Friday, 25th October 2013 | There were signs of softening of rates for the purchase of foreign currency as evidenced in an across the board reduction in the maximum and minimum buying and selling rates except for the US dollar that had virtually no movement.

The move suggests that traders are somewhat cautious in buying at high rates, which should dampen the average selling rate going forward. Additionally, trading on Friday resulted in more buying than selling of foreign currencies by nearly US$11 million. Total forex purchased by dealers amounted to the equivalent of US$40,941,378 while US$30,097,925 was sold to the public.

The highest and lowest buying rate as well as the highest selling for the US dollar remained unchanged at $106.00, $85.17 and $109.14 respectively, but the lowest selling rate dropped $2.02 to end at $85.17.

The highest buying rate for the Canadian dollar remained the same as on Thursday at $102.50 but the lowest went down by 45 cents to $80.18. At the same time, the highest selling rate slipped 65 cents to $104.10 and the lowest was down $1.75 to $96.60.

The British Pound was bought as high as $171.50 a $1 reduction and was as low as $135.71, just 8 cents down, while selling was as high as $172.84, down $2.43 and as low as $163.50, off by just 10 cents.

There was purchasing by dealers of US$37,825,365 with the rate moving up 10 cents to $104.61 and the amount sold was US$28,190,795 at 7 cents up at $105.07. There was buying of C$1,153,658 for 42 cents less at $99.43 than on Thursday and selling of C$647,353 at a rate of 70 cents lower at $100.82. Pound purchases amounted to £1,170,706 at 24 cents down at $167.68, selling £644,752 was for $170.186, for 27 cents increase.

Thursday, 24th October 2013 | The forex market settled on Thursday with purchasing of US$29,652,775 by dealers and selling of US$28,150,839 on a day when the US dollar moved up slightly on both the selling and buying end while the rates for the Canadian fell by more than $1 for buying and selling but the Pound had mixed fortunes.

A total of US$24,976,554 traded at $104.51, up 3 cents while the US dollar selling amounted to US$26,184,112 as it traded at $104.996 up 6 cents. Purchases of C$1,372,188 traded at $99.85 down $1.02 and selling amounted to C$923,239 as the rate closed at $101.52 down $1.22. Buying for the British Pound amounted to £2,026,134 trading at an average of $167.92 up 54 cents and the amount sold was £467,762 at $169.91, down 41 cents.

Highs & Lows | The highest buying rate for the US dollar was at $106.00 down 50 cents while the lowest was unchanged at $85.17 the same applied to the highest selling rate of $109.14 but the lowest selling rate went up $2.02 to $87.19. The Canadian was sold as high as $102.50, down 50 cents and the low was at $80.63, down by 63 cents. The high rate for selling was $104.75, a decline of 25 cents and the low was at $98.35, up by 45 cents.

The Pound went as high as $172.50 an increase of 90 cents, while the low was $135.79 down 16 cents, but selling took place as high as $175.27 up 92 cents and the low was at $163.60, a decline of 20 cents.

Tuesday, 22nd October 2013 |  The forex market reopened on Tuesday after the Heroes’ holiday closure with the currency purchased by dealers coming in at US$8 million more than the amount sold, only one trading day after the central bank’s intervention resulted in a surplus of US$4.5 million. The surplus should place some downward pressure on the rate in the short term at least.

Total purchases in the market on Tuesday represented two normal trading day’s transactions amounting to the equivalent of US$63,057,239 whiles sales totalled US$54,993,416.

The amount of US dollars purchased by dealers on Tuesday was US$58,328,934 at an average rate of $104.50 representing a 20 cents reduction on Friday’s close, while  the amount sold was US$51,014,352 at an average rate of $104.99, down by 2 cents, having slipped back below the $105 mark.

There was buying for C$1,358,257, as the buying rate dropped by 54 cents to $99.997 whiles sales amounted to C$2,010,791 as the selling rate moved up by 87 cents to $103.26.

The amount of British Pounds purchased was £2,011,635 at $167.14, down 84 cents and selling amounted to £1,085,610 at a selling rate that was higher by 80 cents to $171.31.

Highs & lows | The highest buying rate for the US dollar was unchanged at $106.75 but the lowest buying rate increased 17 cents to $85.17. The highest selling rate was unchanged at $109.14 and the lowest selling rate dropped $16.99 to hit $85.01.

The highest buying rate for the Canadian dollar climbed $1.50 to end at $104.50. The lowest buying rate was 50 cents higher at $81.26 while the highest selling rate gained 25 cents to $104.75 and the lowest selling increased by 60 cents to $97.90.

The highest buying rate for the Pound was 30 cents higher at $172.30 while the lowest moved up $1.62 to $135.29. The highest selling rate was up $2.27 to $175.27 and the lowest selling gained a $1 to $163.80.

Friday, 18th October 2013 | Friday was a big day on the Forex market coming against the background of a continuous slide in the value of the Jamaican dollar, particularly against the US dollar, as well as the central bankers meeting with the major players in the market.

Overall, there was buying by dealers of the equivalent of US$49,535,095 and selling of US$45,891,196;  large amounts for a Friday suggesting that the BOJ intervention would be in the order of US25-30 million. IC Insider have been reliably advised by someone close to a commercial bank that the central bank intervened in the market by selling US dollars at $104.65. The source said that the central bank indicated that they were not uncomfortable with the rate around these levels but asked for an orderliness in their behaviour. Friday’s intervention is in keeping with our report on the NCB big sell off of US dollars, which would have placed the central bank in a position to intervene since a major slide in the value of the local currency would spike inflation above the norm and put in jeopardy the government workers’ wage agreement.

There was buying of US Dollars by authorised dealers of US$46,831,456 as the buying rate moved up by 30 cents to $104.70 and selling of US$44,527,662 with the selling rate declining by 15 cents to $105.01. Trading in the Canadian dollar resulted in C$914,382 bought as the rate went down 51 cents to $100.53 and CS577,137 was sold with the selling rate moving up 18 cents at $102.3869. Trading in the British Pound accounted for £1,036,286 as the buying rate was up $1.30 to end at $167.984 and £374,396 was sold at a selling rate up 68 cents to $170.52.

The highest buying rate for the US dollar fell $1.05 to 106.75, while the lowest buying remained unchanged at $85.00 and highest selling rate and lowest remained the same at $109.14 and $102.00 respectively.

The highest buying rate for the Canadian fell $2.50 to 103.00 but the lowest climbed 29 cents to $80.76; the highest selling rate dropped 50 cents to $104.50 while the lowest was up 30 cents to $97.30. The highest buying rate for the British Pound climbed 20 cents $172.00 and the lowest jumped $33.67 to  $133.67; the highest selling rate dropped 34 cents to $173.00 and the lowest was up 80 cents to $162.80.

Related post | FX: NCB dumped US$54m

Thursday, 17th October 2013 | Today the local dollar climbed past the 105 mark for the US dollar as there was more selling of the American dollar than the amount purchased by dealers by US$1.9 million. Overall the equivalent of US$21.6 million was purchased and US$22 was sold.

Dealers pulled in US$17 million at $104.39 an increase of 26 cents and sold US$18.9 million at $105.16 up by 27 cents on the day. On a day when it took more Jamaican dollars to acquire each of the three main currencies, the Canadian was bought for $1.64 more at $101.04 to acquire C$1.37 million and selling took place at $102.21 up 89 cents for C$1.1 million. The Pound sterling fetched $166.69 up 29 cents on the day as buying by dealers accounted for £1.62 million and selling was carried out at $169.84, up 80 cents for £800,075.

The highest buying rate for the US dollar increased by $1 to hit $107.80 while the lowest buying rate was unchanged at $85.00.  The highest selling rate increased by 21 cents to $109.14 while the lowest selling rate increased by 20 cents to $102.00.

The highest buying rate increased by $3 to $105.50 for the Canadian Dollar while the lowest remain unchanged at $80.47 but the highest selling rate increased by $1.26 cents to $105.00 and the lowest increased by 5 cents to $97.00.

The highest buying rate increased by $1.40 for the British Pound to $171.80, lowest the lowest buying rate declined $33.67 to $100.00. The highest selling rate increased by $1.02 to $173.34 and the lowest selling rate increased by 95 cents to $162.00.

Wednesday, 16th October 2013 | Today was more of the same, like the last few days when the amount of foreign exchange bought by dealers exceeded the amount sold. On only one of those days, the amount of US dollar currency bought was marginally less than the amounts sold. Withstanding this trend, the rate for selling the US dollar has risen on every occasion.

In Wednesday’s trading with $23.2 million of purchases and $20.2 million of sales, the selling rate for the US dollar climbed by 4 cents to $104.90 and the buying rate rose by 11 cents to $104.14. The rates for both the Canadian and the Pound have been fluctuating and in today’s trading buying accounted for C$926,032 at a buying rate that was lower by 12 cents to end at $99.40 while selling was for C$426,759 at a rate that was 39 cent up at $101.32. For the Pound, buying accounted for £1.90 million at a rate that was $1.08 more costly at $166.40 and selling was 84 cents more than on Tuesday at $169.03 for £1.11 million.

The total amount of foreign currency bought was US$27,251,224 with selling accounting for US$22,683,877.

Rates for exchanging Jamaican dollars for foreign currencies differ quite markedly from the official rates, as dealers bought the US dollar as high as $106.80, at 50 cents higher than on Tuesday, and as low as $85 but they sold unchanged as high as $108.93 and as low as $101.80, up by $16.84 on the day.

The Canadian dollar and the Pound sterling saw a mix of rates with most falling, the highest rate the Canadian was bought at, rose 15 cents to $102.50 and that of the Pound was up 80 cents at $170.40. Meanwhile, the lows for buying fell 75 cents for the Canadian at $80.47 and the pound at $133.67 down 21 cents. Selling took place as high at 70 cents lower for the Canadian, at $103.74 and as low as $96.95, just 5 cents down. Selling of the British Pound was as 27 cents down at $172.32 at the high and the low was 25 down at $161.05.

The rate of exchange for the Jamaican dollar has been sliding since May but this did not stop the country’s dominant bank, National Commercial Bank (NCB) off loaded $42.5 million on October 4, while buying $4.4 million on a day when US$70 million was sold and only US$27 million was purchased. This followed the dumping of US$18.45 million on October 3 when they bought US$2.4 million. The most likely buyer for the bulk of the sale would have been the country’s central bank, Bank of Jamaica, if so, it may not bode well for speculators against the local currency as the move may well be signaling that the top of the market is not far away.

Interestingly, there was US$700,000 more purchased on Monday, October 14 over the amount sold and US$2.2 million today. While the rate for the Jamaican dollar has been on a slide, the week ending October 11 saw buying exceeding selling by very good margins for three days when there was $11 million more buying than selling as US$149 million was bought and US$136 million was sold. In the prior week, there was a net sell off of US$20.5 Million as dealers bought US$152.7 million and sold US$173 million.

Since the huge NCB sale, there has been more buying that selling of foreign currency in the overall market. On Tuesday, more funds were purchased in the forex market for the third consecutive day but the rate for the local dollar rose across the board except for a decline in the selling rate for the Canadian dollar.

Trades on Tuesday | Dealers purchased US$23.5 million in various currencies and sold US$21.35 million. Actual purchases of US dollars amounted to $21.2 million at a closing rate that was 13 cents up on the day at $104.03 and sold US$19.48 million at only 4 cents higher than on Friday at $104.85. Dealers purchased C$813,472 for $99.53 at 64 cents more than on Friday and they sold C$407,722 at $100.93, down by 45 cents. £830,084 was purchased at $165.32 up by 70 cents and £663,395 was sold at $168.20 or 22 cents lower at the end of the day.

Highs & Lows | The highest and lowest rates generally moved up except for one remaining unchanged and the highest selling rate for Pound which fell by 21 cents to end at $172.59.

The highest buying rate for the US dollar increased by 5 cents to end at $106.30 while the lowest buying rate was unchanged at $84.96; the highest selling rate inched to 6 cents to $108.93 and the lowest increased 21 cents to $84.96.

The highest buying rate for the Canadian dollar climbed 5 cents to end at $102.35, the lowest buying rate ended at $81.22, higher by $1.04; the high for selling rate stood 98 cents higher at $104.44 and the selling low was at $97 up 40 cents.

The British Pound highest buying rate climbed 40 cents to end at $169.60, the lowest buying rate was up 21 cents to $133.88; the highest selling rate fell 21 cents to $172.59 and the lowest selling rate climbed 25 cents to $161.30.

Monday, 14th October 2013 | The level of trading was low for a Monday but that may have been telegraphed from Friday when a larger than expected amount of buying and selling took place in the ForEx market.

Dealers purchased US$26,037,166 in various currencies and sold US$25,335,901. In term of actual US dollars purchased this amounted to $20,638,306 at a closing rate that was unchanged for the day at $103.90 and sold US$21,056,664 at 26 cents less than on Friday at $104.15. Dealers purchased C$1,317,993 for $98.89 at 11 cents less than on Friday and they sold C$785,625 at $101.38 up by 22 cents. £1,076,430 was purchased at $164.62 down by $1.02 and £688,511 was sold at $167.974, 18 cents lower at the end of the day.

Highs & Lows | The highest and lowest rates generally moved up except for two that were unchanged and the US dollar low for selling, which fell by 21 cents to end at $84.75.

The highest buying rate for the US dollar increased by 5 cents to end at $106.25 while the lowest buying rate was unchanged at $84.96; the highest selling rate was also unchanged at $108.87.

The highest buying rate for the Canadian dollar climbed 30 cents to end at $102.30, the lowest buying rate ended at $80.18, higher by 8 cents; the high for selling rates stood 4 cents higher on the day at $103.46 and the selling low at $96.60 was up $1.40.

The British Pound highest buying rate climbed 20 cents to end at $169.20, the lowest buying rate was up 45 cents to $133.67; the highest selling rate increased 90 cents to $172.80 and the lowest selling rate climbed 40 cents to $161.05.