The Jamaica dollar closed on Monday just 1 cent below the 126 level for one US dollar as forex trading exceeded US45 million, with selling just lower than the amount bought by dealers.
The foreign exchange market started the week, with dealers buying the equivalent in all currencies of US$46,887,823 and selling US$45,219,931, in contrast to US$36,345,365 purchased and US$34,310,493 sold on Friday
In US dollar trading, dealers bought US$43,963,642 compared to US$30,620,827 on Friday as the buying rate for the US dollar rose 12 cents to $125.19. 
A total of US$43,909,244 was sold versus US$31,425,559 on Friday with the selling rate rising 10 cents to $125.99. The Canadian dollar buying rate dropped $3.23 to end at $94.12 with dealers buying C$998,707 and selling C$543,804, at an average rate that dipped $1.60 to $96.74. The average rate for buying the British Pound dropped $3.45 to $176.11 for the purchase of £1,471,425, while £577,920 was sold, with the rate falling $1.49 to $179.59.
At the end of trading, the selling rate for Euro, fell 20 cents to close at J$142.23 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.18, for a rise of 21 cents off Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$103,378 being bought, while US$69,345 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Monday, include, a drop in the lowest selling rate of the Canadian Dollar by $8.80 to $84.70, a fall in the highest buying rate British Pound of $1.25 to $181.55, a fall in the lowest buying rate by $1.25 to $143.59, a decline in the highest selling rate of $1.62 to $186.84 and a fall of $1.60 in the lowest selling rate to $171.40.
Jamaican$ 1 cent from $126 to US – Monday
Jamaican$ loses more ground – Friday
The buying and selling in the forex market on Friday resulted in close to US$1 million more sold by dealers than the amount of the US currencies they bought, helping the selling rate of the US dollar to continue to gain on the Jamaican currency.
The foreign exchange market closed on the week, with dealers buying the equivalent in all currencies of US$36,345,365 and selling US$34,310,493, in contrast to US$27,777,238 purchased and US$29,407,363 sold on Thursday
In US dollar trading, dealers bought US$30,620,827 compared to US$23,605,085 on Thursday as the buying rate for the US dollar rose 12 cents to $125.07. A total of US$31,425,559 was sold versus US$27,506,903 on Thursday with the selling rate rising 13 cents to $125.89. 
The Canadian dollar buying rate rose $1.99 to end at $97.35 with dealers buying C$2,580,438 and selling C$1,910,591, at an average rate that rose 35 cents to $98.34. The average rate for buying the British Pound climbed 40 cents to $179.56 for the purchase of £2,462,776, while £859,944 was sold, with the rate falling 57 cents to $181.08.
At the end of trading, the selling rate for Euro, fell 81 cents to close at J$142.43 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.39, for a rise of 81 cents off Thursday’s rate. The US dollar equivalent of other currencies traded amounts to US$180,535 being bought, while US$155,560 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Friday, include, a drop in the lowest selling rate of US Dollar by $19.88 to $102.12, a fall of $1.75 in the highest buying rate of the Canadian Dollar to $98.75 and a rise of $3.50 in the lowest selling rate to $93.50. The highest selling rate British Pound dipped $1.19 to $189.46 and the lowest selling rate rose $1 to $173.
Jamaican$ continues to fall – Thursday
The buying and selling in the forex market on Thursday resulted in US$4 million more sold by dealers than the amount of the US currencies they bought, helping the selling rate of the US dollar to continue to gain on the Jamaican currency.
The foreign exchange market closed on Thursday, with dealers buying the equivalent in all currencies of US$27,777,238 and selling US$29,407,363, in contrast to US$28,619,820 purchased and US$35,807,387 sold on Wednesday
In US dollar trading, dealers bought US$23,605,085 compared to US$26,030,466 on Wednesday as the buying rate for the US dollar rose 3 cents to $124.95. A total of US$27,506,903 was sold versus US$34,136,160 on Wednesday with the selling rate rising 4 cents to $125.76.
The Canadian dollar buying rate fell 18 cents to end at $95.36 with dealers buying C$1,028,909 and selling C$565,413, at an average rate that fell 52 cents to $97.99. The average rate for buying the British Pound climbed 87 cents to $179.16 for the purchase of £1,422,254, while £760,559 was sold, with the rate falling 29 cents to $181.65.
At the end of trading, the selling rate for Euro, rose 60 cents to close at J$143.24 from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$140.20, for a rise of 83 cents on Wednesday’s rate. 
The US dollar equivalent of other currencies traded amounts to US$1,347,544 being bought, while US$361,373 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Thursday, include, a rise of $1 in the highest buying rate of the Canadian Dollar to $100.50 and a rise of $2.80 in the lowest selling rate to $90, while the highest buying rate for the British Pound eased by $1.25 to $183, the highest selling rate rose $2.19 to $189.65 and the lowest selling rate dropped $3 to $172.
US$ sales exceed purchases – Friday
The buying and selling in the forex market on Friday resulted slightly more selling by dealers than the amounts bought in all currencies but sale of US dollars exceeded inflows by US$3 million, helping the selling rate of the US dollar, to continue to gain on the Jamaican currency.
The foreign exchange market closed on Friday, with dealers buying the equivalent of US$31,515,940 and selling US$33,499,897, in contrast to US$32,911,167 purchased and US$33,802,996 sold on Thursday
In US dollar trading, dealers bought US$27,698,434 compared to US$28,031,398 on Thursday as the buying rate for the US dollar remained unchanged at $124.75. 
A total of US$30,645,567 was sold versus US$31,006,313 on Thursday with the selling rate rising 6 cents to $125.56. The Canadian dollar buying rate fell $1.17 to end at $92.28 with dealers buying C$691,476 and selling C$516,501, at an average rate that climbed by 88 cents to $96.11. The average rate for buying the British Pound climbed $1.04 to $179.34 for the purchase of £1,920,291, while £1,270,603 was sold, with the rate rising $1.11 to $181.05.
At the end of trading, the selling rate for Euro, fell by 12 cents to close at J$140.06 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European 
common currency at J$137.13, for a fall of 2 cents on Thursday’s rate. The US dollar equivalent of other currencies traded amounts to US$545,285 being bought, while US$626,785 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Friday, include, a rise of $18.88 in the lowest selling rate of the US Dollar to $121, a rise of $1.60 in the highest buying rate of the Canadian Dollar to $97.50 and the highest buying rate for the British Pound increasing by $2.51 to $183.81.
US$ sales exceed purchases – Thursday
The buying and selling in the forex market on Thursday resulted slightly more selling by dealers than the amounts bought in all currencies but sale of US$ exceeded inflows by US$3 million.
The foreign exchange market closed on Wednesday, with dealers buying the equivalent of US$32,911,167 and selling US$33,802,996, in contrast to US$28,237,528 purchased and US$39,830,039 sold on Wednesday
In US dollar trading, dealers bought US$28,031,398 compared to US$26,160,433 on Wednesday as the buying rate for the US dollar added 13 cents to end at $124.75. A total of US$31,006,313 was sold versus US$38,578,531 on Wednesday with the selling rate rising 3 cents to $125.50.
The Canadian dollar buying rate rose $1.08 to end at $93.45 with dealers buying C$1,133,560 and selling C$606,541, at an average rate that climbed by 78 cents to $95.23. The average rate for buying the British Pound climbed 95 cents to $178.30 for the purchase of £1,804,146, while £621,406 was sold, with the rate dropping 97 cents to $179.94.
At the end of trading, the selling rate for Euro, gained 56 cents to close at J$140.18 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.15, for a rise of 38 cents on Tuesday’s rate.
The US dollar equivalent of other currencies traded amounts to US$1,452,009 being bought, while US$1,445,479 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Wednesday, include, a fall of $19.23 in the lowest selling rate of the US Dollar to $102.12, a rise of $1.50 in the highest buying rate of the Canadian Dollar to $95.90 and a $1 gain in the lowest buying rate to $75.70 while the lowest buying rate for the British Pound fell by $2.07 to $143.84 and the highest buying rate declined 95 cents to $187.16.
US$11.5m more sold than purchased – Wednesday
Dealers in the forex market sold over US$11.5 million more than they bought on Wednesday in all currencies as the local currency selling rate for the US dollar increased by 5 cents.
The foreign exchange market closed on Wednesday, with dealers buying the equivalent of US$28,237,528 and selling US$39,830,039, in contrast to US$47,052,554 purchased and US$42,436,572 sold on Tuesday.
In US dollar trading, dealers bought US$26,160,433 compared to US$44,115,520 on Tuesday, as the buying rate for the US dollar declined by 10 cents to $124.62. A total of US$38,578,531 was sold versus US$40,688,761 on Tuesday with the selling rate rising 6 cents to $125.47.
The Canadian dollar buying rate fell 80 cents to end at $92.37 with dealers buying C$793,330 and selling C$436,850, at an average rate that fell 42 cents to $94.45. The rate for buying the British Pound dropped $1.76 to $177.35 for the purchase of £1,003,394, while £556,923 was sold, with the rate gaining 55 cents to $180.91.
At the end of trading, the selling rate for Euro, fell 13 cents to close at J$139.61 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.77, for a rise of 21 cents on Tuesday’s rate. The US dollar equivalent of other currencies traded amounts to US$61,198 being bought, while US$119,605 was sold.
Highs & Lows| Notable changes to the highest and lowest rates, the Jamaican dollar traded at, in the foreign exchange market on Wednesday, include, a rise of $19.23 in the lowest selling rate of the US Dollar to $121.35, a fall of $3.22 in the highest buying rate of the Canadian Dollar to $94.40 while the highest buying rate for the British Pound fell by $2.90 to $182.15 and the lowest selling rate rose $1 to $173.
US$ selling rate falls – Tuesday
Dealers in the forex market who bought over US$24 million more than they sold last week sold US$5 million more than they bought on Tuesday in all currencies as the local currency selling rate for the US dollar increased for the sixth consecutive day.
The foreign exchange market closed on Tuesday, with dealers buying the equivalent of US$47,052,554 and selling US$42,436,572, in contrast to US$35,822,833 purchased and US$40,716,594 sold on Monday.
In US dollar trading, dealers bought US$44,115,520 compared to US$32,644,468 on Monday, as the buying rate for the US dollar rose by 24 cents to $124.72. 
A total of US$40,688,761 was sold versus US$39,134,277 on Monday with the selling rate falling 5 cents to $125.41. The Canadian dollar buying rate rose 71 cents to end at $93.17 with dealers buying C$1,154,316 and selling C$860,008, at an average rate that fell $1.87 to $94.87. The rate for buying the British Pound dropped 51 cents to $179.11 for the purchase of £1,352,910, while £494,893 was sold, with the rate falling $1.49 to $180.36.
At the end of trading, the selling rate for Euro, rose 10 cents to close at J$139.74 from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.56, for a fall of 43 cents from Monday’s rate. The US dollar equivalent of other currencies traded amounts to US$131,893 being bought, while US$385,512 was sold.
Highs & Lows| Notable changes to the highest and lowest rates, the Jamaican dollar traded at, in the foreign exchange market on Tuesday, include, a rise of $1.70 in the lowest buying rate of the Canadian Dollar to $74.70 and a gain of $2.30 to $89.50 in the lowest selling rate. The lowest buying rate for the British Pound fell by $1 to $145.08 and a $2.08 fall in the highest selling rate, pushed it to $188.
More US$ sold than bought – Monday
Dealers in the forex market who bought over US$24 million more than they sold last week sold US$5 million more than they bought on Monday in all currencies as the local currency selling rate for the US dollar increased for the sixth consecutive day.
The foreign exchange market closed on Monday, with dealers buying the equivalent of US$35,822,833 and selling US$40,716,594, in contrast to US$52,840,212 purchased and US$46,464,311 sold on Friday.
In US dollar trading, dealers bought US$32,644,468 compared to US$49,322,500 on Friday, as the buying rate for the US dollar declined by 46 cents to $124.48.
A total of US$39,134,277 was sold versus US$43,765,413 on Friday with the selling rate rising 2 cents to $125.46. The Canadian dollar buying rate fell $1.52 to end at $92.46 with dealers buying C$1,221,873 and selling C$1,050,885, at an average rate that rose 29 cents to $96.74. The rate for buying the British Pound dropped 81 cents to $179.62 for the purchase of £1,480,634, while £460,528 was sold, with the rate falling $1.90 to $181.85.
At the end of trading, the selling rate for Euro, dropped 64 cents to close at J$139.64 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.99, for a fall of 68 cents from Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$134,284 being bought, while US$104,463 was sold.
Highs & Lows| Notable changes to the highest and lowest rates, the Jamaican dollar traded at, in the foreign exchange market on Monday, include, a fall of $2.27 in the lowest selling rate of the US dollar to $101.87, a decline of $1.12 in the highest buying rate of the Canadian Dollar to $97.28, a fall of $3.36 to $73 in the lowest buying rate, while the lowest selling rate dropped $3.80 to $87.20. The highest buying rate for the British Pound fell by $1.24 to $185.15 and a $3 fall in the lowest selling rate, pushed it to $172.
Bank of Jamaica cuts interest rate
BOJ sold US dollars into the system on Monday
The rate was last reduced from 5.50 percent to 5.25 on August 18, 2015.
According to the central bank “the adjustment to the signal rate reflects the Bank’s assessment that the inflation outlook for the fiscal year 2016/17 will continue to be favourable and is expected to be within the lower half of the 4.5 percent to 6.5 percent target range for the fiscal period. Although growth has been weaker than expected, macroeconomic indicators have been reflecting generally positive trends. Inflation expectations remain firmly anchored in single digits, international reserves are above adequacy levels, the current account of the balance of payments is projected to be at a sustainable level, private sector credit is expanding, market interest rates have been trending downwards and the fiscal accounts continue to be strong.”
The reduction follows falls in Treasury bill rates that are now just ahead of the pre adjusted CD rate.
J$ loses ground on Friday
Dealers in the forex market who bought over US$18 million more than they sold between Tuesday and Thursday, bought US$6 million more than they sold on Friday in all currencies but the local currency selling rate increased for the fifth consecutive day.
The foreign exchange market closed on Friday, with dealers buying the equivalent of US$52,840,212 and selling US$46,464,311, in contrast to US$73,223,739 purchased and US$69,222,068 sold on Thursday.
In US dollar trading, dealers bought US$49,322,500 compared to US$70,329,703 on Thursday, as the buying rate for the US dollar declined by 3 cents to $124.94. A total of US$43,765,413 was sold versus US$67,424,252 on 
Thursday with the selling rate slipping 2 cents to $125.44. The Canadian dollar buying rate rose $1.15 to end at $93.98 with dealers buying C$1,046,871 and selling C$1,519,791, at an average rate that climbed by 15 cents to $96.45. The rate for buying the British Pound climbed $1.29 to $180.43 for the purchase of £1,830,846, while £930,183 was sold, with the rate gaining $1.49 to $183.76.
At the end of trading, the selling rate for Euro, rose 51 cents to close at J$140.28 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.67, for a rise of 69 cents on Thursday’s rate. 
The US dollar equivalent of other currencies traded amounts to US$86,371 being bought, while US$167,726 was sold.
Highs & Lows| Notable changes to the highest and lowest rates, the Jamaican dollar traded at, in the foreign exchange market on Friday, include, a rise of $2.65 in the lowest selling rate of the US dollar to $104.14, a rise of $1.40 in the highest buying rate of the Canadian Dollar to $98.40 and a fall of $1 to $76.36 in the lowest buying rate, while the British Pound enjoyed a $3 rise in the lowest selling rate to $175.