In Wednesday’s forex trading, authorized dealers sold more foreign currency than they purchased. Dealers bought the equivalent of US$33,226,788 versus US$49,952,055 on Tuesday, and sold the equivalent of US$42,349,863 compared with US$54,895,404 on Tuesday.
In US dollar trading, dealers bought US$27,754,091 compared to US$44,900,566 on Tuesday. The buying rate for the US dollar rose 4 cents to $112.40 and US$37,453,095 was sold versus US$51,519,466 on Tuesday, the selling rate gained 4 cents to $112.75.
The Canadian dollar buying rate dropped 2 cents to $101.03 with dealers buying C$788,145 and selling C$900,497 at an average selling rate that gained 22 cents to $103.43.
The rate for theBritish Pound declined 59 cents to $184.03, for the purchase of £2,047,338, while £1,347,894 was sold, as the rate fell $1.35 to $185.50. Other currencies bought, amounted to the equivalent of US$1,412,171, while selling was the equivalent of US$1,853,249.
Highs & Lows| The highest and lowest rates for the US dollar, remained unchanged at $113.10, $91.85 and $117.70 respectively, except for the lowest selling rate that rose 72 cents to $94.02. The highest buying rate for the Canadian dollar rose 70 cents to $104, the lowest buying rate fell 50 cents to $81.67, the highest selling rate dipped 63 cents to $105.54 and the lowest selling rate dropped 60 cents to $98.40. The highest buying rate for the British Pound, fell 40 cents to $186.70, the lowest buying rate declined 71 cents $148.86. The highest selling rate fell $3.75 to $189.49 and the lowest selling rate declined by $1.25 to $179.35.
More outflows but rates holding
JS gains against all 3 major currencies
In Tuesday’s forex trading, authorized dealers traded much more foreign currency than they did on Monday. Monday was a poor day, based on historical trading patterns. Dealers bought the equivalent of US$49,952,055 versus US$26,489,205 on Monday, and sold the equivalent of US$54,895,404 compared with US$30,449,196 on Monday.
In US dollar trading, dealers bought US$44,900,566 compared to US$21,045,823 on Monday. The buying rate for the US dollar rose 32 cents to $112.36 and US$51,519,466 was sold versus US$27,061,841 on Monday, the selling rate fell 7 cents to $112.71.The Canadian dollar buying rate dropped $1.02 to $101.05 with dealers buying C$961,890 and selling C$1,244,613 at an average selling rate that declined 23 cents to $103.20.
The rate for theBritish Pound rose 45 cents to $184.63, for the purchase of £1,829,567, while £583,481 was sold, as the rate fell 32 cents to $186.85. Other currencies bought, amounted to the equivalent of US$1,180,174, while selling was the equivalent of US$1,269,053.
Highs & Lows| The highest buying rate for the US dollar, rose 20 cents to $113.10, the lowest buying, the highest and lowest selling rates remained unchanged at $91.85, $117.70 and $93.30 respectively. The highest buying rate for the Canadian dollar fell $1.70 to $103.30, the lowest buying rate was unchanged at $82.17, the highest selling rate rose 13 cents to $106.17 and the lowest selling rate was unchanged at $99. The highest buying rate for the British Pound, fell 20 cents to $187.10, the lowest buying rate and lowest selling rate were unchanged at $149.57 and $180.60 respectively. The highest selling rate rose 43 cents to $193.24.
Market greets September with low volumes
In Monday’s forex trading, authorized dealers traded much less foreign currency than is the norm on the first business day of the week. Dealers bought the equivalent of US$26,489,205 versus US$59,234,779 on Friday, and sold the equivalent of US$30,449,196 compared with US$51,274,373 on Friday.
In US dollar trading, dealers bought US$21,045,823 compared to US$52,907,403 on Friday. The buying rate for the US dollar declined 42 cents to $112.04. US$27,061,841 was sold versus US$46,929,455 on Friday, the selling rate increased 5 cents to $112.78. The Canadian dollar buying rate climbed 32 cents to $102.07 with dealers buying C$2,579,417 and selling C$1,663,274 at an average selling rate that declined 31 cents to $103.43.The rate for theBritish Pound fell by $1.46 to $184.18, for the purchase of £1,256,900, while £701,884 was sold, as the rate rose 60 cents to $187.17. Other currencies bought, amounted to the equivalent of US$1,027,381, while selling was the equivalent of US$697,139.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying, the highest selling and lowest selling rates remained unchanged at $112.90, $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar was unchanged at $105, the lowest buying rate gained 21 cents to $82.17, the highest selling rate rose 3 cents to $106.04 and the lowest selling rate was unchanged at $99. The highest buying rate for the British Pound, rose 10 cents to $187.30, the lowest buying rate and lowest selling rate were unchanged at $149.57 and $180.20 respectively. The highest selling rate rallied $2.07 to $192.81.
More buying than selling on Friday as J$ gains
In Friday’s forex trading, authorized dealers sold less foreign currency than they bought, with excess of US8 million bought on the last day of the week. Dealers also bought more funds during the entire week, than they sold. A total of the equivalent of US$59,234,779 was purchased, versus US$28,770,917 on Thursday, and dealers sold the equivalent of US$51,274,373 compared to US$28,745,973 on Thursday.
In US dollar trading, dealers bought US$52,907,403 compared to US$23,454,602 on Thursday. The buying rate for the US dollar rose 15 cents to $112.46. US$46,929,455 was sold versus US$25,367,229 on Thursday, the selling rate declined 4 cents to $112.74.
The Canadian dollar dollar buying rate declined 65 cents to $101.75 with dealers buying C$1,016,453 and selling C$808,689 at an average selling rate that climbed 34 cents to $103.75.
The rate for theBritish Pound rose by 13 cents to $185.64, for the purchase of £3,043,130, while £1,947,414, was sold, as the rate fell $1.10 to $186.57. 
Other currencies bought, amounted to the equivalent of US$384,582, while selling was the equivalent of US$377,906.
Highs & Lows| The highest buying rate for the US dollar, fell 5 cents to $112.90, the lowest buying and the highest selling rates remained unchanged at $91.85 and $117.70 respectively while the lowest selling rate fell $18.15 to $91.85. The highest buying rate for the Canadian dollar dipped 49 cents to $105, the lowest buying rate gained 50 cents to $81.96, the highest selling rate rose 9 cents to $106.01 and the lowest selling rate is up 25 cents to $99. The highest buying rate for the British Pound, rose 20 cents to $187.20, the lowest buying rate and lowest selling rate were unchanged at $149.57 and $180.20 respectively. The highest selling rate fell $2.07 to $190.74.
Buying & selling even on Thursday
In Thursday’s forex trading, authorized dealers sold almost the same amount as they bought, the equivalent of US$28,770,917 was purchased versus US$32,730,124 on Wednesday, and they sold the equivalent of US$28,745,973 compared to US$37,322,163 on Wednesday.
In US dollar trading, dealers bought US$23,454,602 compared to US$27,146,842 on Wednesday. The buying rate for the US dollar was flat at $112.31. US$25,367,229 was sold versus US$33,461,453 on Wednesday, the selling rate declined 2 cents to $112.78.
The Canadian dollar dollar buying rate climbed 13 cents to $102.40 with dealers buying C$1,754,182 and selling C$1,141,386 at an average selling rate that climbed 13 cents to $103.41.
The rate for theBritish Pound rose by 22 cents to $185.51, for the purchase of £1,864,906, while £858,271, was sold, as the rate moved up $1.10 to $187.67. Other currencies bought, amounted to the equivalent of US$636,690, while selling was the equivalent of US$903,985.
Highs & Lows| The highest buying rate for the US dollar, fell 15 cents to $112.95, the lowest buying, the highest and the lowest selling rates remained unchanged at $91.85, $117.70 and $110 respectively. The highest buying rate for the Canadian dollar rose $2.09 to $105.49, the lowest buying rate gained 8 cents to $81.46, the highest selling rate rose 43 cents to $105.92 and the lowest selling rate is up 60 cents to $98.75. The highest buying rate for the British Pound, the lowest buying rate and lowest selling rate were unchanged at $187, $149.57 and $180.20 respectively. The highest selling rate increased $2.28 to $192.81.
US$5m more sold than bought on Wednesday
In Wednesday’s forex trading, authorized dealers sold US$5 million more than they bought as the equivalent of US$32,730,124 was purchased versus US$31,090,279 on Tuesday, and they sold the equivalent of US$37,322,163 compared to US$41,009,924 on Tuesday.
In US dollar trading, dealers bought US$27,146,842 compared to US$26,611,423 on Tuesday. The buying rate for the US dollar fell 2 cents to $112.31. US$33,461,453 was sold versus US$37,907,050 on Tuesday, the selling rate rose by 3 cents to $112.80.
The Canadian dollar dollar buying rate climbed 68 cents to $102.27 with dealers buying C$1,884,310 and selling C$1,480,642 at an average selling rate that climbed 86 cents to $103.28.
The rate for theBritish Pound rose by 27 cents to $185.29, for the purchase of £1,774,163, while £932,052, was sold, as the rate inched down 1 cent to $186.57. Other currencies bought, amounted to the equivalent of US$940,634, while selling was the equivalent of US$963,427.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates remained unchanged at $113.10, $91.85 and $117.70 respectively, the lowest selling rate for the US dollar jumped $18.15 to $110. The highest buying rate for the Canadian dollar fell 60 cents to $103.40, the lowest buying rate remained unchanged at $81.38, the highest selling rate rose 58 cents to $105.49 and the lowest selling rate edged up 10 cents to $98.15. The highest buying rate for the British Pound was up by 10 cents to $187, the lowest buying rate was unchanged at $149.57. The highest selling rate declined $2.50 $190.53 and lowest selling rate was unchanged at $180.20.
US$10m more sold than bought
In Tuesday’s forex trading, authorized dealers sold US$10 million more than they bought as the equivalent of US$31,090,279 was purchased versus US$44,554,172 on Monday, and they sold the equivalent of US$41,009,924 compared to US$34,048,888 on Monday.
In US dollar trading, dealers bought US$26,611,423 compared to US$41,367,650 on Monday. The buying rate for the US dollar rose 5 cents to $112.33. US$37,907,050 was sold versus US$32,005,777 on Monday, the selling rate rose by 5 cents to $112.77.
The Canadian dollar dollar buying rate climbed $1.40 to $101.59 with dealers buying C$1,639,537 and selling C$1,419,947 at an average selling rate that fell 13 cents to $102.43.
The rate for theBritish Pound rose by $1.08 to $185.02, for the purchase of £1,601,962, while £887,872, was sold, as the rate inched upl 4 cents to $186.58. Other currencies bought, amounted to the equivalent of US$357,481, while selling was the equivalent of US$344,295.
Highs & Lows| The highest buying rate for the US dollar rose 10 cents to $113.10, the lowest buying, the highest selling and the lowest selling rates remained unchanged $91.85 and $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar rose 50 cents to $104, the lowest buying rate fell by 21 cents to $81.38, the highest selling rate fell 27 cents to $104.91 and the lowest selling rate fell 25 cents at $98.05.The highest buying rate for the British Pound was down by 30 cents to $186.90, the lowest buying rate fell 15 cents to $149.57. The highest selling rate was unchanged at $193.03 and lowest selling rate gained 20 cents to $180.20.
Amounts bought & sold even on Thursday
In Thursday’s forex trading, authorized dealers bought the equivalent of US$28,845,903 versus US$32,241,775 on Wednesday, and sold the equivalent of US$28,790,439 compared to US$35,433,717 on Wednesday.
In US dollar trading, dealers bought US$24,514,855 compared to US$26,752,066 on Wednesday. The buying rate for the US dollar rose 8 cents to $112.38 and US$25,391,984 was sold versus US$32,372,395 on Wednesday, the selling rate was unchanged at $112.79.
The Canadian dollar buying rate gained 62 cents to $101.74 with dealers buying C$1,834,292 and selling C$1,561,395, the selling rate fell 35 cents to $102.94.
The rate for Pound eased back by 98 cents to $185.38, for the purchase of £1,422,602, while £897,913 was sold, as the rate fell 42 cents to $187.10. Other currencies bought, amounted to the equivalent of US$323,632 while selling was the equivalent of US$484,024.
Highs & Lows| The highest buying rates for the US dollar rose 90 cents to $114, the lowest buying rate and the highest selling rate remained unchanged $91.85 and $117.70 respectively, and the lowest selling rate rose $2.18 to end at $94.03. The highest buying rate for the Canadian dollar, recovered $1.05 to $104 and the lowest buying rate was down 29 cents to $81.59. The highest selling rate rose 6 cents to $105.56 and the lowest selling rate gained 30 cents to $98.30. The highest buying rate for the British Pound was up 12 cents to $187.90, the lowest buying rate increased by 17 cents to $150.23. The highest selling rate climbed $1.67 to $193.67 and lowest selling rate increased by 20 cents to $181.
Ja interest rates on slow downward drift
Rates on Government of Jamaica Treasury Bills, have been on a slow drift downwards from levels attained earlier this year. The trend is expected to continue while the rate of exchange for the local dollar, remains fairly stable and inflation is kept under control.
The Treasury bill for the period Friday, August 22 to maturity on Friday, November 21 this year, for the duration of 91 days, attracted bids of $639,068,500, (July $732,981,900) for the $400,000,000 on offer, to yield an average of 7.46767 percent, down from 7.63643 percent average rate out turn in July. The arte for the June issue was 7.65893 percent and in May, the rate was 8.2 percent for the Treasury bill of same duration.
The offer for 182 days duration, matures on February 20 next year and will generate an average interest rate yield of 8.11578 percent down from 8.21982 percent at the July’s auction and 8.36502 percent for the June issue of the same duration. At the May Treasury bill auction, the rate came out was 8.932 percent. $745,290,300 went after the $400 million offered for the latest issue.
New BOJ CDs| At the same time, Bank of Jamaica is offering both US dollar denominated medium term Certificate of deposit instruments and local Jamaica dollar instrument to the market. The US dollar bonds are for an unlimited amount and will pay interest semi-annually.
The offerings are, BOJ FR USD-CD 2018K is for a duration of 4-years at a fixed coupon of 4.50 percent per annum. (ii) The offer of BOJ FR USD-CD 2019G is for 5-years and offers a fixed coupon of 5 percent per annum. (iii) The offer of BOJ FR USD-CD 2021 is for an unlimited amount. The tenor of this instrument is 7-years and offers a fixed coupon of 5.50 percent per annum.
(iv) The offer of BOJ VR-CD 2015AE is for an unlimited amount. The tenor of this instrument is 364-days. The instrument re-prices semi-annually at 0.25 percentage point above the six month GOJ Treasury Bill rate existing at the start of each re-pricing period. The initial coupon for the first six months will therefore be the six month GOJ Treasury Bill rate of 8.12 per cent, plus 0.25 percentage point.
Phillips & Wynter kill inflation in Jamaica
Many Jamaicans may be feeling the negative effect of the economic pressures the country is undergoing. One area in which it is seen, is the official data on inflation as the overall measure of consumer price movements, went virtually nowhere, in June.
Inflation in Jamaica is set to hit the lowest level, in years if the trend for the first six months of the year continues. According to data put out by the Statistical Institute of Jamaica, the inflation rate for June is 0.1 percent, when compared to the index for May 2014. This is 0.9 percentage points lower, than the 1.0 percent recorded for May this year. The lower movement was mainly due, to a decline in the cost of electricity which resulted in the index for the group ‘Electricity, Gas and Other Fuels’ moving down by 4.2 percent. This fall was tempered by an increase of 3.6 percent, due to an increase in the cost of water. Food and Non-Alcoholic Beverages rose by 0.6 percent. Upward movement in the prices of ‘Meat, ‘Milk, Cheese and Eggs’ and ‘Bread and Cereals’ were the chief contributors.
The movement in the index for June 2014 resulted in a calendar year- to-date inflation rate of 2.5 percent.
Mean quarterly inflation rate for the second quarter of 2014 was 1.1 percent, 0.3 percentage points lower than the first quarter which had an inflation rate of 1.4 percent.
