The Jamaican dollar lost value against the United States dollar, the euro and the Pound but gained on the Canadian dollar on Wednesday.
Overall there was buying of the equivalent of US$37,454,527 versus US$43,503,554 on Tuesday, and selling of the equivalent of US$35,556,606 compared to US$46,130,818 on Tuesday. In US dollar trading, dealers bought US$34,094,712 compared to US$38,358,526 on Tuesday. The buying rate for the US dollar rose 6 cents to $113.94 and US$30,789,157 was sold versus US$42,437,376 on Tuesday. The selling rate rose 7 cents to $114.48. The Canadian dollar buying rate fell 44 cents to $95.86 with dealers buying C$1,444,094 and selling C$1,029,110, at an average selling rate that declined 91 cents, to $97.91. The rate for buying the British Pound rose 13 cents to $177 for the purchase of £1,284,128, while £1,858,576 was sold, the rate climbed 88 cents to $180.05. At the end of trading it took J$143.12 to purchase the Euro, $1.14 more than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$140.32, for an increase of $1.26. Other currencies bought, amounted to the equivalent of US$150,076 while the equivalent of US$964,190, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 5 cents higher at $114.80, the lowest buying rate was unchanged at $93.69. The highest selling rate gained 16 cents to $120.21 and the lowest selling rate rose 60 cents to $112.10. The highest buying rate for the Canadian dollar was unchanged at $98.62. The lowest buying rate closed 33 cents lower, at $78.19. The highest selling rate fell $1 to $101.50 and the lowest selling rate moved down 60 cents to $94. The highest buying rate for the British Pound, dipped $1.10 to $179.40. The lowest buying rate was unchanged at $143.96, highest selling rate lost $2.47 to $183.12 the lowest selling rate lost $1.20 to $172.25.
J$ falls vs euro, US & Pound Wednesday
J$ gain on euro falls vs others Tuesday
The Jamaican dollar lost value against the United States dollar and against the euro but gained against the Pound and the Canadian dollar on Tuesday, a day of robust foreign exchange trading.
Overall, there was buying of the equivalent of US$43,503,554 versus US$56,094,979 on Monday, and selling of the equivalent of US$46,130,818 compared to US$47,505,422 on Monday. In US dollar trading, dealers bought US$38,358,526 compared to US$49,500,391 on Monday. The buying rate for the US dollar rose 23 cents to $113.88 and US$42,437,376 was sold versus US$43,962,004 on Monday. The selling rate rose 12 cents to $114.41. The Canadian dollar buying rate inched up 8 cents to $96.30 with dealers buying C$1,987,289 and selling C$2,034,522, at an average selling rate that rose 36 cents, to $98.82. The rate for buying the British Pound fell 44 cents to $176.87 for the purchase of £2,127,681, while £992,180 was sold, the rate climbed 30 cents to $179.17. At the end of trading it took J$141.98 to purchase the Euro, 24 cents less than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.06, as the rate fell 56 cents. Other currencies bought, amounted to the equivalent of US$160,113 while the equivalent of US$382,324, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.75, the lowest buying rate gained 17 cents to $93.69. The highest selling rate was unchanged $120.05 and the lowest selling rate jumped $17.98 to $111.50. The highest buying rate for the Canadian dollar declined by 38 cents to end at $98.62. The lowest buying rate closed 12 cents lower, at $78.52. The highest selling rate rose 59 cents to $102.50 and the lowest selling rate moved down 15 cents to $94.60. The highest buying rate for the British Pound, rose 80 cents to $180.50. The lowest buying rate closed 21 cents lower at $143.96, highest selling rate lost 27 cents to $185.59 the lowest selling rate rose 45 cents to $173.45.
J$ loses against US & euro Monday
The Jamaican dollar lost value against the United States dollar and the euro but gained on the Pound and the Canadian dollar on Monday, a day of robust foreign exchange trading.
Overall there was buying of the equivalent of US$56,094,979 versus US$60,517,416 on Friday, and selling of the equivalent of US$47,505,422 compared to US$56,937,674 on Friday. In US dollar trading, dealers bought US$49,500,391 compared to US$56,245,001 on Friday. The buying rate for the US dollar fell 11 cents to $113.65 and US$43,962,004 was sold versus US$44,323,676 on Friday. The selling rate rose 17 cents to $114.29. The Canadian dollar buying rate fell $2.03 to $96.22 with dealers buying C$2,054,639 and selling C$1,104,263, at an average selling rate that lost $1.43, to $98.46. The rate for buying the British Pound climbed 78 cents to $177.31 for the purchase of £2,944,023, while £1,463,435 was sold, the rate fell 86 cents to $178.87. At the end of trading it took J$142.22 to purchase the Euro, 98 cents more than on Friday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.64, a rise of $1.36. Other currencies bought, amounted to the equivalent of US$261,706 while the equivalent of US$301,699, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.65, the lowest buying rate was unchanged at $93.52. The highest selling rate gained 21 cents to $120.05 and the lowest selling rate fell $1.84 to $93.52. The highest buying rate for the Canadian dollar declined by 70 cents to end at $99. The lowest buying rate closed 38 cents lower, at $78.64. The highest selling rate remained unchanged at $101.91 and the lowest selling rate moved down 45 cents to $94.75. The highest buying rate for the British Pound, lost 15 cents to $179.70. The lowest buying rate closed 21 cents higher at $144.17 and highest selling rate climbed $3.08 to $185.86, the lowest selling rate fell 45 cents to $173.
US dollar buying nets US$12M on Friday
The Jamaican dollar lost value against all three major currencies, on Friday in spite of more foreign exchange being bought by dealers than the amount they sold.
Authorized dealers purchased a net equivalent of US$3.6 million for all currencies, but that disguises what took place on the day, as a net selling of the British pound primarily by National Commercial Bank (NCB) with a net sale of £4.6 million overshadows the net buying of US$12 million by dealers, mainly by Scotia Bank with a net of US$4.5 million, NCB net of US$3 million, Sagicor net of US$2 million.
Overall there was buying of the equivalent of US$60,517,416 versus US$32,509,858 on Thursday, and selling of the equivalent of US$56,937,674 compared to US$26,135,874 on Thursday. In US dollar trading, dealers bought US$56,245,001 compared to US$25,759,759 on Thursday. The buying rate for the US dollar rose 39 cents to $113.76 and US$44,323,676 was sold versus US$22,639,166 on Thursday. The selling rate rose 5 cents to $114.12. The Canadian dollar buying rate fell 37 cents to $98.25 with dealers buying C$2,597,398 and selling C$3,597,398, at an average selling rate that gained 65 cents, to $99.90. The rate for buying the British Pound climbed 17 cents to $176.53, for the purchase of £1,176,395, while £5,626,341 was sold, the rate rose 86 cents to $179.73. At the end of trading it took J$141.24 to purchase the Euro, 35 cents less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.28, a fall of 40 cents. Other currencies bought, amounted to the equivalent of US$203,636 while the equivalent of US$604,170, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 20 cents higher at $114.55, the lowest buying and the highest selling rates were unchanged at $93.52 and $119.84 respectively and the lowest selling rate fell $16.14 to $95.36. The highest buying rate for the Canadian dollar climbed 25 cents to end at $99.70. The lowest buying rate closed 17 cents higher, at $79.02. The highest selling rate fell 28 cents to $101.91 and the lowest selling rate moved up 20 cents to $95.20. The highest buying rate for the British Pound, gained 55 cents to $179.85. The lowest buying rate closed with 37 cents gain at $143.96 and highest selling rate dropped $2.33 to $182.78, the lowest selling rate rose 45 cents to $173.45.
J$ loses value against all on Thursday
The Jamaican dollar lost value against all three major currencies, on Thursday with authorized dealers purchasing the equivalent of US$32,509,858 versus US$39,925,592 on Wednesday, and sold the equivalent of US$26,135,874 compared to US$42,238,712 on Wednesday.
In US dollar trading, dealers bought US$25,759,759 compared to US$32,638,029 on Wednesday. The buying rate for the US dollar fell 2 cents to $113.37 and US$22,639,166 was sold versus US$36,803,222 on Wednesday. The selling rate rose 4 cents to $114.07. The Canadian dollar buying rate fell 9 cents to $98.62 with dealers buying C$4,367,754 and selling C$2,665,178, at an average selling rate that put on 7 cents, to $99.27. The rate for buying the British Pound climbed 9 cents to $176.36, for the purchase of £1,699,564, while £661,850 was sold, the rate rose 46 cents to $178.87. At the end of trading it took J$141.59 to purchase the Euro, 10 cents more than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.68, an increase of 8 cents. Other currencies bought, amounted to the equivalent of US$306,962 while the equivalent of US$139,827, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.35, the lowest buying, the highest selling and the lowest selling rates were unchanged at $93.52, $119.84 and $111.50 respectively. The highest buying rate for the Canadian dollar slipped 15 cents to end at $99.45. The lowest buying rate closed 42 cents lower, at $78.85. The highest selling rate was unchanged at $102.19 and the lowest selling rate dipped 50 cents to $95. The highest buying rate for the British Pound, lost 50 cents to $179.30. The lowest buying and lowest selling rates were unchanged at $143.59 and $173 respectively, the highest selling rate rose $3.31 to $185.11.
J$ loses against all – Wednesday
The J$ sunk to a low of J$114.03 to the US$ on Wednesday
The Jamaican dollar lost value against all the major currencies, on Wednesday. Authorized dealers purchased the equivalent of US$39,925,592 versus US$31,351,075 on Tuesday, and sold the equivalent of US$42,238,712 compared to US$32,316,397 on Tuesday. In US dollar trading, dealers bought US$32,638,029 compared to US$27,498,857 on Tuesday. The buying rate for the US dollar was unchanged at $113.39 and US$36,803,222 was sold versus US$29,712,322 on Tuesday. The selling rate rose 14 cents to $114.03. The Canadian dollar buying rate rose $1.57 to $98.71 with dealers buying C$5,663,098 and selling C$5,213,941, at an average selling rate that put on 14 cents, to $99.18. The rate for buying the British Pound climbed 75 cents to $176.27, for the purchase of £1,344,950, while £469,682 was sold, the rate rose 71 cents to $178.41. At the end of trading it took J$141.49 to purchase the Euro, $1.59 more than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.75, an increase of $1.71. Other currencies bought, amounted to the equivalent of US$267,212 while the equivalent of US$165,735, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents higher at $114.25, the lowest buying, the highest selling and the lowest selling rates were unchanged at $93.52, $119.84 and $111.50 respectively. The highest buying rate for the Canadian dollar slipped 20 cents to end at $99.60. The lowest buying rate closed 12 cents lower, at $79.27. The highest selling rate fell 53 cents to $102.19 and the lowest selling rate dipped 15 cents to $95.50. The highest buying rate for the British Pound, gained 80 cents to $179.80. The lowest buying rate gained 25 cents to $143.59, the highest selling rate fell $2.99 to $181.80 and the lowest selling rate picked up 30 cents to $173.
J$ gains vs Canadian & Pound – Tuesday
The Jamaican dollar continue to lose value against the US dollar but gained against the British pound and the Canadian dollar, on Tuesday. Authorized dealers purchased the equivalent of US$31,351,075 versus US$46,947,247 on Monday, and sold the equivalent of US$32,316,397 compared to US$40,489,087 on Monday.
In US dollar trading, dealers bought US$27,498,857 compared to US$42,320,091 on Monday. The buying rate for the US dollar put on 20 cents to $113.39 and US$29,712,322 was sold versus US$37,843,073 on Monday. The selling rate rose 7 cents to $113.89. The Canadian dollar buying rate rose 22 cents to $97.14 with dealers buying C$1,435,591 and selling C$785,344, at an average selling rate that erased 34 cents, to $99.04. The rate for buying the British Pound climbed 11 cents to $175.52, for the purchase of £1,434,718, while £547,510 was sold, the rate slipped 29 cents to $177.70. At the end of trading it took J$139.90 to purchase the Euro, 3 cents less than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.13, down by a cent.
Other currencies bought, amounted to the equivalent of US$401,331 while the equivalent of US$1,066,818, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 12 cents higher at $114.22, the lowest buying and the highest selling rates were unchanged at $93.52 and $119.84 respectively, but the lowest selling rate jumped $18.15 to $111.50. The highest buying rate for the Canadian dollar slipped 15 cents to end at $99.80. The lowest buying rate closed 24 cents lower, at $79.39. The highest selling rate fell 32 cents to $102.72 and the lowest selling rate dipped 35 cents to $95.65. The highest buying rate for the British Pound, gained 80 cents to $179. The lowest buying rate eased 25 cents to $143.34, the highest selling rate fell 43 cents to $184.79 and the lowest selling rate lost 30 cents to $172.70.
J$ loses vs US & Pound on Monday
The Jamaican dollar lost value against the US dollar and the British pound but gained moderately against the Canadian dollar, on Monday. Authorized dealers purchased the equivalent of US$46,947,247 versus US$32,044,623 on Friday, and sold the equivalent of US$40,489,087 compared to US$24,934,600 on Friday.
In US dollar trading, dealers bought US$42,320,091 compared to US$27,699,155 on Friday. The buying rate for the US dollar lost 3 cents to $113.19 and US$37,843,073 was sold versus US$22,601,816 on Friday. The selling rate rose 3 cents to $113.82. The Canadian dollar buying rate fell 56 cents to $96.92 with dealers buying C$1,788,250 and selling C$1,065,374, at an average selling rate that erased 17 cents, to $99.38. The rate for buying the British Pound fell 81 cents to $175.41, for the purchase of £1,814,634, while £765,534 was sold, the rate rose 26 cents to $177.99. At the end of trading it took J$139.93 to purchase the Euro according to data from Bank Of Jamaica while dealers purchased at J$137.14. Other currencies bought, amounted to the equivalent of US$283,910 while the equivalent of US$518,653, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.10, the lowest buying and the highest selling rates were unchanged to $93.52 and $119.84 respectively, but the lowest selling rate fell 17 cents at $93.35. The highest buying rate for the Canadian dollar slipped 55 cents to end at $99.95. The lowest buying rate closed 30 cents lower, at $79.63. The highest selling rate remained at $103.04 and the lowest selling rate dipped 30 cents to $96. The highest buying rate for the British Pound, lost 30 cents to $178.20. The lowest buying rate slipped 8 cents to $143.59, the highest selling rate gained $3.24 to $185.22 and the lowest selling rate eased by 10 cents to $173.
US$ demand down $1B PA, supply up
Buying of foreign currency demand fell sharply in the first 5 days of December, this year compared with the same period in 2013, at a level that would translate to over $1 billion per year, if sustained.
At the same time purchases by dealers climbed US$4 million, at a rate around US$300 million per annum. According to data compiled by IC Insider from the daily Bank of Jamaica trading reports, a total of $163 million were purchased this week, this compares favourably with the $159 million purchased by dealers in the 2013 period. While dealers sold US$175 million in the first 5 days of December, last year, this year only US$155 million was sold, a fall of US$20 million, this translates to just over $1 billion per year.
The near evenest of inflows and outflows has not stemmed the slippage in the exchange rate versus the US dollar, after a period of slight revaluation between August and October. Bank of Jamaica stepped in by increasing their take from the market from 15 percent per day to 20 percent from November and even intervened on a number of days our source informed us, thus reversing the appreciation of the Jamaican dollar.
The Jamaican dollar ended 2013 at $106.38 to one US dollar and reached $113.79 on Friday, to one US dollar. The slippage since the start of the year is just 7 percent, and is in line with inflation to October and would result in a slight gain in competitiveness in the currency based on inflation differential between Jamaica and the USA, if inflation were to remain around these levels.
Last year December the rate started at $105.87 and ended at $106.38 with most of the slippage occurring in the first half of the month. Flows of foreign exchange usually pick up in the second half of December and is likely to slow the rate of decline, unless Bank of Jamaica determines that the currency needs to slip some more, but they could wait until 2015 to effect any needed adjustment to the rate, with 2014 almost over. With the price of oil well under US$70 per barrel the demand for foreign currency will fall and should allow BOJ to lower interest rates while building up the reserves in the first half of 2015 at least.
J$ slips vs US$ gains on others – Friday
The Jamaican dollar lost value against the US dollar, but gained on the British pound and the Canadian dollar, on Friday. Authorized dealers purchased the equivalent of US$32,044,623 versus US$27,640,306 on Thursday, and sold the equivalent of US$24,934,600 compared with US$27,319,898 on Thursday.
In US dollar trading, dealers bought US$27,699,155 compared to US$23,030,965 on Thursday. The buying rate for the US dollar gained 6 cents to $113.22 and US$22,601,816 was sold versus US$24,202,008 on Thursday. The selling rate rose 3 cents t0 $113.79. The Canadian dollar buying rate fell 22 cents to $97.48 with dealers buying C$1,218,718 and selling C$582,108, at an average selling rate that erased 23 cents, to $99.55. The rate for buying the British Pound fell 34 cents to $176.22, for the purchase of £1,567,360, while £648,933 was sold, the rate lost 42 cents to $177.72. Other currencies bought, amounted to the equivalent of US$856,800 while the equivalent of US$810,034, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed at $114, unchanged at the end of trading, the lowest buying rate rose 17 cents to $93.52, the highest selling rate rose 21 cents $119.84, but the lowest selling rate was unchanged at $93.52. The highest buying rate for the Canadian dollar climbed 65 cents to end at $100.50. The lowest buying rate closed 17 cents higher, at $79.93. The highest selling rate climbed 89 cents to $103.04 and the lowest selling rate climbed 5 cents to $96.30. The highest buying rate for the British Pound, lost 50 cents to $178.50. The lowest buying rate slipped 29 cents to $143.67, the highest selling rate gained 18 cents to $181.98 and the lowest selling rate increased $1.45 to $173.10.
