747,162, the rate fell by $1.06 to $95.75 and C$515,646 was sold as the rate decreased by 46 cents to $97.79. The British Pound was bought at an average rate of $175.97, an increase of $2.31 as £1,256,499 was purchased, and sold £2,544,655 for more at $178.02. Other currencies bought amounted to US$187,535 with US$135,244 sold.

Highs & Lows | The highest buying rate for the US dollar increased by 5 cents to end at $108.35, the lowest buying rate was unchanged at $87.26. The highest selling rate closed at $110.94 for a $1.21 increase and the low moved down to $87.26 by $1.12.

The highest buying rate for the Canadian dollar fell 45 cents to end at $98.20 and the lowest buying rate ended up declined by 45 cents $77.90. The highest selling rate and fell $3 to $100 and the low declined by 55 cents to $93.85.

The highest buying rate for the British Pound climbed by $2.10 to $179.60 and the lowest buying rate jumped $3.41 to $145.01. The highest selling rate of $180.55, up $1.42, the lowest selling rate of moved 30 cents to $170.90.

Tuesday, 21st January 2014 | The selling rate for the US dollar crossed J$107 today as a large pool of funds were sold. Buying of US dollars was less than the overall selling by more than US$3 million as dealers bought a total US$47,869,380 for all currencies and sold the equivalent of US$51,121,520.

Authorised dealers bought US$41,544,688 in United States currency at $106.30 for an increase of 36 cents and sold US$46,226,015 at an average rate of $107.10, a 20 cents increase. Dealers bought C$2,243,825 for a $1.11 increase to $96.81 and sold C$2,148,416 for an 84 cents increase to $98.25. The British Pound was bought at an average rate of $173.66, 19 cents down as £2,487,829 was purchased, and sold £1,667,592 for 28 more at $176.81. Other currencies bought amounted to US$217,091 with US$171,510 sold.

Highs & Lows | The highest buying rate for the US dollar increased by 40 cents to end at $108.30, the lowest buying rate was unchanged at $87.26. The highest selling rate closed at $109.73 for a $2.09 decrease and the low moved up to $88.38 by $1.12.

The highest buying rate for the Canadian dollar gained 35 cents to end at $98.65 and the lowest buying rate ended up increasing by 46 cents $78.31. The highest selling rate and was up $2 to 103 and the low rose by 30 cents to $94.40.

The highest buying rate for the British Pound slipped by 15 cents to $177.50. There were no change for lowest buying rate of $141.60, the highest selling rate of $179.13 or the lowest selling rate of $170.60.

Monday, 20th January 2014 | The level of buying foreign currencies fell to the equivalent of US$27,722,521 and the amount sold jumped to the equivalent of US$46,826,793 but all the spot rates for the three main currencies declined versus the Jamaican dollar but for the selling rate of the US dollar.

In individual currency trades, US$23,049,066 was bought by dealers for 30 cents less than on Friday at $105.95 but they sold over $20 million more than they bought at a rate that was 3 cents higher than on Friday to end at $106.90 as US$43,389,210 was sold.

The Canadian dollar lost value against the Jamaican dollar as the rate slipped by 14 cents to end at $95.70 with the purchase of $1,655,657 and selling C$936,737 at $97.41 for a 32 cent drop.

£1,748,278 was purchased at $173.85 each or 26 cents cheaper than on Friday and selling amounted to £1,444,590 at a rate that was 93 cents less to end at $176.52. Other currencies purchased amounted to the equivalent of US$309,237 with US$198,429 sold.

Highs & Lows | The highest buying rate for the US dollar increased by 5 cents to end at $107.90 and the lowest buying rate increased by 25 cents to close at $87.26. The highest selling rate closed at $111.82 for a $2.09 increase and the low fell to $87.26 and was off by $15.34.

The highest buying rate for the Canadian dollar fell by $6.75 to end at $98.30 but there was no change to the lowest buying rate of $77.85 or the highest selling rate of $101 but the low rose by 30 cents to $94.10.

The highest buying rate for the British pound was $177.65 for a 10 cents increase. The lowest buying rate climbed 79 cents to $141.60. The highest selling rate moved up by 36 cents to $179.13 and the low gained 95 cents to end at $170.60.

Friday, 17th January 2014 | In forex trading. the British Pound gained considerably against most major international currencies as retail sales in the UK was reported to be very strong compared to estimates for December coming in at a 5.2 percent increase compared to an estimate of 2.5 percent. The Pound shot up immediately on the announcement.

The Canadian dollar on the other hand is suffering from concerns that a drop in employment reported for December and other signs of weakness in economic data will probably lead to lower interest rates to help boost the economy. These developments were visible in local currency trading on Friday.

The Jamaican dollar make up ground on the Canadian dollar but slipped in value against the British Pound and the US dollar on a day that saw more buying of USA and Canadian dollars than the amount sold but more selling of the Pound than the quantity bought.

Trading picked with more currencies bought than on Thursday with the equivalent of US$32,338,697 being purchased by dealers versus US$32,877,488 being sold.

There was buying of US$28,020,320 by dealers at an average rate of $106.24 an increase of 23 cents and selling of US$27,638,881 with the rate increasing by 4 cents to $106.87. The Canadian dollar rate eased by 22 cents to end at $95.83 as dealers bought C$932,300 and sold C$622,107 at $97.73 for a 31 cents fall and the British Pound rate climbed by $2.19 to hit $174.11 as dealers bought £1,479,640 and sold £2,242,811 at $177.46 as the rate closed up by $2.26.

Other currencies trading picked up considerably over Thursday’s level of the equivalent of US$194,967 purchased to US$1,052,638 on Friday and selling of US$945,591 compared to US$173,291 sold on Thursday.

Highs & Lows | The highest buying rate for the US dollar closed at $107.85, up 35 cents for the day and the lowest buying rate remained unchanged at $87.01. The highest selling rate dropped by $1.76 to close at $109.73 and the low fell by $1.30, the same amount it increased by the day before to close at $102.60.

The highest buying rate for the Canadian dollar jumped big on Friday by $6.60 to end at $105.05, while the low closed unchanged at $77.85 as well the highest selling rate at $101 and the lowest selling rate of $93.80.

The highest buying rate for the British Pound ended at $177.55, an increase of $1.85, the low was unchanged at $140.81. The highest selling rate gained by 64 cents to end at $178.77 and the low jumped by $25.45 to close at $169.65.

Image courtesy of Marcus/FreeDigitalPhotos.net

Thursday, 16th January 2014 | Trading in United States currency resulted in US$18,717,231 bought at a 4 cents increase to $106.02 and US$22,309,751 was sold at $106.83 for a 7 cents increase. But the coveted currency was bought by end users as high as $111.49. There was buying of C$959,746 at $96.06 for a fall of 22 cents and selling of C$511,228 at $98.03, which was down by 57 cents. Purchases took place for £864,483 with the rate falling by $1.99 to $171.92 and £560,854 was sold at $175.20, a decline of 75 cents.

Other currencies traded amount to the equivalent of US$194,967 being purchased and selling of US$173,291. Overall the total amount of foreign currencies bought came to the equivalent of US$21,183,611 and US$23,871,986 was sold.

Highs & Lows | The highest buying rate for the US dollar closed at $107.50 and the lowest buying rate at $87.01 as both remained unchanged at the end of trading. The highest selling rate jumped by $2.08 to close at $111.49 and the low jumped $1.30 to $103.90.

The highest buying rate for the Canadian dollar ended at $98.45, a 15 cents decrease, while the low closed down 46 cents at $77.85. The highest selling rate decreased by 50 cents at $101 and the lowest closed down 30 cents at $93.80 and continues to reflect Canadian economic weakness, which is seen in the fall in the value of the currency worldwide.

The highest buying rate for the British Pound ended at $175.70, a decline of $1.05, the low was up by 54 cents to $140.81. The highest selling rate declined by 34 cents to end at $178.13 and the low dropped by $25.60 to close at $144.20.

Wednesday, 15th January 2014 | The purchasing of foreign currency totalled the equivalent of US$28,558,748 and sales amounted to US$29,402,338 or just US$1 million difference.

Trading in individual currencies saw US$23,930,242 being purchased at an average of $105.98 for an 11 cent decline and sales of US$24,603,488 for a 5 cent increase to $106.76. Buying of the Canadian dollar amounted to C$917,128 at $96.28 for a fall of 46 cents and selling saw the rate increasing by 71 cents to $98.61 as C$1,904,805 was sold. The British Pound was purchased at $173.90 by dealers as they bought £2,215,311 as the rate moved up by $1.17 for the day and sold £1,636,308 at $175.95, down by $1.28.

Other currencies bought amounted to the equivalent of US$160,030 and selling was for US$342,780.

Highs & Lows | The highest buying rate for the US dollar closed at $107.50, an increase of 25 cents, the lowest buying rate climbed 17 cents to $87.01. The highest selling rate remained unchanged at $109.41 and the low jumped $16.18 to $102.60.

The highest buying rate for the Canadian dollar ended at $98.60, a 66 cents decrease, while the low closed up 29 cents at $78.31. The highest selling rate increased by $1 at $101.50 and the lowest closed down 25 cents at $94.10.

The highest buying rate for the British Pound ended at $176.75, up 55 cents and the low was unchanged at $140.27. The highest selling rate was up by 36 cents to end at $178.47 and the low closed up 80 cents at $169.80.