Wednesday, 16th October 2013 | Today was more of the same, like the last few days when the amount of foreign exchange bought by dealers exceeded the amount sold. On only one of those days, the amount of US dollar currency bought was marginally less than the amounts sold. Withstanding this trend, the rate for selling the US dollar has risen on every occasion.

In Wednesday’s trading with $23.2 million of purchases and $20.2 million of sales, the selling rate for the US dollar climbed by 4 cents to $104.90 and the buying rate rose by 11 cents to $104.14. The rates for both the Canadian and the Pound have been fluctuating and in today’s trading buying accounted for C$926,032 at a buying rate that was lower by 12 cents to end at $99.40 while selling was for C$426,759 at a rate that was 39 cent up at $101.32. For the Pound, buying accounted for £1.90 million at a rate that was $1.08 more costly at $166.40 and selling was 84 cents more than on Tuesday at $169.03 for £1.11 million.

The total amount of foreign currency bought was US$27,251,224 with selling accounting for US$22,683,877.

Rates for exchanging Jamaican dollars for foreign currencies differ quite markedly from the official rates, as dealers bought the US dollar as high as $106.80, at 50 cents higher than on Tuesday, and as low as $85 but they sold unchanged as high as $108.93 and as low as $101.80, up by $16.84 on the day.

The Canadian dollar and the Pound sterling saw a mix of rates with most falling, the highest rate the Canadian was bought at, rose 15 cents to $102.50 and that of the Pound was up 80 cents at $170.40. Meanwhile, the lows for buying fell 75 cents for the Canadian at $80.47 and the pound at $133.67 down 21 cents. Selling took place as high at 70 cents lower for the Canadian, at $103.74 and as low as $96.95, just 5 cents down. Selling of the British Pound was as 27 cents down at $172.32 at the high and the low was 25 down at $161.05.

The rate of exchange for the Jamaican dollar has been sliding since May but this did not stop the country’s dominant bank, National Commercial Bank (NCB) off loaded $42.5 million on October 4, while buying $4.4 million on a day when US$70 million was sold and only US$27 million was purchased. This followed the dumping of US$18.45 million on October 3 when they bought US$2.4 million. The most likely buyer for the bulk of the sale would have been the country’s central bank, Bank of Jamaica, if so, it may not bode well for speculators against the local currency as the move may well be signaling that the top of the market is not far away.

Interestingly, there was US$700,000 more purchased on Monday, October 14 over the amount sold and US$2.2 million today. While the rate for the Jamaican dollar has been on a slide, the week ending October 11 saw buying exceeding selling by very good margins for three days when there was $11 million more buying than selling as US$149 million was bought and US$136 million was sold. In the prior week, there was a net sell off of US$20.5 Million as dealers bought US$152.7 million and sold US$173 million.

Since the huge NCB sale, there has been more buying that selling of foreign currency in the overall market. On Tuesday, more funds were purchased in the forex market for the third consecutive day but the rate for the local dollar rose across the board except for a decline in the selling rate for the Canadian dollar.

Trades on Tuesday | Dealers purchased US$23.5 million in various currencies and sold US$21.35 million. Actual purchases of US dollars amounted to $21.2 million at a closing rate that was 13 cents up on the day at $104.03 and sold US$19.48 million at only 4 cents higher than on Friday at $104.85. Dealers purchased C$813,472 for $99.53 at 64 cents more than on Friday and they sold C$407,722 at $100.93, down by 45 cents. £830,084 was purchased at $165.32 up by 70 cents and £663,395 was sold at $168.20 or 22 cents lower at the end of the day.

Highs & Lows | The highest and lowest rates generally moved up except for one remaining unchanged and the highest selling rate for Pound which fell by 21 cents to end at $172.59.

The highest buying rate for the US dollar increased by 5 cents to end at $106.30 while the lowest buying rate was unchanged at $84.96; the highest selling rate inched to 6 cents to $108.93 and the lowest increased 21 cents to $84.96.

The highest buying rate for the Canadian dollar climbed 5 cents to end at $102.35, the lowest buying rate ended at $81.22, higher by $1.04; the high for selling rate stood 98 cents higher at $104.44 and the selling low was at $97 up 40 cents.

The British Pound highest buying rate climbed 40 cents to end at $169.60, the lowest buying rate was up 21 cents to $133.88; the highest selling rate fell 21 cents to $172.59 and the lowest selling rate climbed 25 cents to $161.30.

Monday, 14th October 2013 | The level of trading was low for a Monday but that may have been telegraphed from Friday when a larger than expected amount of buying and selling took place in the ForEx market.

Dealers purchased US$26,037,166 in various currencies and sold US$25,335,901. In term of actual US dollars purchased this amounted to $20,638,306 at a closing rate that was unchanged for the day at $103.90 and sold US$21,056,664 at 26 cents less than on Friday at $104.15. Dealers purchased C$1,317,993 for $98.89 at 11 cents less than on Friday and they sold C$785,625 at $101.38 up by 22 cents. £1,076,430 was purchased at $164.62 down by $1.02 and £688,511 was sold at $167.974, 18 cents lower at the end of the day.

Highs & Lows | The highest and lowest rates generally moved up except for two that were unchanged and the US dollar low for selling, which fell by 21 cents to end at $84.75.

The highest buying rate for the US dollar increased by 5 cents to end at $106.25 while the lowest buying rate was unchanged at $84.96; the highest selling rate was also unchanged at $108.87.

The highest buying rate for the Canadian dollar climbed 30 cents to end at $102.30, the lowest buying rate ended at $80.18, higher by 8 cents; the high for selling rates stood 4 cents higher on the day at $103.46 and the selling low at $96.60 was up $1.40.

The British Pound highest buying rate climbed 20 cents to end at $169.20, the lowest buying rate was up 45 cents to $133.67; the highest selling rate increased 90 cents to $172.80 and the lowest selling rate climbed 40 cents to $161.05.