Foreign exchange trading on Thursday saw the equivalent of US$42.7 million entering the market and US$39.6 million being sold, bringing the surplus for the week to date to US$20.2 million.
Traders purchased United States dollar in the amount of $41.1 million and sold $37.2 million resulting in a net intake of US$24 million for the week to date. Trading resulted in another day of appreciation for the local currency with the selling rate of the US dollar being J$129.15 versus J$129.21 on Wednesday. Today’s gain for the local dollar is the 15th trading day for June, that the rate has appreciated.
J$ revaluation on the way
June 21, 2017 by
The value of the Jamaican dollar continues to appreciate in June, with the selling rate of the US dollar falling to J$129.21 at the close on Wednesday, down from J$130.14 at the close on the last day of the May.
The rate for the local dollar has appreciated on every day of the month except for a 1 cent rise on the 14th.
Helping with the fall in the value of the US dollar against the local currency is net inflows in each week of June. In the first full week of June, ending on the 9th net inflows into the system were US$21 million equivalent and for the US dollar $14 million, the second week, US$8.5 million and US$5 million respectively and so far of the third week, USS$17 million and US$20 million respectively.
Flash Back TOP 5
May 14, 2017 by
Berger Paints is one of IC Insider’s TOP 5 best performers from the initial list & exceeded the price target.
IC Insider.com first published its TOP 5 stocks, for the week ending September 9 last year. Looking back, the first set of selection is revealing.
There has been no losers in the list, 6 have more than doubled and two nearly doubled, that is a near 80 percent of strong performances. The Junior Market index is up 43 percent over the period and the All Jamaica Composite is up 29 percent for main market stocks.
First the disappointments, Grace Kennedy has hardly moved from where it entered at $41.45 while Caribbean Cement keeps on dancing up and down as the company’s management fails to properly communicate with investors as to the company’s performance, both past and future, the stock is up from the $26 but just. AMG Packaging while trading higher than the $19.20 it entered the list at, has not done much based on its underperforming profitability. The same cannot be said about 
Berger Paints, up from $5 to $20 on Friday, helped by strong profit increase. NCB Financial has almost doubled and still has much more room for growth. Barita Investments and JMMB Group have more than doubled in price over the period. Medical Disposables have moved to $6.50 and traded higher up from $3.55, Jetcon is up from $3.50 to $15.74, exceeding by far the $10 price tag projected, Paramount was projected to get to $37 based on the number of shares then issued, the price exceeded that level after the stock split 10 for 1, and sits just below the equivalent of $37, currently. Access Financial has more than doubled and came close recently to the IC Insider.com’s target of $48, having traded at $47.
BOJ sells US$80m up to J$129.91
May 9, 2017 by
Bank of Jamaica has USD80 million through its new Foreign Exchange auction system between May 4th to 9th to Authorised and Cambios Dealers.
The central Bank sates that after inviting bids for USD on Tuesday, the Bank through its Trading Room sold US$30 million to Authorised Dealers and Cambios at a rate of J$129.91 to US$1. On Thursday, May 4th and Friday, May 5th, the Bank sold US$50 million to Authorised Dealers and Cambios via its trading room. On May 4, US$30 million was sold at $129.85 and on the 5th US$20 million was sold at the same rate.
Surplus FX jumps Tuesday
September 6, 2016 by
Trading in Jamaica’s foreign exchange market picked up sharply on Tuesday with dealers buying US$18.5 million more than they sold, as inflows continue to exceed outflows as was the case for the high summer months.
In Tuesday’s trading, dealers bought US$82,044,075 and sold US$63,505,815 compared to US$23,079,436 purchased and US$19,531,349 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$78,399,363 compared to US$19,609,026 on Monday. The buying rate for the US dollar jumped $1.03 cents to close at $127.29. 
A total of US$61,557,554 was sold versus US$18,292,586 on Monday, with the selling rate rising 1 cent to end at $127.68. The Canadian dollar buying rate rose $1.18 to $95.82, with dealers buying C$1,202,592 and selling C$707,371 at an average rate that fell 38 cents to $97.65. The average rate for buying the British Pound rose $1.24 to $166.45 for the purchase of £2,026,181 while £909,970 was sold with the rate that rose $1.97 to end at $170.35.
At the end of trading, the selling rate for the Euro, rose 19 cents to close at J$142.98 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$135.64 for a fall of $5.48 from the rate on Monday. The US dollar equivalent of other currencies traded amounts to US$89,829 being bought, while US$193,203, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include a rise of 75 cents in the highest buying rate for the Canadian Dollar to $99.45, a rise in the lowest selling rate of $1.20 to $94.20. Trading in the British Pound resulted in a $1.10 rise in the highest buying rate to $171.50 and a rise of $1.50 in the lowest selling rate to $163.50.
Tourism Jamaica’s #1US$ earner
July 31, 2016 by
Tourism is Jamaica’s largest earner of foreign exchange.
During the period of 2008 to 2015, the three main areas of foreign exchange earnings have switched positions between themselves, but since 2012 tourism has been the number one source of inflows and is widening the gap.
Tourism brought in US$1.98 billion in 2008 and remittances US$2 billion. Remittances grew by 10 percent to US$2.2 billion in 2015 over 2008, while tourism was up 18.8 percent to US$2.4 billion. In 2015 tourism inflows grew by 6.4 percent in contrast to the 3 percent increase in remittances. In 2014 tourism inflows grew by a strong 8.7 percent over 2013.
While remittances and tourism have been growing since 2008, exports of goods have gone in the opposite direction with 2015 exports falling to US$1.27 billion versus US$2.974 billion for 2008 for a decline of 54 percent. If the growth trend in tourism inflows continue at the 2015 pace, the sector will exceed the earnings by exports of goods in 2008 by 2018.
Business confidence set to recover
July 18, 2016 by
Business confidence levels dipped in May this year, as measured by the Bank of Jamaica Perception of Present and Future Business Conditions survey and by the stock market movements. The local stock market has since rebounded and is close to its historic peak at Mid July, an indication that business confidence levels are set to rebound when measured in the summer months.
No new data is out from Jamaica’s central bank, of the latest levels. With the stock market having been rebounding, government fiscal program ahead of target and the Jamaica dollar settling down recently, the prospect of a rebound in survey numbers seems to be on the cards. Historical data indicate that the stock market is one of the best measure of business confidence levels, with the chart showing how closely the market index tracks the movement of future business confidence.
According to the survey findings, the perceptions of both present and future business conditions moderated compared to the record highs of the previous two surveys (see chart). Notably, the index of present business conditions fell 6 percent to 213.1 from the 226.1 attained in the previous survey. The index of future business conditions declined more slowly than the current measure by 2.6 percent from 171.5 in the previous survey to 167.1.
Both indices reflected declines in the proportion of respondents of the view that conditions were or will be “better.” In addition there were increases in the number of respondents indicating that conditions were or will be “worse.” There was, however, an increase in the proportion of respondents that indicated that conditions were or would be ‘about the same’ for both indices.
Jamaican$ continues to fall – Thursday
June 9, 2016 by
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
June 3, 2016 by
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$11.5m more sold than purchased – Wednesday
June 1, 2016 by
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.