FX trading at elevated levels – Monday

Flows into the Jamaican foreign exchange market continue to remain buoyant, with Monday’s intake amounting to more than $55.5 million, US$9 million more than the amount that was sold, but the rate of the Jamaican dollar slipped slightly against the US dollar but gained versus the Canadian dollar and the British pound.
Dealers bought the equivalent of US$55,520,746 and sold US$46,446,771, compared with US$57,959,306 and US$53,791,134 respectively on Friday.
Purchase of US dollars , exceeded the amounts sold by dealers by US$7 million with dealers buying US$51,497,060 compared to US$53,896,854 on Friday. The buying rate for the US dollar fell 18 cents to $119.66. A total of US$44,706,868 was sold versus US$49,125,914 on Friday, the selling rate moved up by 4 cents to $120.27. The Canadian dollar buying rate fell 45 cents to end at $85.64 with dealers buying C$2,251,115 and selling C$1,259,799, at an average rate that declined by $1.72 to $86.98. The rate for buying the British Pound dived $2.18 to $177.36 for the purchase of £1,506,241, while £439,278 was sold, with the rate losing 97 cents to $179.58. At the end of trading, it took J$132.22 to purchase the Euro, a rise of 74 cents from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.81 for a 94 cents gain from Friday’s rate. The US dollar equivalent of other currencies traded, amounts to US$198,988 being bought, while US$172,955 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 25 cents to $120.70, the lowest buying rate dropped $14.89 to $83.85, the highest selling rate gained 5 cents to end at $126.58 and lowest selling rate lost 30 cents to $116.70. The highest buying rate for the Canadian dollar rose 30 cents to $88.20, the lowest buying rate fell 24 cents to $70.14, the highest selling rate dipped 38 cents to $90.42 and the lowest selling rate slipped 50 cents to $83.50. The highest buying rate for the British Pound, declined $1.25 to end at $181.65. The lowest buying rate gained 41 cents to $146.08, while the highest selling rate climbed 54 cents to end at $188.32 and the lowest selling rate dived $27.93 to $146.07.