Friday, 4th October 2013 | The Jamaican dollar climbed above $104 to the US dollar for the first time as dealers sold US$62 million at $104.05, an increase of 7 cents over the price on Thursday.

Dealers bought only US$24.2 in contrast but at 28 cents higher than Thursday at $103.37. It cost 24 cents for dealers to buy the Canadian dollar as they bought C$903,944 at $98.734 and sold $2.6 million at $102.31, 24 cents over Thursday rate. For the Pound, dealers bought £1.16 million at $1.14 lower at $165.25 and sold £738,119 at $168.75, 12 cents lower than on Thursday. Overall there was buying of the equivalent of US$27 million and selling of US$65.95 million.

Highs & Lows | The US Dollar was bought as high as $104.90, a reduction of 15 cents and the sold US dollar at a low of $101.30 or 80 cents more for the day. The lowest buying rate remained static at $84.75 as did the highest selling rate at $108.61.

The Canadian was 20 cents higher for the highest buying rate which ended at $101.70. The British Pound increased by 20 cents for the highest buying rate that ended at $170, while the lowest buy rate fell 37 cents to $134.92. The highest selling rate for the Pound fell $3.12 to $171.50 but the lowest selling rate climbed 60 cents to $162.55.

Thursday, 3rd October 2013 | Trading in the Forex market picked up on today with the equivalent of US$3.7 million being purchased and US$41 million being sold with the rate for the Jamaican dollar slipping further at the end of trading.

Trading in US dollars resulted in US$23.8 million of that currency being purchased at $103.09, a 3 cent increase over Wednesday’s rate and selling amounted to US$36 million at $103.98 an increase of 20 cents over the prior rate.

The buying rate for the Canadian dollar moved up by 24 cents to $98.49 as C$1 million was purchased and CS$511,633 was sold at $100.67 or 30 cents up for the day.

The British Pound cost $1.22 more to purchase at $166.38 as dealers bought £2.967 million and sold the Pound at 69 cents cheaper at $168.86 as £2.09 million was sold.

There were mixed results for the highest and lowest buying and selling rates. The highest buying rate for the US dollar fell 75 cents to $105.05 and the lowest selling rate was down 80 cents to $100.50 but the rates for the lowest buying and the highest selling remained unchanged at $84.75 and $108.61 respectively.

The Canadian dollar’s highest buy rate moved up 40 cents to $101.50 with all others remaining unchanged at $80.51, $103.79 and $97 respectively. The highest buy rate for the Pound was 30 cents more at $169.80 with no change to the lowest at $135.29, while the highest selling rate was up 21 cents to $174.62 and the lowest declined 55 cents to $161.95.

Wednesday, 2nd October 2013 | The tightness in the financial system and the high demand-low supply of the autumn season continue to impact the Forex market as the local currency continues its slow slide towards equilibrium and the early period of the winter season when inflows are usually higher than at other times of a year.

For US Dollar, buying by authorized dealers amounted to US$21,736,777 as the rate was up 30 cents to $103.06 and selling resulted in the rate being up 5 cents to $103.78 as US$25,818,516 was sold.

There was buying of CS$655,725 at 98.25 down 51 cents and C$385,721 was sold at $100.37, up a cent and £1,010,313 was purchased as the rate was down $1.43 to $165.16 and £1,053,597 was sold at $169.55 up 28 cents.

Inflows of foreign exchange into the system fell short of the amount sold as dealers bought the equivalent of US$24.1 million and sold US$28.16 million.

High & Lows | The highest rates for buying for the US dollar was up $1.15 to $105.80, but the rate paid at the lowest level remained unchanged at $84.75. There was no change o the highest selling rate of $108.61 but the low increased by $1521 to $101.30.

The Canadian dollar was bought as high as $101.10, down 45 cents and was bought for 17 cents less for the day at $80.51, while selling took place as high as 21 cents less at $103.79 and remained unchanged for the low at $97.

The British Pound was 20 cents higher for the highest buy rate at $169.50 and $16.97 up at the low of $135.29, while sales took place at 54 cents higher at $174.41 at the high end with no change at the low of $162.50.

Tuesday, 1st October 2013 | Demand and supply will drive the movement in the rate of exchange for the rest of the year and beyond as the Jamaica’s central bank is not likely to intervene to stem the depreciation of the Jamaican dollar. The movement is a part of  the broader plan for sustainable economic growth going forward. At the same time, information is that the financial system is tight with the government running a fiscal surplus for the funding of its local operations.

On Monday, the inflows of foreign exchange into the system was more than the amount sold as dealers bought the equivalent of US$45.33 million and sold US$38 million. The amount of US dollars actually bought was US$40.57 million and selling was $35.53 million at 9 cents more than on Friday at a new high of $103.60. The buying rate moved up by 14 cents to $102.87.

Canadian dollars fetched 20 cents more at $98.44 as dealers bought C$1.22 million and sold $758,886 at 22 cents more than on Friday to close at $100.71. The Pound Sterling was bought for 3 cents less than on Friday at $163.93 for £2.1 million as they sold £948,527 at 22 cents cheaper at $167.16.

Tuesday trading | The US dollar once more gained against the Jamaica dollar as dealers sold at 13 cents more at $103.73 as they sold US$24.28 million. They bought $21.6 million at 12 cents lower than on Monday at $102.76. The Canadian was purchased at 32 cents more at $98.76 for C$746,970 while they sold 409.482 for 36 cents cheaper at $100.36.  The Pound Sterling was up $2.66 at $166.59  for 1.84 million and sold 1.768 million at $169.27 at $2.12 higher than on Monday. Overall, the total US dollar equivalent that entered the market amounted to $25.46 million and selling $27.7 million.

High & Lows | The highest rates for buying the currencies remained unchanged for the US dollar at $104.65 on Tuesday but the rate paid at the lowest level increased by 25 cents to $84.75. There was no change to the highest selling rate of $108.61 but the low increased by $1.59 to $86.09.

The Canadian dollar was bought as high as $101.55, which is 5 cents less than on Monday and lowest buying rate was 34 cents more at $80.68, while selling took place as high as 5 cents more at $104 and 85 cents down as low as $97.

The British Pound was $1.45 higher for the high buy rate at $169.30 and $16.43 cheaper at the low of $118.32 while sales took place at 10 cents higher at $173.87 at the high end and 25 cheaper for the low at $162.50.

Image courtesy of Boaz Yiftach/FreeDigitalPhotos.net

Friday, 27th September 2013 | More flows came into the forex market on Friday than the day before, as dealers bought the equivalent of US$23.94 million and sold US$21.8 million.

All spot rates increased with the US dollar selling for 14 cents more than on Thursday at $103.50 and purchases were made at 26 cents higher at $102.74. Dealers bought US$21 million of the US dollar currency and sold US$19.78 million.

The highest and lowest rates for the US dollar were $104.30, an increase of 5 cents for the highest buying rate, while the lowest selling rate slipped by 50 cents to $100. The rates for the lowest buying and highest selling remained unchanged at $84.50 and $108.61 respectively.

The Canadian dollar buying rate climbed 30 cents to $98.24 as dealers bought C$794,469 and sold C$553,957 at 29 cents more than on Thursday and closing at a rate of $100.29. The highest buying rate for the Canadian was 10 cents up at $100.70 and the lowest was 17 cents down at $80.34. The highest selling rate was $104.11, the same rate as on Thursday and the lowest was at $96.80 or 20 cents lower than the previous closing rate.

The British Pound gained 28 cents to close trading at $163.96 with £1,197,656 purchased by dealers and selling was for £725,296 at $167.37, $1.32 higher than on Thursday.

There was no change in the lowest buying rate for the Pound at $134.54, but the highest buying rate increased by $1.80 to close at $168.30. The highest selling rate declined by $3.98 to $169.47 and the lowest selling rate increased by $1.95 to $161.95.

Thursday, 26th September 2013 | The forex market was charaterised by falling rates on the spot market but rising rates for the highest and lowest rates for trading. The level of trading fell as buying accounted for US$21 million and selling was lower at just US$18 million.

The buying rate for the US$17.88 million purchased came out at $102.48 or 16 cents more than on Wednesday. The selling rate inched up 2 cents and closed at $103.36 for US$15.79 sold. The highest buy rate climbed by 25 cents to $104.25 and the lowest rate remained unchanged at $84.50, while the highest selling rate was unperturbed at $108.60 but 40 cents was added to the low which ended up at $100.50.

An amount of C$532,751 was purchased by dealers at a reduced rate of 48 cents to end at $97.94 and they sold C$440,109 at 78 cents less than on Wednesday at $100.20.

There was no change to the highest and lowest buying rate for the Canadian dollar of $100.60 and $80.51 respectively, but the selling rate rose $2 for the high and $1.60 for the lowest which ended at $104.11 and $96.60 respectively.

£1,219,948 was purchased at $163.68 or $1.20 less than on Wednesday and selling was for £896,814 at $166.06, $1.04 less.

The highest buy rate for the Pound moved down by $1.60 to $166.50 and rose by $1.32 to $134.54 for the low. The highest sell rate moved up by $1.72 to $173.45 and at the low, it ended at $160.00 after rising by $1.45.

Monday, 23rd September 2013 | The Jamaican dollar started the week selling at $102.86 up just a cent to one United States dollar while buying took place at JS$102.30 down 4 cents from Friday as dealers bought US$39.94 million and sold just $33.5 million.

The Canadian, which was sold for $99.75 at the end of last week, was selling for an average of JS$99.86 today up by 11 cents as C$693,259 was sold and C$1.2 million was purchased at 28 cents less and closing at $97.94. The Pound moved up to $165.65 up by 31 cents as £905,885 was sold and £2.37 million was bought at an average of $162.65 an increase of 21 cents for the day.

A total of US$45.15 million was purchased and $36 million sold of all currencies that traded. This was actually a better day of inflows and less outflows than last week Monday.

Dealers purchased the US dollar for 5 cents more than on Friday for the highest rate which moved to $103.80. The lowest buying rate moved up to $84.50 an increase of 16 cents. Selling took place unchanged at $108.28 at the high and as low as $84.34, a decrease of $15.66 at the low end.

At the end of the day, the highest rate dealers bought the Canadian dollar was 55 cents less at $100.45 but they paid just 29 cents more as the lowest rate moved to $80.80. Selling took place at $104.16 or 43 cents off for the highest selling rate and sold as low as $97.05 and decrease of 35 cents.

The British Pound highest buying rate increased $1.20 over Friday to reach $166.70 but they paid as low as $133.46, which was 46 cents down at the end of the day; selling took place at 58 cents less for the high of $172.06 and sold as low as $133.46 a fall of $24.34.

Friday, 20th September 2013 | The Jamaican dollar started the week selling at $102.45 to one United States dollar but by the end of trading on Friday it had moved to JS$102.85. The Canadian, which was sold for $99.46 on at the end of the previous week, was selling for an average of JS$99.75 on Friday and the Pound moved up to $165.34 from $163.23 for the biggest move.

On Friday, there was purchasing by authorized dealers of the equivalent for US27.38 million and selling of US$29.48 million, mostly due to the only US$24.38 million being purchased at an average rate of $102.34, an increase of 38 cents, versus US$26.5 million sold at an average of $102.85, an 8 cents increase for the day.

Dealers purchased the US dollar for 35 cents more at the end of Friday for the highest rate, which moved to $103.75. The lowest buying rate remained unmoved at $84.34. Selling took place at 21 cents more for the highest selling rate of $108.28 and as low as $100, a decrease of 20 cents.

The Canadian was bought by dealers at $98.22, which was down by 99 cents compared to Thursday with inflows of C$822,861 and sold at $99.75 for C$436,398 as the rate slipped by 77 cents, fully reversing Thursday’s gain.  At the end of the day, the highest rate dealers bought the Canadian dollar was 30 cents less at $101 but they paid just 29 cents more as the lowest rate moved to $80.51. Selling took place at $104.59 or 80 cents more for the highest selling rate and sold as low as $97.40 and increase of $1.90.

The British Pound buying rate increased 18 cents to close at $162.44 as £1,134 million was purchased and £1.367 million was sold at $165.34 up 57 cents. Dealers bought the pound for 80 cents less at the end of Friday as high as $165.50 but they paid as low as $133.92, which was a $33.92 increase at the end of the day. Selling took place at $1.44 more for the high of $172.64 and sold as low as $157.80 an increase of $16.10.

Week’s highest move | The US dollar moved by 65 cents for the week for the highest buying rate and 21 cents more for the lowest buying rate. The highest selling rate moved up by 21 cents and the lowest by 20 cents. The Canadian moved by $1.20 for the highest buying rate; 33 cent for the lowest buying rate, while the highest selling rate moved up by $1.23 and the lowest by $1.25. The Pound was the big mover for the week as all the rates moved up with the buying rates increasing $2.05 for the high and $2.36 at the low end while $8.05 was put on the highest selling and $2.20 for the lowest.

Image courtesy of Marcus/FreeDigitalPhotos.net

Wednesday, 18th September 2013 | The buying of forex saw the amount sold to end users being just above the purchases by authorized dealers with US$27.66 bought and US$28.5 being sold.

USD Trades | It cost more for end users of the US dollar as the average selling rate increased by 8 cents to $102.645 as dealers sold US$25.28 million while they bought $23.97 million at 17 cents more than on Tuesday at $101.914. The US dollar traded as high as 40 cents more at the highest buying rate, which hit $103.50 and sold it as high as $108.07, the same rate as the day before but hiked the lowest selling rate by $15.66 to $100. The rate for buying at the low end remained unchanged at $84.34.

Canadian | The Canadian dollar was sold for just 2 cents more at $99.75 with C$422,718 being sold and C$885,668 purchased at an average rate of $97.874 which is 54 cents less than on Tuesday. Traders bought the currency as high as 15 cents more at $100.60 and as low as $80.22 or 4 cents less. On the sell side the highest rate declined 5 cents to $103.42 and the lowest rate moved up by 30 cents to $97.

British Pound | The Pound put on $1.23 to reach $162.27 as dealers bought £1,736,444 and sold £1,667,499 at $1.09 more at $164.65. The Pound was bought as high as $1.60 more at $165.60 and as low as $132.30 or 50 cents more and sold at the highest rate of $170.56, a 64 cents increase and the lowest rate moved down by 90 cents to $155.80.