Forex trading picks on Friday

Trading volumes declined sharply in the Jamaica foreign currency market on Friday, but the average trading rate against the US dollar fell, with inflows of US$38.7 million of all currencies and sale of US$33.34 million.
On Thursday, the market closed with the equivalent of US$27.57 million bought by dealers of all currencies, while they sold US$34.96 million.
The amounts of foreign currencies traded by dealers during the past week fell from the prior week. Dealers bought US$191 million in all currencies, down from US$239 million bought in the previous week. Dealers sold US$210 million, compared to US$240 million in the prior week. Actual US dollar purchases by dealers amounted to US$166 million down from US$211 million in the prior week and they sold US$184 million compared to US$222 million previously.
The Jamaica dollar gained modestly in value against the US dollar, at the close of foreign currency trading, with dealers selling US$30.55 million for 19 cents less than on Thursday with the US dollar selling rate closing at J$125.19, compared to J$125.37 in the sale of US$31.29 million at the close, on Thursday. Purchases of the US currency by dealers, amounted to US$35.32 million, with the average rate rising 35 cents to $124, compared to US$23.18 million, with the average rate of $123.65 on Thursday.
At mid-day on Friday dealers purchased US$12.59 million at an average rate of J$124.63 and sold $11.54 million at an average of J$125.15. At mid-day on the previous trading day, dealers purchased US$7.34 million at an average rate of J$124 and sold $9.8 million at an average of J$125.37.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, inched lower to J$99.06 from J$99.57 at the close on Thursday. The selling rate for the British Pound declined to J$175.94 from J$178.11 previously and the euro declined versus the Jamaican dollar to J$156.23 to buy the European common currency, versus the prior selling rate of J$156.55.

Forex trading drops on Thursday

Trading volumes declined sharply in the Jamaica foreign currency market on Thursday, but the average trading rate against the US dollar fell, with inflows of US$27.57 million of all currencies and sale of US$34.96 million.
On Wednesday, the market closed with the equivalent of US$34.93 million bought by dealers of all currencies, while they sold US$54.24 million.
The Jamaica dollar gained modestly in value against the US dollar, at the close of foreign currency trading, with dealers selling US$31.29 million for 8 cents less than on Wednesday with the US dollar selling rate closing at J$125.37, compared to J$125.45 in the sale of $49.50 million at the close, on Wednesday. Purchases of the US currency by dealers, amounted to just US$23.18 million, with the average rate falling 8 cents to $123.65, compared to US$30.26 million, with the average rate of $123.73 on Wednesday.
At mid-day on Thursday dealers purchased US$7.34 million at an average rate of J$124 and sold $9.8 million at an average of J$125.37. At mid-day on the previous trading day, dealers purchased US$13.17 million at an average rate of J$124.42 and sold $15.78 million at an average of J$125.54.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, inched up to J$99.57 from J$99.54 at the close on Wednesday. The selling rate for the British Pound rose to J$178.11 from J$177.61 previously and the euro declined versus the Jamaican dollar to J$156.55 to buy the European common currency, versus the prior selling rate of J$158.54.

Jamaican$ falls vs US – Wednesday

The Jamaica dollar fell in value against the US dollar at the close of foreign currency trading, with dealers selling US$49.50 million for 40 cents more than on Tuesday.
The US dollar selling rate closed at J$125.45, compared to J$125.05 in the sale of $32.71 million at the close, on Tuesday. Purchases of the US currency by dealers, amounted to US$30.26 million, with the average rate rising just 1 cent to $123.73, compared to US$30.62 million, with the average rate of $123.72 on Tuesday.
The market closed with inflows of US$34.93 million of all currencies, versus US$36.58 million on Tuesday, while dealers sold US$54.24 million in contrast to US$41.30 million, in the previous trading session.
At mid-day on Wednesday dealers purchased US$13.17 million at an average rate of J$124.42 and sold $15.78 million at an average of J$125.54. At mid-day on the previous trading day, dealers purchased US$16.4 million at an average rate of J$124.33 and sold $10.84 million at an average of J$124.90.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, dropped back to J$99.54 from J$102.46 at the close on Tuesday. The selling rate for the British Pound fell to J$177.61 from J$178.04 previously and the euro jumped versus the Jamaican dollar to J$158.54 to buy the European common currency, versus the prior selling rate of J$154.89.

More Jamaican$ gains vs US – Tuesday

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At the close of trading in the foreign currency market the Jamaica dollar continued to gain strength, with dealers selling the US$32.71 million for 8 cents less than on Monday with US dollar selling rate closing at J$125.05, compared to $39.54 million at J$125.13 at the close, on Monday.
Purchases of the US currency by dealers, amounted to US$30.62 million, with the average rate falling 21 cents to $123.72, compared to US$46.21 million, with the average rate of $123.93 on Monday.
The market closed with inflows of US$36.58 million of all currencies, versus US$53.39 million on Monday and dealers sold US$41.30 million in contrast to US$46.59 million, in previous trading.
At mid-day on Tuesday dealers purchased US$16.4 million at an average rate of J$124.33 and sold $10.84 million at an average of J$124.90. At mid-day on the previous trading day, dealers purchased US$25.27 million at an average rate of J$124.70 and sold $15.95 million at an average of J$125.15.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, rising to J$102.46 from J$98.68 at the close on Monday. The selling rate for the British Pound increased to J$178.04 from J$177.56 previously and the euro fall against the Jamaican dollar to J$154.89 to buy the European common currency, versus the prior selling rate of J$154.93.

Jamaica$ gains vs US on Monday

In US dollar trading, dealers sold US$39.54 million at a rate that fell by 15 cents to J$125.13 at the close, compared to $37.73 million at J$125.28 at the close, on Friday.
Purchases of the US currency by dealers, amounted to US$46.21 million, with the average rate rising 18 cents to $123.93, compared to US$28.76 million, with the average rate of $123.75 on Friday.
The market closed with inflows of US$53.39 million of all currencies, versus US$32.29 million on Friday and dealers sold US$46.59 million in contrast to US$39.25 million, in previous trading.
At mid-day on Monday dealers purchased US$25.27 million at an average rate of J$124.70 and sold $15.95 million at an average of J$125.15. At mid-day on the previous trading day, dealers purchased US$12.16 million at an average rate of J$124.45 and sold $15.18 million at an average of J$125.32.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, rising to J$99.68 from J$98.67 at the close on Friday. The selling rate for the British Pound increased to J$177.56 from J$177.27 previously and the euro fall against the Jamaican dollar to J$154.93 to buy the European common currency, versus the prior selling rate of J$156.62.

Jamaica’s FX trading rose sharply

The amounts of foreign currencies traded by dealers during the past week jumped sharply over the prior week as dealers bought US$239 million in all currencies, up from US$192 million bought in the previous week.
Dealers sold US$240 million, compared to US$197 million in the prior week. Actual US dollar purchases by dealers amounted to US$211 million up from US$164 million in the prior week and they sold US$222 million compared to US$172 million.
The market closed with inflows of all currencies, ending at US$32.29 million, versus US$47.9 million on Thursday and dealers sold US$39.25 million in contrast to US$39.19 million, in previous trading.
In US dollar trading, dealers sold US$367.73 million at a rate that rose 4 cents to J$125.28 at the close, compared to US$36.98 million at J$125.24 at the close, on Thursday. Purchases of the US currency by dealers, amounted to US$28.76 million, with the average rate dropping 36 cents to $123.75, compared to US$43.53 million, with the average rate rising 10 cents to $124.11 on Thursday
At mid-day on Friday dealers purchased US$12.16 million at an average rate of J$124.45 and sold $15.18 million at an average of J$125.32. At mid-day on the previous trading day, dealers purchased US$15.84 million at an average rate of J$124.42 and sold $10.57 million at an average of J$125.23.
The Jamaican dollar closed trading on the foreign exchange on Friday with losses against the other main currencies it usually trades against, with the selling rate for the Canadian dollar, rising to J$98.67 from J$98.32 at the close on Thursday. The selling rate for the British Pound increased to J$177.27 from J$176.49 previously and the euro climbed against the Jamaican dollar to J$156.62 to buy the European common currency, versus the prior selling rate of J$154.85.

Jamaica$ loses value against all – Thursday

At the close of trading on the foreign exchange on Thursday, the euro regained a large portion of the sharp fall in value against the Jamaican dollar on Wednesday, rising $4.40 to buy the euro.
The Jamaican dollar closed trading on the foreign exchange on Thursday with losses in all four main currencies it usually trade against. The selling rate on Thursday for the Canadian dollar, rose to J$98.32 from J$97.51 at the close on Wednesday. The selling rate for the British Pound increased to J$176.49 from J$174.74 previously and the euro jumped against the Jamaican dollar to J$154.85 to buy the European common currency, versus the prior selling rate of J$150.45.
In US dollar trading, dealers sold US$36.98 million at a rate that rose 4 cents to J$125.24 at the close, compared to US$52.90 million at a rate that rose 19 cents to J$125.20 on Wednesday. Purchases of the US currency by dealers, amounted to US$43.53 million, with the average rate rising 10 cents to $124.11, compared to US$40.29 million, with the average rate rising 6 cents to $124.01on Wednesday
The market closed with inflows of all currencies, ending at US$47.9 million, versus US$44.68 million on Wednesday and dealers sold just US$39.19 million in contrast to US$54.35 million, in previous trading.
At mid-day on Thursday dealers purchased US$15,84 million at an average rate of J$124.42 and sold $10.57 million at an average of J$125.23. At mid-day on Wednesday dealers purchased US$15,61 million at an average rate of J$124.43 and sold $13.42 million at an average of J$125.24.

Jamaica dollar sharp jump vs euro – Wednesday

At the close of trading on the foreign exchange on Wednesday, the euro suffered a sharp fall in value against the Jamaican dollar with a fall of $6.54 to buy the euro.
The Jamaican dollar closed trading on the foreign exchange on Wednesday with gains in all currencies except for the US dollar.
The selling rate on Wednesday for the Canadian dollar, declined to J$97.51 from J$98.23 at the close on Tuesday. The selling rate for the British Pound fell to J$174.74 from J$175.41 previously and the euro dropped against the Jamaican dollar to J$150.45 to buy the European common currency, versus the prior selling rate of J$156.99.
In US dollar trading, dealers sold US$52.90 million at a rate that rose 19 cents to J$125.20 at the close, compared to US$43.52 million at a rate of J$125.01 on Tuesday. Purchases of the US currency by dealers, amounted to US$40.29 million, with the average rate rising 6 cents to $124.01, compared to US$47.36 million at an average rate of $123.95 on Tuesday
The market closed with inflows of all currencies, ending at US$44.68 million, versus US$53.17 million on Tuesday and dealers sold US$54.35 million in contrast to US$47.97 million, in previous trading.
At mid-day on Wednesday dealers purchased US$15,61 million at an average rate of J$124.43 and sold $13.42 million at an average of J$125.24. At mid-day on Tuesday dealers purchased US$13.34 million at an average rate of J$124.45 and sold US$14.45 million at an average of J$124.62.

Dealers sold US$4M in BOJ FX auction

The first BFXITT auction on Wednesday in which Bank of Jamaica offered to purchase purchased US$5 million, attracted 12 offers and fetched just US$3.95 million at an average rate of $125.42.
The highest bid was at $126 to sell US$500,000 with the lowest being $124.50 at which US$500,000 was traded. The rate compares with an average sale of $13.42 million in the overall market up to Midday at an average of J$1215.24.
The central bank started the BFXITT auction in July last year, only selling the US dollar to dealers before today. The bank has scheduled buying US$12 million on April 18 and US$15 million April 25, no trade is announced for the first week in May. The buying of the US dollars in the auction comes against the back ground of a revaluation of the local dollar to $125 after slipping to just over $128 to the US dollar in March. At a recent briefing relating to the commencement of buying through the BFXITT system as part of dissemination information, the Governor of the central bank, Brian Wynter indicated that the decision to buy or sell is based on market intelligence provided by the dealers through their customers.
The commencement of buying of foreign currency through BFXIIT auction also comes at a time that the central bank has reduced the percentage that it used to take from the daily inflows into the market and the planned phasing out of compulsory surrender requirement by authorised dealers.

BOJ buy auction of FX on Wednesday

Bank of Jamaica will be opening its foreign exchange auction – BFXITT on Wednesday to the buying US dollars for the first time .
The central bank that started the auction in July last year has only sold the US dollar to dealers buy will commence buying of US$5 million this week, in their once a week auction. The bank will be buying US$12 million April 18 and US$15 million on April 25. The bank that announces a forward 4 week schedule for the auction, has no trading scheduled for the start of May.
The buying of the US dollars in the auction comes against the back ground of revaluation of the local dollar to $125 on Tuesday, after slipping in value to just over $128 to the US dollar in March. At a recent briefing relating to the commencement of buying through the BFXITT system as part of dissemination information, the Governor of the central bank, Brian Wynter indicated that the decision to buy or sell is based on market intelligence provided by the dealers through their customers.
The commencement of buying of foreign currency through BFXIIT auction, also comes at a time that the central bank has reduced the percentage that it takes from the daily inflows into the market and the planned phasing out of compulsory surrender requirement by authorised dealers.