The Jamaican dollar lost value against the US dollar, the British pound and the Canadian dollar, on Thursday. Authorized dealers purchased the equivalent of US$27,640,306 versus US$31,872,356 on Wednesday, and sold the equivalent of US$27,319,898 compared with US$33,727,145 on Wednesday.
The volume bought by dealers on Thursday, is slightly less than for the similar day in December last year, by with US$2.4 million but sales were $2.7 million higher in 2013 than this Thursday. For the week to Thursday purchases were more than in 2013 and sales much less than in 2013.
In US dollar trading, dealers bought US$23,030,965 compared to US$26,146,822 on Wednesday. The buying rate for the US dollar fell 2 cents to $113.16 and US$24,202,008 was sold versus US$30,605,638 on Wednesday. The selling rate rose 7 cents at $113.76 The Canadian dollar buying rate rose 7 cents to $97.70 with dealers buying C$1,260,355 and selling C$783,450, at an average selling rate that increased 77 cents, to $99.78. The rate for buying the British Pound fell 24 cents to $176.56, for the purchase of £1,944,876, while £1,207,615 was sold, the rate rose 10 cents to $178.14. Other currencies bought, amounted to the equivalent of US$486,539 while the equivalent of US$539,650, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 7 cents higher at $114, the lowest buying and the highest selling rates were unchanged at $93.35 and $119.63 respectively, but the lowest selling rate rose 42 cents to $93.52. The highest buying rate for the Canadian dollar fell 40 cents to end at $99.85. The lowest buying rate closed unchanged at $79.76. The highest selling rate dived 68 cents to $102.15 and the lowest selling rate climbed $1.95 to $96.25. The highest buying rate for the British Pound, gained 20 cents to $179. The lowest buying rate is up 49 cents to $143.96, the highest selling rate eased $3.15 to $181.80 and the lowest selling rate fell $1.20 to $171.65.
J$ slips against all on Thursday
Remittances continue up in August
Gross remittance inflows for August this year, grew by 3.5 percent or US$6 million to US$184 million.
Total remittance out flows fell slightly from US$22.3 million to US$21.6 million and resulted in net inflows of US$162.3 million, an increase of US$6.8 million or 4.4 percent over August 2013. For the eight months to August total remittance inflows amounted to US$1.422 billion, an increase of US$54 million or 3.9 percent but outflows contracted by 14 million to $150 million and resulted in net inflows increasing by US$68 million or 5.6 percent over the similar period in 2013 to hit US$1.27 billion. The data released by Jamaica’s central bank showed.
J$ slips vs US$ gains on others – Wednesday
The Jamaican dollar lost value against the US dollar but gained against the British pound and the Canadian dollar, on Wednesday. Authorized dealers purchased the equivalent of US$31,872,356 versus US$34,565,581 on Tuesday, and sold the equivalent of US$33,727,145 compared with US$33,169,744 on Tuesday.
In US dollar trading, dealers bought US$26,146,822 compared to US$29,642,890 on Tuesday. The buying rate for the US dollar rose 7 cents to $113.18 and US$30,605,638 was sold versus US$30,393,433 on Tuesday. The selling rate rose 6 cents at $113.69 The Canadian dollar buying rate fell 70 cents to $97.63 with dealers buying C$1,175,216 and selling C$870,583, at an average selling rate that declined 23 cents, to $99.01. The rate for buying the British Pound rose $1.22 to $176.80, for the purchase of £2,948,910, while £1,428,934 was sold, the rate rose 64 cents to $178.04. Other currencies bought, amounted to the equivalent of US$105,052 while the equivalent of US$125,689, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed $1.02 lower at $113.93, the lowest buying rate and the highest selling rate were unchanged at $93.35 and $119.63, respectively but the lowest selling rate dropped back $17.95 to $93.10. The highest buying rate for the Canadian dollar rose 25 cents to end at $100.25. The lowest buying rate closed 8 cents higher at $79.76. The highest selling rate dived $5.87 to $102.63 and the lowest selling rate fell $1.70 to $94.30. The highest buying rate for the British Pound, dropped 15 cents to $178.80. The lowest buying rate fell 74 cents to $143.47, the highest selling rate eased 96 cents to $184.95 and the lowest selling rate fell 15 cents to $172.85.
J$ slips vs US$ gains on others – Tuesday
The Jamaican dollar lost value against the US dollar but gained against the British pound and the Canadian dollar, on Tuesday. Authorized dealers purchased the equivalent of US$34,565,581 versus US$36,591,367, on Monday, and sold the equivalent of US$33,169,744 compared with US$35,704,084 on Monday.
In US dollar trading, dealers bought US$29,642,890 compared to US$29,868,883 on Monday. The buying rate for the US dollar rose 16 cents to $113.11 and US$30,393,433 was sold versus US$31,686,958 on Monday. The selling rate was up 4 cents at $113.63 The Canadian dollar buying rate fell 30 cents to $98.33 with dealers buying C$2,355,803 and selling C$1,822,198, at an average selling rate that declined 38 cents, to $99.24. The rate for buying the British Pound dipped 56 cents to $175.58, for the purchase of £1,739,181, while £574,118 was sold, the rate fell back 44 cents to $177.40. Other currencies bought, amounted to the equivalent of US$175,201 while the equivalent of US$288,647, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed $1.15 cents higher at $114.95, the lowest buying and the highest selling rates were unchanged at $93.35 and $119.63 respectively, but the lowest selling rate jumped $17.70 to $111.05. The highest buying rate for the Canadian dollar was unchanged at $100. The lowest buying rate closed 8 cents higher at $79.68. The highest selling rate closed $4.80 higher, at $108.70 and the lowest selling rate rose 10 cents to $96. The highest buying rate for the British Pound, was up 41 cents to $178.95. The lowest buying rate rose 37 cents to $144.21, the highest selling rate rose 48 cents to $185.91 and the lowest selling rate fell 30 cents to $173.
J$ gains vs euro & Pound Friday
The Jamaican dollar lost value against the United States and the Canadian dollar, but gained versus the euro and the Pound in Friday foreign exchange trading in Jamaica.
Overall there was buying of the equivalent of US$52,174,458 versus US$42,831,449 on Friday, and selling of the equivalent of US$44,651,307 compared to US$41,907,894 on Thursday. In US dollar trading, dealers bought US$46,132,454 compared to US$36,830,088 on Thursday. The buying rate for the US dollar rose 6 cents to $114.10 and US$41,961,857 was sold versus US$37,213,356 on Thursday while the selling rate rose 1 cent to $114.59. The Canadian dollar buying rate was up 64 cents to $97.08 with dealers buying C$2,100,188 and selling C$1,012,039, at an average selling rate that fell 50 cents, to $98.77. The rate for buying the British Pound rose 32 cents to $177.65 for the purchase of £2,605,212 while £953,717 was sold, the rate eased 24 cents to $179.06. At the end of trading it took J$141.82 to purchase the Euro, $1.23 less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.10, for a fall of $1.26. Other currencies bought, amounted to the equivalent of US$198,857 while the equivalent of US$326,747, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 9 cents lower at $114.80, the lowest buying rate closed 13 cents higher to $93.94. The highest selling rate was unchanged at $120.37 and the lowest selling rate climbed $15.47 to $111. The highest buying rate for the Canadian dollar fell 58 cents to $99.30. The lowest buying rate rose 33 cents to $78.52. The highest selling rate rose $1 to $102 and the lowest selling rate gained 60 cents to end at $94.60. The highest buying rate for the British Pound, declined 20 cents to $180. The lowest buying rate dropped 74 cents to $144.01, highest selling rate fell $3.77 to $182.84 and the lowest selling rate lost 50 cents to $173.50.
J$ stable with US$ gains on others – Monday
The Jamaican dollar was stable against the US dollar but gained against the British pound and the Canadian dollar, on Monday. Authorized dealers purchased the equivalent of US$36,591,367 versus US$39,425,266, on Friday, and sold the equivalent of US$35,704,084 compared with US$31,274,156 on Friday.
In US dollar trading, dealers bought US$29,868,883 compared to US$35,565,489 on Friday. The buying rate for the US dollar dropped 18 cents to $112.95 and US$31,686,958 was sold versus US$29,379,322 on Friday. The selling rate was unchanged at $113.59. The Canadian dollar buying rate climbed 80 cents to $98.63 with dealers buying C$3,954,756 and selling C$3,050,747, at an average selling rate that declined 4 cents, to $99.62. The rate for buying the British Pound rose 17 cents to $176.14, for the purchase of £1,933,114, while £719,301 was sold, the rate fell back 35 cents to $177.84. Other currencies bought, amounted to the equivalent of US$254,759 while the equivalent of US$215,363, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 5 cents higher at $113.80, the lowest buying rate put on 25 cents to $93.35. The highest selling rate was unchanged at $119.63, but the lowest selling rate fell $1.96 to $93.35. The highest buying rate for the Canadian dollar drifted down 80 cents to $100. The lowest buying rate closed with a 99 cents loss, to $79.60. The highest selling rate remained at $103.90 and the lowest selling rate fell $1.10 to $95.90. The highest buying rate for the British Pound, was off 16 cents to $178.54. The lowest buying rate slipped 58 cents to $143.84, the highest selling rate rose $3.40 to $185.43 and the lowest selling rate fell 70 cents to $173.30.
Volumes climb but J$ falters Vs US$ on Friday
The Jamaican dollar lost ground against the US dollar but gained against the British pound and the Canadian dollar, on Friday. The level of trading increased strongly over Thursday’s levels, as authorized dealers purchased the equivalent of US$39,425,266 versus US$23,655,831, on Thursday, and sold the equivalent of US$31,274,156 compared with US$20,111,379 on Thursday.
In US dollar trading, dealers bought US$35,565,489 compared to US$20,915,015 on Thursday. The buying rate for the US dollar gained 19 cents to $113.13 and US$29,379,322 was sold versus US$18,955,032 on Thursday. The selling rate climbed 5 cents to $113.59. The Canadian dollar buying rate fell 31 cents to $97.83 with dealers buying C$1,316,08 and selling C$704,733, at an average selling rate that declined 57 cents, to $99.66. The rate for buying the British Pound rose 17 cents to $175.97, for the purchase of £1,665,720, while £718,932 was sold, the rate climbed 35 cents to $178.19. Other currencies bought, amounted to the equivalent of US$130,742 while the equivalent of US$148,673, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents higher at $113.75, the lowest buying was unchanged at $93.10. The highest selling rate put on 33 cents to $119.63, but the lowest selling rate climbed 37 cents to $95.31. The highest buying rate for the Canadian dollar gained 30 cents to $100.80, the lowest buying rate closed up 8 cents to $80.59. The highest selling rate put on 11 cents to $103.90 and the lowest selling rate remained at $97. The highest buying rate for the British Pound, was off 10 cents to $178.70. The lowest buying rate rose 33 to $144.42, the highest selling rate fell $3.72 to $182.03 and the lowest selling rate climbed $1 to $174.
J$ lost ground on Thursday as volumes fall
The Jamaican dollar lost ground against the British pound, the US dollar, but picked up against the Canadian dollar, on Thursday. Authorized dealers purchased the equivalent of only US$23,655,831 versus US$31,732,868, on Wednesday, and sold the equivalent of US$20,111,379 compared with US$31,966,559 on Wednesday.
In US dollar trading, dealers bought US$20,915,015 compared to US$28,285,332 on Wednesday. The buying rate for the US dollar gained 2 cents to $112.94 and US$18,955,032 was sold versus US$30,430,998 on Wednesday. The selling rate climbed 5 cents to $113.54. The Canadian dollar buying rate rose 6 cents to $98.14 with dealers buying C$1,103,035 and selling C$435,771, at an average selling rate that declined 21 cents, to $100.23. The rate for buying the British Pound fell 9 cents to $175.80, for the purchase of £1,057,396, while £416,104 was sold, the rate climbed 33 cents to $178.54. Other currencies bought, amounted to the equivalent of US$136,316, while the equivalent of US$117,294, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 2 cents higher at $113.72, the lowest buying and highest selling rates are unchanged at $93.10 and $119.30 respectively, but the lowest selling rate dropped back $15.56 to $94.94. The highest buying rate for the Canadian dollar fell 30 cents to $100.50, the lowest buying rate and highest selling rates are unchanged at $80.51 and $103.79 respectively. The lowest selling rate fell 55 cents to $97. The highest buying rate for the British Pound, was off 20 cents to $178.80. The lowest buying rate rose 83 to $144.09, the highest selling rate jumped $1.07 to $185.75 and the lowest selling rate slipped $1.25 to $173.
J$ lost further ground on Wednesday
The Jamaican dollar lost ground against the British pound, the US and Canadian dollars, on Wednesday as authorized dealers purchased the equivalent of US$31,732,868 versus US$30,942,384, on Tuesday, and sold the equivalent of US$31,966,559 compared with US$29,655,767 on Tuesday.
In US dollar trading, dealers bought US$28,285,332 compared to US$27,266,191 on Tuesday. The buying rate for the US dollar gained 1 cent to $112.92 and US$30,430,998 was sold versus US$27,247,706 on Tuesday. The selling rate climbed 5 cents to $113.49. The Canadian dollar buying rate declined 97 cents to $98.08 with dealers buying C$1,061,213 and selling C$835,588, at an average selling rate that rose 13 cents, to $100.44. The rate for buying the British Pound rose 83 cents to $175.89, for the purchase of £1,529,272, while £406,362 was sold, the rate climbed 87 cents to $178.21. Other currencies bought, amounted to the equivalent of US$143,573, while the equivalent of US$157,923, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 7 cents higher at $113.70, the lowest buying and highest selling rates are unchanged at $93.10 and $119.30 respectively, but the lowest selling rate rose $17.40 to $110.50. The highest buying rate for the Canadian dollar fell 5 cents to $100.80, the lowest buying rate and highest selling rates are unchanged at $80.51 and $103.79 respectively. The lowest selling rate climbed 55 cents to $97.55. The highest buying rate for the British Pound, ended up 90 cents to $179. The lowest buying rate rose $4.06 to $143.26, the highest selling rate remained unchanged at $184.68 and the lowest selling rate gained $1.65 to $174.25.
Business sector don’t get it
Jamaica has to rely on the private sector, to help lift it from the economic quagmire it finds itself in, for the past 3 decades. A look at certain data shed some light on the task the country faces.
It tells of a nation where the business sector leaders seem to be managing more from the seat of their pants than based on properly informed position. Take the case of inflation, which ran at 5.1 percent up to August, for 2014, for an average of just less than 0.68 percent per month, and against the back ground of slippage in the exchange rate in the early months that would have helped spike inflation then. With an almost stable Jamaican dollar in September a survey done by the Statistical Institute of Jamaica on behalf of the Bank of Jamaica to ascertain the expectations of Chief Executive Officers, Managing Directors and Financial Controllers about the future movement of prices in September this year, to which 270 responded, found that their expectation for inflation for 2014, will end at 10.2 percent. On what basis is they arrive at this forecasted amount.
Interestingly, the official inflation rate to October is 7.3 percent, the full year’s figure should hoover around this level with the price of oil on the world market having declined sharply, pulling some local cost down with it.
The business sector record on business confidence both on the current state as well as a year out has no better record as ca be seen from the wild fluctuation in the periodic results.
On the matter of Treasury bill rate, while rates have been declining monthly from a peak in March, this year. The survey respondents expected the rate for the 182 day Treasury bill to come out at 8.6 percent at a time the rate had already declined to 8 percent. Admittedly, the interest rate forecast is not totally inconsistent with the managerial group inflation forecast, as investors would want to be compensated with an interest rates above the inflation as they see it. But if the inflation rate forecasted is as high as the private sector figures there would also be need for a greater slippage in the rate of exchange for the Jamaican dollar versus the US dollar. Yet their perception that the exchange rate would slip by 1.3 percent by the end of 2014 from September, would not be in keeping with the high inflation rate they projected.
