j$ v euro

Political Mismanagement kills J$

July 1, 2015 by IC Insider.com

Poor Jamaican dollar. killed by political mismanagement

The Jamaican dollar reached an unfortunate mile stone at the end of trading on Wednesday, when it crossed over the $117 mark to one US dollar, after decades of political experimenting and mismanagement that led to long periods of overvaluation for the currency.
Unfortunately, if this was the end of devaluation for the local currency, it may be considered not too bad but things look as if there is more decline coming with the country’s central bank is ensuring that the target they secretly hold is met, with a hike in the compulsory take from authorized dealers moving up sharply last year to 25 percent of each day’s inflows. Interestingly, while the currency has slipped since the last quarter of 2014, inflation at the same time has been virtually zero, thus giving the currency a real increase in competiveness.
Trading in foreign currencies in Jamaican closed with dealers buying the equivalent of US$38,333,260 in contrast to US$34,883,289 on Tuesday, while they sold the equivalent of US$37,824,842 versus US$38,197,799 previously and pushed the average selling rate for the US dollar over J$117 for the first time.
In US dollar trading, dealers bought US$36,094,493 compared to US$27,766,608 on Tuesday. The buying rate for the US dollar rose 6 cents to $116.41 and US$36,465,228 was sold versus US$35,932,831 on Tuesday, the selling rate rose 3 cents to $117.01. The Canadian dollar buying rate declined $1.07

to $91.49 with dealers buying C$1,004,694 and selling C$649,575, at an average rate that rose 20 cents to $94.04. The rate for buying the British Pound fell $1.93 to $180.32 for the purchase of £877,924, while £437,821 was sold, at an average rate that rose 1 cent to $183.79. At the end of trading, it took J$130.34 to purchase the Euro, 11 cents less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.69 for 3 cents less than Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$89,263, while the equivalent of US$149,848 was sold.
Highs & Lows| The highest buying rate for the US dollar rose 15 cents to $117.25, the lowest buying rate jumped $4.82 to $95.82, the highest selling rates was unchanged at $122.78, while the lowest selling rate jumped $19.34 to $114.95.

The highest buying rate for the Canadian dollar dropped $2.88 to $94, the lowest buying rate lost 33 cents at $74.70. The highest selling rate inched up 27 cents to $97 and the lowest selling rate lost 50 cents to $89.50. The highest buying rate for the British Pound, and the lowest buying rate remained at $183.90 and $147.82,respectively, with the highest selling rate rising $3.61 to $190.99 and the lowest selling rate was up $1.30 to $178.

Filed Under: Feature Stories, FX Market, General Business News, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, j$ v euro, Jamaica dollar, US Dollar

J$ slips vs majors Wednesday

April 23, 2015 by IC Insider.com

Purchases of all currencies by dealers on Wednesday amounted to US$36,496,804 equivalent, compared with US$26,567,245, on Tuesday and selling of the equivalent of US$32,811,106 versus sale of US$33,810,517, previously.
In US dollar trading, dealers bought US$33,079,206 compared to US$22,316,665 on Tuesday. The buying rate for the US dollar rose 14 cents to $114.75 and US$30,687,641 was sold versus US$31,312,786 on Tuesday, the selling rate rose 5 cents to end at $115.24. The Canadian dollar buying rate declined by 89 cents to $91.58 with dealers buying C$919,514 and selling C$859,745, at an average rate that rose 87 cents to $94.32. The rate for buying the British Pound rose 34 cents to $170.25 for the purchase of £1,736,208, while £839,360 was sold, at an average rate that climbed 90 cents to $172.29.
At the end of trading it took J$123.73 to purchase the Euro, 11 cents less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$121.26 for a fall of 11 cents from Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$107,651, while the equivalent of US$164,911, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 7 cents to $115.45. The lowest buying, the highest and lowest selling rates remained unchanged at $93.77, $120.16 and $93.77, respectivelyThe highest buying rate for the Canadian dollar gained $1 to $95. The lowest buying and the lowest selling rates remained at $74.29 and $88.50, respectively but the highest selling rate gained 24 cents to $96.19.The highest buying rate for the British Pound,fell by 20 cents to $173.30, the lowest buying rate remained at $137.07, but the highest selling rate rose $2.99 to $177 with the lowest selling rate climbing $2.85 to $168.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, FX Market, j$ v euro, US Dollar

J$ slips against majors on Thursday

April 16, 2015 by IC Insider.com

The Jamaican dollar lost value against the three main intervention currencies on Thursday. Purchases of all currencies by dealers amounted to US$28,578,146 equivalent, compared with US$30,033,164, on Wednesday and selling of the equivalent of US$32,418,021 versus sale of US$35,002,312, on the previous trading day.
In US dollar trading, dealers bought US$25,616,117 compared to US$27,405,533 on Wednesday. The buying rate for the US dollar added 11 cents to $114.52 and US$30,649,770 was sold versus US$33,460,121 on Wednesday, the selling rate rose 5 cents to end at $115.09. The Canadian dollar buying rate inched up by $1.07 to $90.74 with dealers buying C$1,002,394 and selling C$630,091, at an average rate that climbed 70 cents to $92.86. The rate for buying the British Pound climbed $1.35 to $169.39 for the purchase of £1,407,386, while £778,304 was sold, at an average rate that rose $1.36 to $170.93. At the end of trading it took J$122.09 to purchase the Euro, 94 cents less than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$119.58 for a decline of $1.12 from Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$85,928, while the equivalent of US$103,947, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 2 cents to $115.18. The lowest buying and the highest selling rates remained unchanged at $93.69 and $120.05, respectively, but the lowest selling rate dropped $16.46 to $95.54. The highest buying rate for the Canadian dollar is up $1.50 to $94.20. The lowest buying rate inched up 54 cents $72.54, but the highest selling rate rose $1.65 to $96.17 with the lowest selling rate falling $1.60 to $87.40. The highest buying rate for the British Pound,fell $1.45 to $171.70, the lowest buying rate rose 81 cents to $135.19, but the highest selling rate fell 15 cents to $175.35 and the lowest selling rate dropped $2.90 to $163.10.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, Daily Trading, FX Market, j$ v euro, US Dollar

Gains allround for the J$ on Friday

March 6, 2015 by IC Insider.com

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The Jamaican dollar made gains against all the major currencies on Friday. Purchases of all currencies by dealers ended at US$31,958,706 equivalent compared with US$30,479,664, on Thursday and selling of the equivalent of US$29,239,805 versus US$33,875,356 on the previous trading day.
In US dollar trading, dealers bought US$27,386,186 compared to US$26,732,122 on Thursday. The buying rate for the US dollar was unchanged at $115.08 and US$26,162,679 was sold versus US$31,619,074 on Thursday, the selling rate fell 3 cents to end at $115.55 The Canadian dollar buying rate dropped 22 cents to $90.35 with dealers buying C$1,034,489 and selling C$453,721, at an average rate that declined 28 cents to $92.30. The rate for buying the British Pound dipped 50 cents to $174.03 for the purchase of £1,328,151, while £1,218,105 was sold, at an average rate of $175.42, for a decline of 24 cents. At the end of trading it took J$127.48 to purchase the Euro, 44 cent less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$125.03 for a decline of 40 cents from Thursday. Other currencies bought, amounted to the equivalent of US$1,751,867 while the equivalent of US$865,555, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 5 cents to $115.80, the lowest buying and the highest selling rates remained at $94.36 and $120.91 respectively. The lowest selling rate fell 50 cents to $113. The highest buying rate for the Canadian dollar rose $1.50 cents to $94, the lowest buying rate rose 29 cents to $73.33. The highest selling rate gained 9 cents to $95 and the lowest selling rate was up 35 cents to $88.35. The highest buying rate for the British Pound, climbed $1.55 to $178.30. The lowest buying rate dropped 99 cents to $141.02, the highest selling rate declined $3.76 to $179.32 and the lowest selling rate fell $1.20 to $169.90.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, j$ v euro, Jamaica dollar, US Dollar

J$ stable vs US dollar – Tuesday

February 24, 2015 by IC Insider.com

Inflows of foreign exchange into the system continued to be buoyant on Tuesday with almost equal buying and selling of foreign currencies by dealers. Purchases of all currencies amounting to US$43,926,359 compared with the US$47,161,608, on Monday. Selling was for the equivalent of US$42,891,279 versus US$47,139,887 sold on Monday.
In US dollar trading, dealers bought US$38,670,944 compared to US$42,803,483 on Monday. The buying rate for the US dollar put on 12 cents to $115.20 and US$39,072,048 was sold versus US$40,580,251 on Monday, the selling rate remained at $115.59. The Canadian dollar buying rate rose 86 cents to $90.33 with dealers buying C$2,683,965, and selling C$1,674,055, at an average rate that fell $1.72 to $91.25. The rate for buying the British Pound climbed 24 cents to $176.26 for the purchase of £1,519,693, while £1,232,276 was sold, at an average rate of $178.37, up by 63 cents. At the end of trading it took J$131.24 to purchase the Euro, 18 cents less than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.71 for 38 cents lower than on Monday. Other currencies bought, amounted to the equivalent of US$825,594 while the equivalent of US$596,186, was sold.
Highs & Lows| The highest buying rate for the US dollar rose 15 cents to $115.95 and the lowest buying rate climbed $4.93 to $94.36. The highest selling rate remained at $121.12. The lowest selling rate fell 16 cents to $94.36. The highest buying rate for the Canadian dollar fell 20 cents to $92.50, the lowest buying rate dropped $1.02 to $72.54. The highest selling rate gained 59 cents to $95.50 and the lowest selling rate fell $1.30 to $87.40. The highest buying rate for the British Pound, dropped 30 cents to $179.10. The lowest buying rate fell 21 cents to $142.30, the highest selling rate dipped 27 cents to $183.45 and the lowest selling rate climbed $1.75 to $171.45.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, FX Market, j$ v euro, US Dollar

J$ slips slightly on Monday

December 29, 2014 by IC Insider.com

Trading levels were in the forex market in Jamaica was normal for this time of the year with the market closed for two days. Overall there was buying of the equivalent of US$49,122,107 versus US$46,285,377 on Wednesday, and selling of the equivalent of US$46,110,654 compared to US$42,969,928 on Wednesday.
In US dollar trading, dealers bought US$42,122,796 compared to US$42,996,967 on Wednesday. The buying rate for the US dollar fell 30 cents to $113.69 and US$43,345,164 was sold versus US$41,082,846 on Wednesday with the selling rate rising 2 cents to $114.56. The Canadian dollar buying rate gained 9 cents to $95.73 with dealers buying C$2,857,912 and selling C$1,504,269, at an average selling rate that climbed 14 cents, to $97.77. The rate for buying the British Pound was up 9 cents to $175.77 for the purchase of £2,708,246, while £810,142 was sold, the rate eased 13 cents to $177.10. At the end of trading it took J$139.40 to purchase the Euro, 11 cents less than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.65, for an increase of 2 cents. Other currencies bought, amounted to the equivalent of US$405,582 while the equivalent of US$229,242, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell $1.02 to $114.85, the lowest buying rate closed unchanged at $93.52 and highest selling rate fell 32 cents to $119.84. The lowest selling rate climbed $18.06 to $112. The highest buying rate for the Canadian dollar and the lowest buying rate remained unchanged at $99 and $77.85 respectively. The highest selling rate fell 47 cents to $100.75 and the lowest selling rate is unchanged at $93.80. The highest buying rate for the British Pound, lost 25 cents to $178.75. The lowest buying rate and the lowest selling rate remained at $142.14 and $171.25, respectively and the highest selling rate climbed $1.51 to $183.24.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, Daily Trading, FX Market, j$ v euro, Jamaica dollar, US Dollar

J$ up vs euro & Pound, falters with others Thursday

December 18, 2014 by IC Insider.com

The Jamaican dollar lost value against the United States and the Canadian dollar, but gained versus the euro and the Pound in Thursday foreign exchange trading in Jamaica.
Overall there was buying of the equivalent of US$42,831,449 versus US$37,454,527 on Wednesday, and selling of the equivalent of US$41,907,894 compared to US$35,556,606 on Wednesday. In US dollar trading, dealers bought US$36,830,088 compared to US$34,094,712 on Wednesday. The buying rate for the US dollar rose 10 cents to $114.04 and US$37,213,356 was sold versus US$30,789,157 on Wednesday while the selling rate rose 10 cents to $114.58. The Canadian dollar buying rate was up 58 cents to $96.44 with dealers buying C$1,634,656 and selling C$3,271,419, at an average selling rate that climbed $1.36, to $99.27. The rate for buying the British Pound rose 33 cents to $177.33 for the purchase of £2,525,435, while £873,242 was sold, the rate eased 75 cents to $179.30. At the end of trading it took J$141.82 to purchase the Euro, $1.23 less than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.10, for a fall of $1.26. Other currencies bought, amounted to the equivalent of US$691,817 while the equivalent of US$493,746, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 9 cents higher at $114.89, the lowest buying rate closed 12 cents higher to $93.81. The highest selling rate gained 16 cents to $120.37 and the lowest selling rate fell $16.57 to $95.53. The highest buying rate for the Canadian dollar gained $1.26 to $99.88. The lowest buying rate was unchanged, at $78.19. The highest selling rate fell 50 cents to $101 and the lowest selling rate was unchanged at $94. The highest buying rate for the British Pound, rose 80 cents to $180.20. The lowest buying rate gained 79 cents to $144.75, highest selling rate put on $3.49 to $186.61 and the lowest selling rate rose $1.75 to $174.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, euro, FX Market, j$ v euro, J$ vUS$, Jamaica dollar, Trading Activity, US Dollar

J$ loses against US & euro Monday

December 15, 2014 by IC Insider.com

The Jamaican dollar lost value against the United States dollar and the euro but gained on the Pound and the Canadian dollar on Monday, a day of robust foreign exchange trading.
Overall there was buying of the equivalent of US$56,094,979 versus US$60,517,416 on Friday, and selling of the equivalent of US$47,505,422 compared to US$56,937,674 on Friday. In US dollar trading, dealers bought US$49,500,391 compared to US$56,245,001 on Friday. The buying rate for the US dollar fell 11 cents to $113.65 and US$43,962,004 was sold versus US$44,323,676 on Friday. The selling rate rose 17 cents to $114.29. The Canadian dollar buying rate fell $2.03 to $96.22 with dealers buying C$2,054,639 and selling C$1,104,263, at an average selling rate that lost $1.43, to $98.46. The rate for buying the British Pound climbed 78 cents to $177.31 for the purchase of £2,944,023, while £1,463,435 was sold, the rate fell 86 cents to $178.87. At the end of trading it took J$142.22 to purchase the Euro, 98 cents more than on Friday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.64, a rise of $1.36. Other currencies bought, amounted to the equivalent of US$261,706 while the equivalent of US$301,699, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.65, the lowest buying rate was unchanged at $93.52. The highest selling rate gained 21 cents to $120.05 and the lowest selling rate fell $1.84 to $93.52. The highest buying rate for the Canadian dollar declined by 70 cents to end at $99. The lowest buying rate closed 38 cents lower, at $78.64. The highest selling rate remained unchanged at $101.91 and the lowest selling rate moved down 45 cents to $94.75. The highest buying rate for the British Pound, lost 15 cents to $179.70. The lowest buying rate closed 21 cents higher at $144.17 and highest selling rate climbed $3.08 to $185.86, the lowest selling rate fell 45 cents to $173.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, Daily Trading, euro, FX Market, j$ v euro, Jamaica dollar, US Dollar

J$ gains vs euro & Pound Friday

December 1, 2014 by IC Insider.com

The Jamaican dollar lost value against the United States and the Canadian dollar, but gained versus the euro and the Pound in Friday foreign exchange trading in Jamaica.
Overall there was buying of the equivalent of US$52,174,458 versus US$42,831,449 on Friday, and selling of the equivalent of US$44,651,307 compared to US$41,907,894 on Thursday. In US dollar trading, dealers bought US$46,132,454 compared to US$36,830,088 on Thursday. The buying rate for the US dollar rose 6 cents to $114.10 and US$41,961,857 was sold versus US$37,213,356 on Thursday while the selling rate rose 1 cent to $114.59. The Canadian dollar buying rate was up 64 cents to $97.08 with dealers buying C$2,100,188 and selling C$1,012,039, at an average selling rate that fell 50 cents, to $98.77. The rate for buying the British Pound rose 32 cents to $177.65 for the purchase of £2,605,212 while £953,717 was sold, the rate eased 24 cents to $179.06. At the end of trading it took J$141.82 to purchase the Euro, $1.23 less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.10, for a fall of $1.26. Other currencies bought, amounted to the equivalent of US$198,857 while the equivalent of US$326,747, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 9 cents lower at $114.80, the lowest buying rate closed 13 cents higher to $93.94. The highest selling rate was unchanged at $120.37 and the lowest selling rate climbed $15.47 to $111. The highest buying rate for the Canadian dollar fell 58 cents to $99.30. The lowest buying rate rose 33 cents to $78.52. The highest selling rate rose $1 to $102 and the lowest selling rate gained 60 cents to end at $94.60. The highest buying rate for the British Pound, declined 20 cents to $180. The lowest buying rate dropped 74 cents to $144.01, highest selling rate fell $3.77 to $182.84 and the lowest selling rate lost 50 cents to $173.50.