In Forex trading on Friday, the total inflows of funds was more than outflows, with the equivalent of US$24,376,857 purchased to US$22,464,188 sold compared to the equivalent of US$38,577,518 bought and US$32,619,871 sold on the previous trading day.
In US dollar trading, dealers bought US$20.36 million compared to US$33.54 million on Thursday as the buying rate for the US dollar fell 6 cents to $111.90 and sold US$18,760,043 versus US$29,180,481 on Thursday, with the rate rising 9 cents to $112.48.
The Canadian dollar buying rate was up $1.57 to $104.97 with dealers buying C$2,289,929 and selling C$2,105,928, the rate rose by 46 cents to $106.11.
The Pound closed at $189.80 for the purchase of £986,464, the rate fell 31 cents, while £452,417 was sold, with the rate inching down by 70 cents to $192.59. Other currencies bought, amounted to the equivalent of US$192,950 while selling was the equivalent of just US$942,867.
Highs & Lows| The highest rate for buying the US dollar was unchanged at $112.90, the lowest buying rate climbed 42 cents to $91.85, the highest selling rate was unchanged at $117.70 but the lowest selling rate was up 83 cents to $91.85.
The highest buying rate for the Canadian dollar rose 35 cents to $106.30, the lowest buying rate was up 54 cents to $83.83, the highest selling rate was unchanged at $108.07 and lowest selling rate rose by $1 to $101.
The highest buying rate for the British Pound declined by 20 cents to $193.30 while the lowest buying rate increased 62 cents to $154.63. The highest selling rate fell $3.61 to $196.11 and the lowest selling rate was down by $3.04 to $182.96.
Forex flows down sharply
Inflows out strip sales but J$ slips
In Forex trading, the total inflows of funds was more than outflows, with the equivalent of S$38,577,518 purchased to US$32,619,871 sold compared to the equivalent of US$25,437,601 bought and $28,097,173 sold on the previous trading day.
In US dollar trading, dealers bought US$33,538,397 compared to US$22,803,724 on Wednesday as the buying rate for the US dollar increased by 20 cents to $111.95 and sold US$29,180,481 versus US$25,704,876 on Wednesday, with the rate rising 8 cents to $112.39.
The Canadian dollar buying rate was up 90 cents to $103.41 with dealers buying C$1,258,480 and selling C$1,132,601 as the rate fell by 30 cents to end at $105.66.
The Pound closed at $190.12 for the purchase of £2,233,157, the rate increased by 39 cents, while £1,353,848 was sold, with the rate climbing by $1.16 to $193.28. Other currencies bought, amounted to the equivalent of US$84,491 while selling accounted for the equivalent of just US$46,361.
Highs & Lows| The highest rate for buying the US dollar fell 2 cents to $112.90, the lowest buying rate was unchanged at $91.43, the highest selling rate was up 53 cents to $117.70 but the lowest selling rate was unchanged at $91.02.
The highest buying rate for the Canadian dollar rose 45 cents to $105.95, the lowest buying rate was unchanged at $83.29, the highest selling rate rose by 43 cents to $108.07 and lowest selling rate fell $1.50 to $100.
The highest buying rate for the British Pound gained 45 cents to $193.50 while the lowest buying rate increased 83 cents to $154.01. The highest selling rate increased $3.88 to $199.72 and the lowest selling rate was up by 97 cents to $186.
J$112.26 to buy the US dollar
In Forex trading the total inflows of funds was slightly higher than outflows, with the equivalent of US$34,797,225 purchased, to US$33,786,541 sold compared to the equivalent of US$43,468,700 bought and $39,107,616 sold on the previous trading day.
In US dollar trading, dealers bought US$30,303,191 compared to US$36,202,132 on Monday as the buying rate for the US dollar increased by 14 cents to $111.66 and sold US$31,522,303 versus US$32,694,269 on Monday with the rate closing up 6 cents at $112.26.
The Canadian dollar buying rate fell 43 cents to $103.36 with dealers buying C$1,447,974 and selling C$964,815 as the rate declined by 71 cents to end at $105.01.
The Pound closed at $189.51 for the purchase of £1,649,198, the rate rose 32 cents, while £684,741 was sold, with the rate climbing by 12 cents to $192.02. Other currencies bought, amounted to the equivalent of US$354,670 while selling accounted for the equivalent of just US$190,442.
Highs & Lows| The highest rate for buying the US dollar rose 10 cents to $112.80, the lowest buying rate was unchanged at $91.02, the highest selling rate rose 54 cents to $117.17 at the end of trading but the lowest selling rate rose $18.69 to $109.50.
The highest buying rate for the Canadian dollar rose 15 cents to $105.70, in the meantime the lowest buying rate rose 46 cents at $83.29, the highest selling rate rose by 37 cents to $107.37 and lowest selling rate climbed 55 cents to $100.35.
The highest buying rate for the British Pound increased $1.50 to $194 while the lowest buying rate inched up $1.04 to $153.18. The highest selling rate rose by $1.34 to $197.47 and the lowest selling rate was up $1.25 to $184.55.
J$112.15 to buy the US dollar
Dealers sold more US dollars than they bought on Friday helping to push the value of the Jamaican down to the lowest levels on record at J$112.15 to US dollar as the local currency lost value against all three major currencies.
Overall, the total inflows of funds was slightly higher than the outflows, with the equivalent of US$32,458,785 purchased, to US$31,869,468 sold compared to the equivalent of US$27,672,890 bought and $27,581,379 sold on the previous trading day. In US dollar trading, dealers bought US$24,215,389 compared to US$23,556,430 on Thursday as the buying rate for the US dollar rose by 11 cents to $111.54 and sold US$26,206,729 versus US$24,262,138 on Thursday with the rate closing up 12 cents at $112.15.
The Canadian dollar buying rate increased by 39 cents to $104.34 with dealers buying C$4,167,477 and selling C$3,710,374 as the rate rose by 4 cents to end at $104.92.
The Pound closed at $189.09 for the purchase of £2,472,622, the rate rose $1.05, while £1,192,484 was sold, the rate climbed by 68 cents to $191.18. Other currencies bought, amounted to the equivalent of US$153,206 while selling accounted for the equivalent of just US$158,485.
Highs & Lows| The highest rate for buying the US dollar fell 5 cents to $112.55, the lowest buying rate of $91.02 and the highest selling rate of $116.63 were unchanged at the end of trading but the lowest rate climbed $18.19 to of $109.
The highest buying rate for the Canadian dollar rose 47 cents to $105.45, in the meantime the lowest buying rate rose 13 cents at $82.63, the highest selling rate fell by 71 cents to $106.86 and lowest selling rate dropped 50 cents to $99.
The highest buying rate for the British Pound increased 30 cents to $191.30 while the lowest buying rate inched up 4 cents to $151.93. The highest selling rate of $195.86 remained unchanged and the lowest selling rate was up 20 cents to $183.25.
J$ crosses $112 mark for first time
Dealers sold US$24,262,138 on Thursday at a record high of J$112.03 to US$1 as the selling rate rose by 4 cents compared to the closing rate on Wednesday. The Canadian dollar also gained against the local currency but the Jamaican dollar gained against the British Pound. Inflows and outflows were almost even, with the equivalent of US$27,672,890 purchased, to US$27,581,379 sold compared to the equivalent of US$29,420,890 bought and $30,842,690 sold on the previous trading day. In US dollar trading, dealers bought US$23,556,430 compared to US$24,714,017 on Wednesday as the buying rate for the US dollar slipped by a cent to $111.43 and sold US$24,262,138 versus US$27,513,720 on Wednesday with the rate closing up 4 cents at $112.03.
The Canadian dollar buying rate increased by $1.51 to $103.95 with dealers buying C$2,340,981 and selling C$2,655,428 as the rate rose by 39 cents to end at $104.89.
The Pound closed at $188.04, for the purchase of £1,066,780, the rate fell back $1.01, while £460,546 was sold, with the rate easing by 18 cents to $190.50. Other currencies bought, amounted to the equivalent of US$132,656 while selling accounted for the equivalent of just US$49,931.
Highs & Lows| The highest rate for buying the US dollar rose 10 cents to $112.60, the lowest buying rate of $91.02, the highest selling rate at $116.63 and the lowest rate of $90.81 were all unchanged at the end of Thursday’s trading.
The highest buying rate for the Canadian dollar rose 28 cents to $104.98, in the meantime the lowest buying rate remained unchanged at $82.50, the highest selling rate rose by $1.21 to $107.57 and lowest selling rate rose 10 cents to $99.50.
The highest buying rate for the Pound increased 5 cents to $191 while the lowest buying rate fell back by $7.32 to $151.89. The highest selling rate rose by $2.63 to $195.86 and the lowest selling rate was up 5 cents to $183.05.
FX: J$ appreciates
Monday, 24th March 2014 | The local currency appreciated against the major currencies except for the selling rate for the Canadian dollar. This took place as the amount for foreign currency bought exceeded the amount sold by the equivalent by $7.5 million.
There was buying of US$38,600,389 with the rate declining by 12 cents to end at $108.88 (Friday: US$39,864,913) and selling of US$29,900,773 (Friday: US$39,864,913) for 6 cents decline to $109.43.
The buying rate for the Canadian dollar fell by 23 cents to $95.34 as C$1,114,268 was bought and the selling rate rose 22 cents to $98.57 with C$2,479,837 sold.
The buying rate for the Pound dropped by $1.42 to $177.19 as £1,449,392 was bought by dealers and £727,330 was sold at $180.48 as the rate slipped 52 cents.
Other currencies bought equate to US$694,012 with the equivalent of US$1,254,297 being sold, a total of US$42,093,724 equivalent was bought and the equivalent of US$34,588,319 was sold.
Highs & Lows | The highest buying rate for the US dollar fetched 45 cents less than on Friday in reaching $109.90 while the lowest rate remained unchanged at $88.93; the highest selling rate remained at $113.95 and the lowest fell $17.99 to $88.51.
The highest buying rate for the Canadian dollar fell 16 cents to end at $98.10, the lowest buying rate was unchanged at $76.69; but the highest selling rate moved down by 50 cents to $100.50 and the lowest closed up 65 cents to reach $93.05.
The highest buying rate for the Pound fell by 75 cents to $181.35, the lowest buying rate rose 4 cents to end at $144.05; the highest selling rate closed down by $1.30 at $185.70 and the lowest closed up 5 cents at $173.55.
Image courtesy of Arvind Balaraman/FreeDigitalPhotos.net
FX: BOJ action pushes rate down
Thursday, 20 March 2014 | Bank of Jamaica pushed down foreign exchange rate for the Jamaican dollar when it intervened by making funds available to Authorized Dealers and Cambios at a rate of US$1 to J$109.346 for resale at US$1 to J$109.396. This comes against the rate continuing to race after the Central Bank issued a release on Sunday stating that they were willing to lend support to the market. In other words, a veiled attempt at saying the market was being manipulated.
On Sunday the BOJ stated “Against the background of recent movements in the exchange rate, Bank of Jamaica wishes to assure the public that it stands ready to provide support to prevent disorderly conditions from emerging in the foreign exchange market. Since the beginning of March 2014 the exchange rate has depreciated by J$0.93 (0.85%) against the US dollar. This movement over the two-week period compares to a J$0.49 (0.45%) depreciation over the previous two weeks. The faster pace of depreciation has occurred despite increased supply in the foreign exchange market, where volumes from earners for the month to date are higher than for January and February 2014.”
Purchases & Sales | Authorized Dealers bought US$44,344,150 at $109.15 which gained a cent but dumped US$66,475,637 or US$22 million more than the amount bought at $109.42, 24 cents less than on Wednesday, as dealers who were hording the currency released a large portion of their holdings. In contrast US$41 million was bought on Wednesday and $39 million sold. Between Friday last and Wednesday, dealers bought US$17.5 million more than they sold resulting in a total of $22.7 million surplus of buying over selling of all currencies traded.
There was buying of C$478,746 at $95.34 that was off by $1.50 and selling of C$358,349 at $1.57 down to $97.53. The buying of the pound amounted to £636,781 at $1.94 down to $177.75 and sold £317,117 at $181.16 at 76 cents less than on Wednesday.
Other currencies sold came to the equivalent of US$667,774 with US$635,271 sold.
The total amount of foreign exchange traded came to the equivalent US$46,467,181 being bought and US$67,955,336 sold.
Highs & Lows | The highest buying rate for the US dollar fell 70 cents to $110.30, the lowest was up 25 cents to $88.76 while the highest selling rate came out unchanged at $113.74 and the lowest was up $1.40 to $89.91.
The highest buying rate for the Canadian dollar is down $1.25 to $98.50, the lowest moved down by 62 cents to $77.44. The highest selling rate was lower by 52 cents at $100.63 and $2.40 came off the the lowest rate to end at $93.30.
The highest buying rate for the British Pound is 10 cents down at $183.10, the lowest buying rate gained 21 cents and ended at $144.84, while the highest selling rate climbed $1.59 to $186.71 and the lowest fell $1.90 to $175.10.
Related post | BOJ suggests FX stability close
FX: Buying down selling up
Monday, 17th March 2014 | Dealers bought US$7 million less than they sold but both the selling and the buying rates fell in today’s ForEx trading. Overall, dealers bought US$26,134,543 versus US$32,158,590 on the previous trading day as the rate fell by 43 cents to an average of $108.25 and sold US$33,188,609 for 4 cents higher at $109.31, $11.5 million more than the amount of US$21,791,303 sold on the previous trading day.
The average buying rate for the Canadian dollar fell 51 cents to $96.32, as C$1,186,679 was purchased by dealers and C$650,246 was sold at $98.81 for a 5 cents rise. There was purchasing of £1,987,834 as the rate fell 36 cents to end at $179.41 and £1,556,902 was sold, with the rate rising $1.36 to $183.65.
Other currencies bought amounted to the equivalent of US$807,867 while US$693,308 was sold.
Buying of foreign currency on Monday resulted in the equivalent of US$31,292,863 purchased compared with US$35,308,641 purchased on Friday, while dealers sold US$37,085,469 compared to US$24,480,952 on the previous trading day. In contrast on Monday, March 10, dealers bought a total of US$48,574,825 in all currencies and sold the equivalent of US$43,973,841.
Highs & Lows | The highest and lowest rates were mixed on Monday.
The highest buying rate for the US dollar was up 25 cents to $110.50, while the other rates were unchanged and closed at $88.51 for the lowest buying rate, $113.42 for the highest selling and $88.09 for the lowest selling rate.
The highest buying rate for the Canadian dollar fell 5 cents to $99.35, the lowest buying rate was up 49 cents at $77.56. The highest selling rate ended up by 9 cents at $100.89 and the lowest selling fell by 25 cents at $93.45.
The highest buying rate for the British Pound rose $2.29 to $184.99, the lowest buying rate was down 83 cents to $144.25. The highest selling rate ended 21 cents lower at $185.97 and the lowest buying rate fell $1 to $173.80.
BOJ suggests FX stability close
Bank of Jamaica, in an unusual weekend press release, indicated that positive trends in the economy and increased flows of foreign exchange in March over the first two months of the year will provide an increasingly solid base for improved stability in the foreign exchange market.
“Since the beginning of March 2014, the exchange rate has depreciated by J$0.93 (0.85%) against the US dollar. This movement over the two-week period compares to a J$0.49 (0.45%) depreciation over the previous two weeks. The faster pace of depreciation has occurred despite increased supply in the foreign exchange market, where volumes from earners for the month to date, are higher than for January and February 2014.” the central bank stated in a release this evening.
“Jamaica’s main economic indicators continue to improve with economic growth resumed in the September quarter and is expected to strengthen over the subsequent six months in the range of 1.0 per cent to 2.0 per cent. Preliminary estimates of the balance of payments indicate that the current account deficit was reduced sharply over the period April 2013 to September 2013, by approximately US$350.0 million. The current level of net international reserves (NIR) is US$1,121.4 million, increasing by US$52.0 million since the end of February 2014. Bank of Jamaica now expects to comfortably meet the NIR target under the International Monetary Fund agreement for the March 2014 quarter. Finally, headline inflation was lower than projected at 0.5 per cent for the month of January and the fiscal year to March 2014 is now likely to fall close to or below the bottom of the 8.5 per cent to 10.5 per cent target range. The BOJ stated that against the background of recent movements in the exchange rate, they wish to assure the public that it stands ready to provide support to prevent disorderly conditions from emerging in the foreign exchange market.” the release concluded.
FX: J$109 to the US
Wednesday, 12th March 2014 | Trading in the forex market continued its buoyancy but with buying being almost $3.5 million less than on Tuesday with the equivalent of US$29,252,753 purchased compared with US$32,814,104 purchased on Tuesday. Dealers sold US$28,518,794 compared to US$35,056,222 sold on the previous trading day.
Dealers bought US$26,728,659 versus US$26,954,780 on the previous trading day as the rate rose 17 cents to an average of $108.35 and sold US$26,613,914 for 8 cents higher at $109.02, $4 million less than the US$31,164,042 sold on the previous trading day.
The Canadian dollar was bought for an average of $96.18, for a fall of 23 cents with C$748,855 purchased by dealers and only C$494,579 sold at $98.11 for a 31 cents fall. There was purchasing of £1,030,110 as the rate fell 61 cents to end at $178.38 and only £619,076 was sold, with the rate slipping 40 cents to $181.38.
Other currencies bought amounted to the equivalent of US$159,198 while US$429,829 was sold.
Highs & Lows | The highest and lowest rates were mostly up for all currencies.
The highest buying rate for the US dollar was up 10 cents to $110, while the low was up 25 cents to $88.34; the highest selling rate was unchanged at $113.21 and the lowest selling rate increased by 25 cents to $88.09.
The highest buying rate for the Canadian dollar picked up 40 cents to $99.10, the lowest buying rate was unchanged at $77.61. The highest selling rate ended down by 48 cents at $100.10 and the lowest selling gained $1.90 at $95.40.
The highest buying rate for the British Pound was up 25 cents to $182.60, the lowest buying rate ended up by $26.72 to $144.42. The highest selling rate slipped 97 cents to $185.52 and the lowest rate increased by $3.50 to $177.50.