The Jamaican dollar continues to make slow gains against the US dollar, in Tuesday’s forex trading. Bank of Nova Scotia bought US$6,068,907 at $112.43 each but sold US$13,995,762 at $112.65 to be the largest seller on Tuesday. At the close of the market, there was selling of US$11.5 million more foreign currency, to the public than was bought by dealers. Authorized dealers purchased the equivalent of US$36,902,410 versus US$45,684,367 on Monday. The equivalent of US$48,450,336 was sold compared with US$41,145,809 on Monday.
The selling rate for the local currency to buy one US dollar, settled at $112.61, a slight improvement over the closing price on Monday. The local currency not only gained against the US dollar but also against the Canadian dollar, but fell against the Pound.
In US dollar trading, dealers bought US$29,102,213 compared to US$38,512,175 on Monday. The buying rate for the US dollar rose 5 cents to $112.25 and US$42,208,347 was sold versus US$36,824,756 on Monday, the selling rate inched down 1 cent to $112.61. The Canadian dollar buying rate, rose $1.10 to $100.13 with dealers buying C$5,720,004 and selling C$4,314,882 at an average selling rate that eased 2 cents, to $100.43. The rate for buying the British Pound is down 84 cents to $178.65, for the purchase of £1,633,650, while £1,391,145 was sold, at $180.24, climbing 50 cents. Other currencies bought, amounted to the equivalent of US$98,223, while selling was for the equivalent of US$166,795.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents down at $112.80, the lowest buying, the highest and the lowest selling rates, were unchanged at $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar rose 20 cents to $100.75, the lowest buying rate remained at $79.27, the highest selling rate declined 10 cents to $103. The lowest selling rate closed unchanged at $95.50. The highest buying rate for the British Pound, dropped 43 cents to $181, the lowest buying rate did not move from $143.92. The highest selling rate dropped $2.24 to $185.54 and the lowest selling rate was unperturbed at $173.40.
Its BNS big sell off day as J$ revalues more
J$ revaluation continues
The Jamaican dollar continues to make slow gains against the US dollar, having peaked at $112.87, on July 25. The selling rate for the local currency to buy one US dollar, is now at $112.62 an improvement over the closing price on Friday. The local currency not only gained against the US dollar, but also against the Pound and the Canadian dollar.
In Monday’s forex trading, US$4.5 million more foreign currency was bought than was sold to the public. Authorized dealers purchased the equivalent of US$45,684,367 versus US$37,912,992 on Friday, the equivalent of US$41,145,809 was sold compared with US$49,474,851 on Friday.
In US dollar trading, dealers bought US$38,512,175 compared to US$33,871,010 on Friday. The buying rate for the US dollar fell 13 cents to $112.20 and US$36,824,756 was sold versus US$46,851,454 on Friday, the selling rate inched down 2 cents to $112.62. The Canadian dollar buying rate, rose $1.18 to $99.03 with dealers buying C$2,165,519 and selling C$1,702,779 at an average selling rate that fell 35 cents, to $100.45. The rate for buying the British Pound climbed 78 cents to $179.49, for the purchase of £3,139,266, while £1,433,057 was sold, at $179.75, down 43 cents. Other currencies bought, amounted to the equivalent of US$238,954, while selling was for the equivalent of US$514,931.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents up at $112.83, the lowest buying and the highest selling rates were unchanged at $91.85 and $117.70 respectively and the lowest selling rate fell back $1.81 to $91.85. The highest buying rate for the Canadian dollar rose 5 cents to $100.55, the lowest buying rate fell 83 cents to $79.27, the highest selling rate declined 40 cents to $103.10. The lowest selling rate dropped 50 cents to $95.50. The highest buying rate for the British Pound, dropped 63 cents to $181.43, the lowest buying rate fell $1.75 to $143.92. The highest selling rate dropped 70 cents to $187.78 and the lowest selling rate eased $1.20 to $173.40.
J$ revalues against 3 main currencies
In today’s world people are so busy, they don’t have time to smell and admire the beauty of the roses, around them. Busy as we are, things are happening under our very eyes and feet, and many don’t even know it. Generally, we are headline people, the details we leave for another time.
Jamaicans have been so caught up with concern of the effect of the sliding dollar Jamaican dollar against the US dollar and the impact on their lives, they have not been paying attention to the details of what is taking place in the overall currency market.
Internationally, there have been lots of movements in major world currencies this year. The Pound lost 4 percent, the Canadian 5 percent and the Japanese yen 4 percent against the US dollar so far this year. The local currency has had moderate revaluation against the US dollar since hitting a low of $112.87 in July and is now at $112.64 as of Friday. But the revaluation against the Canadian since its low of 107.55 on July 9 up to Friday when it closed at $100.80 to the Canadian is much larger at 6 percent and the revaluation against the British pound is even more, with the Pound declining from $193.50 on July 16 to $180.17 on Friday Oct 3, a gain of nearly 7 percent for the Jamaican dollar. Based on the flows of these two currencies, where inflows are always more than sales the revaluation against them could well be greater than these numbers show, if normal market forces were to prevail.
At the end 2013 the US dollar was selling for $106.38, the Canadian for $99.22 and the Pound at $175.84, to the Jamaican dollar. The end result is that the Jamaican dollar, has hardly lost value against the Canadian so far and the Pound is down around 2.5 percent for the year to date, but Jamaican dollar has devalued 6 percent versus the US dollar, this year so far.
Factors that could play out going forward. The tight fiscal discipline that the Jamaican government has to adhere to, is squeezing excesses out of the system and reducing demand for foreign exchange. The Bank of Jamaica’s large intervention in July, seems to have removed the overhang of demand for US dollar from the system. The expected high demand, low inflow period from September to mid-December is not reflecting the usual pattern of past years, allowing some revaluation to take place. The stability is encouraging portfolio shifts out of foreign exchange holdings, back into Jamaican dollar, as investors see a long period of stability to at least late next year. The rise in US dollar, is one reason why the devaluation of the Jamaican dollar versus the Pound and Canadian dollar, have been very moderate so far, this year. The US dollar rise is reducing the cost of oil, the price has fallen a bit this year from a peak of US$105, and is now at $89, having spent March to July over $95, the forecast is for lower prices as the US dollar gets stronger, with economic activity in the US picking up steam. Lower oil prices, mean less costly import of the commodity for Jamaica. The final scenario is how much change will Bank of Jamaica allow in the local currency?
A big NCB sell off of US dollars
Jamaica’s National Commercial Bank bought US$4,366,621, at an average rate of J$112.31 to the USA dollar, on Friday, but sold US$17,178,604 at an average of J$112.66, the second time within a week, that the country’s dominant bank, was featuring heavily in the market. Last week Friday, National Commercial Bank bought US$20,408,481, at an average rate of $112.70 and sold only US$8,911,292 at $112.75. On Monday, this week Firstcaribbean Bank had a net sell off of US$6 million. The net sales come at a time when the beleaguered Jamaican dollar has been making slow gains, against the US dollar, having peaked at $112.87, on July 25.
In Friday’s forex trading, outflows exceeded inflows by nearly US$12 million. Authorized dealers purchased the equivalent of US$37,912,992 versus US$26,488,326 on Thursday, the equivalent of US$49,474,851 was sold compared with US$26,902,239 on Thursday.
In US dollar trading, dealers bought US$33,871,010 compared to US$22,597,931 on Thursday. The buying rate for the US dollar climbed 8 cents to $112.33 and US$46,851,454 was sold versus US$24,072,019 on Thursday, the selling rate inched down 1 cent to $112.64. The Canadian dollar buying rate, dropped $2.31 to $97.85 with dealers buying C$647,386 and selling C$431,934 at an average selling rate that rose 11 cents, to $100.80. The rate for buying the British Pound dropped 36 cents to $178.72, for the purchase of £1,641,087, while £971,922 was sold, at $180.17, down $1.69. Other currencies bought, amounted to the equivalent of US$867,036, while selling was for the equivalent of US$682,206.
Highs & Lows| The highest buying rate for the US dollar, closed with a loss of 15 cents at $112.80, the lowest buying rate was unchanged at $91.85, the highest selling rate rose $3.70 to $117.70 and the lowest selling rate fell back $16.34 to $93.66. The highest buying rate for the Canadian dollar fell 50 cents to $100.50, the lowest buying rate rose 30 cents to $80.10, the highest selling rate increased 46 cents to $103.50. The lowest selling rate dropped 15 cents to $96. The highest buying rate for the British Pound, dropped 25 cents to $182.05, the lowest buying rate fell 53 cents to $145.67. The highest selling rate jumped $2.58 to $188.48 and the lowest selling rate eased $3.40 to $174.60.
Forex inflows & outflows match on Thursday
The Jamaican dollar gained against the three main currencies it regularly trades with, in Thursday’s forex trading, as inflows and outflows were evenly matched. Authorized dealers purchased the equivalent of US$26,488,326 versus US$38,491,241 on Wednesday, and the equivalent of US$26,902,239 was sold compared with US$36,390,546 on Wednesday.
In US dollar trading, dealers bought US$22,597,931 compared to US$35,575,321 on Wednesday. The buying rate for the US dollar fell 14 cent to $112.24 and US$24,072,019 was sold versus US$34,601,853 on Wednesday, the selling rate inched down 3 cents to $112.65. The Canadian dollar buying rate, gained $1.42 to $100.15 with dealers buying C$2,722,960 and selling C$2,367,047 at an average selling rate that slipped 20 cents, to $100.69. The rate for buying the British Pound dropped 97 cents to $179.07, for the purchase of £801,481, while £274,282 was sold, at $181.86, down 64 cents. Other currencies bought, amounted to the equivalent of US$182,012, while selling was for the equivalent of US$271,758.
Highs & Lows| The highest buying rate for the US dollar, closed with a gain of 6 cents at $112.95, the lowest buying rate was unchanged at $91.85, the highest selling rate fell $3.70 to $114 and the lowest selling rate jumped $18.15 to $110. The highest buying rate for the Canadian dollar fell $1.50 to $101, the lowest buying rate was unchanged at $79.80, the highest selling rate lost 96 cents to $103.04. The lowest selling rate remained at $96.15. The highest buying rate for the British Pound, dropped $4.70 to $182.30, the lowest buying rate fell 5 cents to $146.20. The highest selling rate declined 37 cents to $185.90 and the lowest selling rate rose $1.80 to $178.
Forex inflows remain strong on Wednesday
The Jamaican dollar had mixed results against the three main currencies it regularly trades with, in Wednesday’s forex trading as inflows remain buoyant. Authorized dealers purchased the equivalent of US$38,491,241, versus US$46,583,995 on Tuesday, and the equivalent of US$36,390,546 was sold compared with US$43,686,767 on Tuesday.
In US dollar trading, dealers bought US$35,575,321 compared to US$41,044,453 on Tuesday. The buying rate for the US dollar fell 1 cent to $112.38 and US$34,601,853 was sold versus US$41,573,721 on Tuesday, the selling rate inched up a cent to $112.68. The Canadian dollar buying rate, lost 32 cents to $98.73 with dealers buying C$858,653 and selling C$588,712 at an average selling rate that slipped 12 cents, to $100.89. The rate for buying the British Pound dropped $1.57 to $180.05, for the purchase of £1,221,702, while £563,057 was sold, at $182.50 for a rise of 2 cents. Other currencies bought, amounted to the equivalent of US$204,183, while selling was for the equivalent of US$349,591.
Highs & Lows| The highest buying rate for the US dollar, closed with the loss of 6 cents at $112.89, the lowest buying, the highest selling and the lowest selling rates were unchanged at $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar rose $1.50 to $102.50, the lowest buying rate lost 21 cents to $79.80, the highest selling rate lost 74 cents to $104. The lowest selling rate fell 25 cents to $96.15. The highest buying rate for the British Pound, fell $2.39 to $187, the lowest buying rate fell 25 cents to $146.25. The highest selling rate dropped $2.91 to $186.27 and the lowest selling rate rose 20 cents to $176.20.
Jamaican$ strengthens against all 3 on Tuesday
The Jamaican dollar gained, against the three main currencies it regularly trades with, in Tuesday’s forex trading, as inflows remain buoyant. Authorized dealers purchased the equivalent of US$46,583,995, versus US$41,647,022 on Monday, and the equivalent of US$43,686,767 was sold compared with US$48,692,938 on Monday.
In US dollar trading, dealers bought US$41,044,453 compared to US$37,493,261 on Monday. The buying rate for the US dollar rose 12 cents to $112.39 and US$41,573,721 was sold versus US$46,856,853 on Monday, the selling rate eased by a cent to $112.67. The Canadian dollar buying rate, climbed 35 cents to $99.05 with dealers buying C$1,052,935 and selling C$450,524 at an average selling rate that slipped 29 cents, to $101.01. The rate for buying the British Pound rose 59 cents to $181.62, for the purchase of £2,746,757, while £966,157 was sold, at $182.48 for a fall of 34 cents. Other currencies bought, amounted to the equivalent of US$172,782, while selling was for the equivalent of US$144,242.
Highs & Lows| The highest buying rate for the US dollar, closed with the loss of 4 cents at $112.95, the lowest buying, the highest selling and the lowest selling rates were unchanged at $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar dived 85 cents to $101, the lowest buying rate gained 8 cents to $80.01, the highest selling rate lost 76 cents to $104.74. The lowest selling rate fell 35 cents to $96.40. The highest buying rate for the British Pound, jumped $5.94 to $189.39, the lowest buying rate fell 24 cents to $146.50. The highest selling rate dropped $2.82 to $189.18 and the lowest selling rate dived 80 cents to $176.
Jamaican$ gains against all on Monday
The Jamaican dollar gained against the three main currencies it regularly trades with, in Monday’s forex trading. Authorized dealers purchased the equivalent of US$41,647,022 versus US$50,731,870 on Friday, and the equivalent of US$48,692,938 was sold compared with US$32,356,343 on Friday.
In US dollar trading, dealers bought US$37,493,261 compared to US$48,910,642 on Friday. The buying rate for the US dollar fell 23 cents to $112.27 and US$46,856,853 was sold versus US$30,734,179 on Friday, the selling rate eased by a cent to $112.68. The Canadian dollar buying rate, fell 36 cents to $98.70 with dealers buying C$1,194,201 and selling C$768,096 at an average selling rate that slipped 9 cents, to $101.31. The rate for buying the British Pound rose 88 cents to $181.03, for the purchase of £1,779,286, while £577,599 was sold, at $182.82 for a fall of 92 cents. Other currencies bought, amounted to the equivalent of US$234,843, while selling was for the equivalent of US$208,343.
Highs & Lows| The highest buying rate for the US dollar, closed with the loss of a cent at $112.99, the lowest buying and the highest selling rates were unchanged at $91.85 and $117.70 respectively. The lowest selling rate dropped $9.70 to $91.85. The highest buying rate for the Canadian dollar rose 25 cents to $101.85, the lowest buying rate and the highest selling rate remained unchanged at $79.93 and $105.50, respectively. The lowest selling rate rose 45 cents to $96.75. The highest buying rate for the British Pound, declined 55 cents to $183.45, the lowest buying rate fell 42 cents to $146.74. The highest selling rate remained at $192 and the lowest selling rate is dived 50 cents to $176.80.
National Commercial buys US$20M & sells back US$9M
Jamaica’s, National Commercial Bank bought US$20,408,481 at an average rate of $112.70 and sold only US$8,911,292 at $112.75 on Friday, two days after selling 466 million Kingston Wharves’ shares, for the equivalent of US$26.6 million. The buy helped push the forex market into surplus on the day, by US$18 million.
Of the nine authorized dealers, Jamaica National was the only one, buying less US dollars than they sold. First Global Bank with a net purchase of US$1.9 million, is the closest to NCB, with a surplus of US dollars bought. On Thursday Bank of Nova Scotia purchased US$3,907,332 at an average of $112.36 but offloaded US$19,209,570 at an average rate of $112.72.
The Jamaican dollar was stable against the US dollar, gained value on the Canadian dollar and fell in value against the Pound Sterling, in Friday’s forex trading. Authorized dealers purchased the equivalent of US$50,731,870 versus US$28,497,521 on Thursday, and the equivalent of US$32,356,343 was sold compared with US$39,295,678 on Thursday.
In US dollar trading, dealers bought US$48,910,642 compared to US$25,078,217 on Thursday. The buying rate for the US dollar rose 18 cents to $112.50 and US$30,734,179 was sold versus US$37,666,628 on Thursday, the selling rate eased by a cent to $112.69. The Canadian dollar buying rate, fell 34 cents to $99.06 with dealers buying C$699,897 and selling C$374,177 at an average selling rate that slipped 24 cents, to $101.40. The rate for buying the British Pound slipped $1.76 to $180.15, for the purchase of only £685,615, while £380,923 was sold, at $183.75 for a rise of 33 cents. Other currencies bought, amounted to the equivalent of US$107,024, while selling was for the equivalent of US$664,374.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates remained unchanged at $113, $91.85 and $117.70 respectively. The lowest selling rate dropped $8.45 to $101.55. The highest buying rate for the Canadian dollar rose 7 cents to $101.60, the lowest buying rate fell 33 cents to $79.93. The highest selling rate climbed $1.50 to $105.50. The lowest selling rate fell 40 cents to $96.30. The highest buying rate for the British Pound, declined 30 cents to $184, the lowest buying rate fell 33 cents to $147.16. The highest selling rate rose $1.86 to $192 and the lowest selling rate is dived 40 cents to $177.30.
J$ steady versus US$ gains vs others
The Jamaican dollar was stable against the US dollar, gained value on the Canadian dollar and the Pound Sterling, in Thursday’s forex trading. Authorized dealers purchased the equivalent of US$28,497,521 versus US$34,448,840 on Wednesday, and the equivalent of US$39,295,678 was sold compared with US$31,858,399 on Wednesday.
In US dollar trading, dealers bought US$25,078,217 compared to US$32,026,453 on Wednesday. The buying rate for the US dollar remained at $112.32 and US$37,666,628 was sold versus US$30,237,505 on Wednesday, the selling rate remained at $112.70. The Canadian dollar buying rate fell 99 cents to $99.40 with dealers buying C$739,616 and selling C$530,124 at an average selling rate that slipped 31 cents to $101.63. The rate for buying the British Pound rose 77c to $181.91, for the purchase of £1,255,877, while £379,519 was sold, at $183.42 for a decline of 57 cents. Other currencies bought, amounted to the equivalent of US$730,842, while selling was for the equivalent of US$533,319.
Highs & Lows| The highest buying rate for the US dollar, inched up 10 cents to $113. The lowest buying and the highest selling rates remained unchanged at $91.85 and $117.70 respectively and the lowest selling rate bounced back $18.15 to $110. The highest buying rate for the Canadian dollar lost 47 cents to $101.53, the lowest buying rate fell 91 cents to $80.26. The highest selling rate climbed 20 cents to $104. The lowest selling rate fell $1.10 to $96.70. The highest buying rate for the British Pound, rose 10 cents to $184.30, the lowest buying rate climbed $1.20 to $147.49. The highest selling rate rose $1.14 to $190.14 and the lowest selling rate is up $1.14 to $177.70.