The Jamaican foreign exchange market closed on Thursday with buying volume US$2 million more than the amount sold by dealers. At the close of trading, the Jamaican dollar’s lost value against the US dollar and the euro but gained against the Pound and the Canadian currencies.
At the end of trading, the equivalent of all currencies bought by dealers amounted to US$46,893,091, while US$44,516,844 was sold, compared to US$32,082,105 purchased and US$32,451,077 sold on Wednesday.
In US dollar trading, dealers bought US$44,920,559 compared to US$29,052,296 on Wednesday. The buying rate for the US dollar rose by 38 cents to close at $128.30. A total of US$43,323,564 was sold versus US$26,777,442 on Wednesday, with the selling rate rising 11 cents to end at $128.73.
The Canadian dollar buying rate rose 9 cents to $93.96, with dealers buying C$637,654 and selling C$421,345 at an average rate that fell 75 cents to $96.63. The average rate for buying the British Pound declined 70 cents to $154.34 for the purchase of £1,185,165 while £627,369 was sold at a rate that dipped 48 cents to end at $156.44.
At the end of trading on Thursday, dealers sold €97,738 as the selling rate for the Euro, closed at $142.95 for gain of 85 cents, according to data from Bank of Jamaica. Dealers purchased €57,659 of the European common currency at $136.62 after falling $4.20. The US dollar equivalent of other currencies traded, amounts to US$18,329 being bought and selling of US$6,042.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies 
in the foreign exchange market on Thursday, include a drop of $20.26 in the lowest selling rate of the US Dollar to end at $104.54. The lowest selling rate of the Canadian dollar fell $1.20 to $93. The highest buying rate of the British Pound dropped $2.13 to $157.35, the lowest buying rate climbed $1.03 to $127.61, the highest selling rate rose 83 cents to $166.05 and the lowest selling rate dipped $2.20 to $150. Trading in the Euro resulted in a fall of $1.60 in the highest buying rate to $140, the highest selling rate climbed $3.54 to $149.04 and the lowest selling rate climbed $2 to $138.
More FX bought than sold – Thursday
Jamaica’s FX market balances – Wednesday
The Jamaican foreign exchange market closed on Wednesday with buying and selling volume almost equal but with C$3.7 million more sold than purchased by dealers. At the close of trading, the Jamaican dollar’s selling rate, lost value against the US dollar but gained against the others.
At the end of trading, the equivalent of all currencies bought by dealers amounted to US$32,082,105, while US$32,451,077 was sold, compared to US$38,210,042 purchased and US$43,422,027 sold on Tuesday.
In US dollar trading, dealers bought US$29,052,296 compared to US$32,905,929 on Tuesday. The buying rate for the US dollar rose by 17 cents to close at $127.92. 
A total of US$26,777,442 was sold versus US$29,180,000 on Tuesday, with the selling rate rising 10 cents to end at $128.62. The Canadian dollar buying rate dropped $2.68 to $93.87, with dealers buying C$942,312 and selling C$4,671,860 at an average rate that fell 96 cents to $97.38. The average rate for buying the British Pound declined $1.22 to $155.04 for the purchase of £1,516,501 while £1,240,817 was sold at a rate that dipped 23 cents to end at $156.92.
At the end of trading, dealers sold €547,389 as the selling rate for the Euro, closed at $142.10 for fall of 98 cents from Tuesday’s rate, according to data from Bank of Jamaica. Dealers purchased €440,823 of the European common currency at $140.82 after falling $1.47 from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$15,047 being bought and selling of US$18,052.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Wednesday, include a rise of $20.26 in the lowest selling rate of the US Dollar to end at $124.80. The highest buying rate of the British Pound dropped $1.79 to $159.48, the lowest buying rate dived $1.24 to $126.58, the highest selling rate slipped $1.10 to $165.22 and the lowest selling rate dipped $1.30 to $152.20. Trading in the Euro resulted in a fall of $1.40 in the highest buying rate to $141.60, the highest selling rate climbed $1.10 to $145.50 and the lowest selling rate dropped $2 to $136.
Ja$ falls with US$3.7m surplus – Tuesday
The Jamaican foreign exchange market had a rare day in recent times of net outflows of all currencies on Tuesday, with a deficit of $5 million, as outflows of Canadian dollars ran at the equivalent of US$13.8 million while just US$2.4 million entered the market. Trading volume in the overall market picked up from the low levels on Monday.
At the close of trading, the Jamaican dollar’s selling rate, gained value against the British Pound and the euro but fell against the US and Canadian dollar.
At the end of trading, the equivalent of all currencies bought by dealers amounted to US$38,210,042, while US$43,422,027 was sold compared to only US$19,607,620 purchased and US$14,261,893 sold on Monday.
In US dollar trading, dealers bought US$32,905,929 compared to US$16,934,844 on Monday. The buying rate for the US dollar rose by 81 cents to close at $127.75. 
A total of US$29,180,000 was sold versus US$13,040,458 on Monday, with the selling rate rising 7 cents to end at $128.52. The Canadian dollar buying rate jumped $3.20 to $96.55, with dealers buying C$3,182,145 and selling an unusually large amount of C$18,031,744 at an average rate that climbed $1.11 to $98.34. The average rate for buying the British Pound climbed $2.89 to $157.15 for the purchase of £1,831,649 while £269,462 was sold at a rate that dipped $1.05 to end at $157.15.
At the end of trading, dealers sold €96,396 as the selling rate for the Euro, closed at $143.08 for fall of $1.52 from Monday’s rate, according to data from Bank of Jamaica. Dealers purchased €579,882 of the European common currency at $142.29 after rising $2.89 from the rate on Monday. The US dollar equivalent of other currencies traded, amounts to US$19,110 being bought and selling of US$13,978.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Tuesday, include a rise of $1.09 in the highest buying rate of the US Dollar to end at $129. The highest selling rate of the Canadian dollar fell $1.08 to $100.98. The highest buying rate of the British Pound dropped $10.13 to $160.27, the lowest buying rate dived $8.72 to $127.82, the highest selling rate dived $11.34 to $166.32 and the lowest selling rate sank $8.50 to $153.50. Trading in the Euro resulted in a fall of $2 in the highest buying rate to $143, the highest selling rate dropped $5.45 to $144.40 and the lowest selling rate surged $23.47 to $138.
Ja$ falls with US$4m surplus – Monday
The Jamaican foreign exchange market enjoyed another day of net intake of all currencies on Monday with a surplus of $5 million as trading volume declined sharply from recent levels. At the close of trading, the Jamaican dollar’s selling rate, slipped against the US dollar but gained value against the other three currencies.
At the end of trading, the equivalent of all currencies bought by dealers amounted to US$19,607,620, while US$14,261,893 was sold compared to US$44,607,197 purchased and US$33,628,271 sold on Friday.
In US dollar trading, dealers bought US$16,934,844 compared to US$39,865,665 on Friday. The buying rate for the US dollar fell 87 cents to close at $126.94. 
A total of US$13,040,458 was sold versus US$31,296,438 on Friday, with the selling rate rising 8 cents to end at $128.45. The Canadian dollar buying rate dropped $2.45 to $93.35, with dealers buying C$1,243,715 and selling C$618,117 at an average rate that fell $1.17 to $96.21. The average rate for buying the British Pound fell $4.34 to $155.15 for the purchase of £1,244,437 while £435,740 was sold at a rate that dipped $3.43 to end at $158.20.
At the end of trading, dealers sold €184,625 as the selling rate for the Euro, closed at $144.60 for fall of 37 cents from Friday’s rate, according to data from Bank of Jamaica. Dealers purchased €198,567 of the European common currency at $139.40 after falling $2.86 from the rate on Friday. The US dollar equivalent of other currencies traded, amounts to US$19,110 being bought and selling of US$13,978.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Monday, include a drop of $21.13 in the lowest selling rate of the US Dollar to end at $103.87. The highest buying rate of the Canadian dollar rose 90 cents to $98.70, while the highest selling rate climbed $1.06 to $102.06. The highest buying rate of the British Pound jumped $7.55 to $170.40, the lowest buying rate climbed $6.23 to $136.54, the highest selling rate leapt $8.10 to $177.66 and the lowest selling rate surged $6.50 to $162. Trading in the Euro resulted in a rise in the highest buying rate of $2.20 to $145 and the lowest selling rate dived $20.87 to $114.53.
US$8.5m surplus leads to J$ fall – Friday
The Jamaican foreign exchange market delivered another big net take with US$11 million net intake for all currencies with the united States dollar delivering a surplus of $8.5 million. The increase net inflows did not prevent the Jamaican dollar from falling as the rate to purchase the US dollar increased.
Friday’s net inflows brought the excess for the week to US$41 million, with each day of the week generating surpluses. At the end of trading, the equivalent of all currencies bought by dealers amounted to US$44,607,197, while US$33,628,271 was sold compared to US$25,142,251 purchased and US$21,013,454 sold on Thursday.
In US dollar trading, dealers bought US$39,865,665 compared to US$21,513,397 on Thursday. The buying rate for the US dollar climbed 35 cents to close at $127.81. 
A total of US$31,296,438 was sold versus US$18,393,384 on Thursday, with the selling rate rising 9 cents to end at $128.37. The Canadian dollar buying rate fell $1.03 to $95.80, with dealers buying C$1,797,979 and selling C$1,566,519 at an average rate that fell 17 cents to $97.38. The average rate for buying the British Pound fell 26 cents to $159.48 for the purchase of £1,948,854 while £760,078 was sold at a rate that dipped $1.56 to end at $161.63.
At the end of trading, dealers sold €162,090 as the selling rate for the Euro, closed at $144.97 for fall of $2.12 from Thursday’s rate, according to data from Bank of Jamaica. Dealers purchased €856,872 of the European common currency at $142.26 after rising $2.61 from the rate on Thursday. The US dollar equivalent of other currencies traded, amounts to US$8,518 being bought and selling of US$3,345.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Friday, include a jump of $21.08 in the lowest selling rate of the US Dollar to end at $125. The highest buying rate of the Canadian dollar dropped $2.70 to $97.80, while the highest selling rate dived $3.70 to $101 and the lowest selling rate rose $1 to $93. The highest buying rate of the British Pound nosedived $7.80 to $162.85, the lowest buying rate dropped $4.40 to $130.31, the highest selling rate collapsed by $5.72 to $169.56 and the lowest selling rate dived $5 to $155.50. Trading in the Euro resulted in a fall in the highest buying rate of $2.20 to $142.80 and the lowest selling rate jumped $20.87 to $135.40.
Rigged FX market responds – Thursday
The Jamaican foreign exchange market responded on Thursday to the increasing net inflows into the system, by cutting the selling rates for all four major currencies, as the market delivered another day of surplus inflows.
Thursday’s the net inflows brought the excess in three days to US$30 million, an amount that is in excess of today’s total intake. At the end of trading, the equivalent of all currencies bought by dealers amounted to US$25,142,251, while US$21,013,454 was sold compared to US$44,113,891 purchased and US$32,654,420 sold on Wednesday.
In US dollar trading, dealers bought US$21,513,397 compared to US$39,723,979 on Wednesday. The buying rate for the US dollar fell 26 cents to close at $127.46.
A total of US$18,393,384 was sold versus US$30,231,066 on Wednesday, with the selling rate sliding 9 cents to end at $128.28. The Canadian dollar buying rate rose 66 cents to $96.83, with dealers buying C$2,682,076 and selling C$2,434,616 at an average rate that fell 29 cents to $97.55. The average rate for buying the British Pound dropped $2.57 to $159.74 for the purchase of £1,072,168 while £516,828 was sold at a rate that dipped 83 cents to end at $163.19.
At the end of trading, dealers sold €66,217 as the selling rate for the Euro, closed at $142.85 for fall of $1.58 from Wednesday’s rate, according to data from Bank of Jamaica. Dealers purchased €213,773 of the European common currency at $139.65 after rising 57 cents from the rate on Wednesday. The US dollar equivalent of other currencies traded, amounts to US$13,433 being bought and selling of US$37,481.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Thursday, include a fall of $1.20 in the highest buying rate of the 
US Dollar to $127.95. The highest buying rate of the Canadian dollar rose $2.30 to $100.50, while the highest selling rate jumped $2.64 to $104.70 and the lowest selling rate dropped $1.70 to $92. The highest buying rate of the British Pound jumped $4.90 to $170.65, the lowest buying rate climbed $3.57 to $134.71, the highest selling rate surged $4.64 to $175.28 and the lowest selling rate rose $2.50 to $160.50. Trading in the Euro resulted in a rise in the highest buying rate of $3.50 to $145, the highest selling rate climbed $4.31 to $149.85 while there was a sharp fall in the lowest selling rate of $23.47 to $114.53.
Rigged – Jamaica’s FX market
Rigged is the best way to describe the Jamaican foreign exchange market. How else can one describe a market where supply is much greater than demand, yet the price keeps rising. What is happening in the foreign exchange market defies logic, and the law of demand and supply.
Bank of Jamaica has a mandate to build up the Net International Reserves to an amount that is well in excess of the more than US$3 billion that it now holds. BOJ is not buying directly from the banks in the open market to add to the reserves other than the automatic surrender of 30-35 percent from gross inflows. From the start of July, to present, the net inflows into the banking system is in the order of US$470 million, with most being in United States dollars. In such a scenario one would expect at least stability in the rate of the Jamaican dollar versus the US dollar, with BOJ intervening to buy off the excess funds. On Tuesday, there was nearly US$15 million surplus into the system with the Jamaica dollar gaining moderately, on Wednesday the surplus of US dollar trading amounts to $9.5 million but the selling rate for the US dollar rose by 14 cents, despite the large net inflows.
Trading closed Wednesday with a surplus of US$11.5 million, as the Jamaican dollar lost ground against the United States dollar but gained against the others.
At the end of trading, the equivalent of all currencies bought by dealers amount US$44,113,891, while US$32,654,420 was sold compared to US$51,024,854 purchased and US$36,510,572 sold on Tuesday.
In US dollar trading, dealers bought US$39,723,979 compared to US$47,917,627 on Tuesday. The buying rate for the US dollar rose 7 cents to close at $127.72. A total of US$30,231,066 was sold versus US$34,533,467 on Tuesday, with the selling rate gaining 14 cents to end at $128.37. The Canadian dollar buying rate rose 77 cents to $96.17, with dealers buying C$1,581,148 and selling C$1,198,795 at an average rate that fell 3 cents to $97.84. The average rate for buying the British Pound rose 36 to $162.31 for the purchase of £2,358,729 while £976,119 was sold at a rate that dipped 49 cents to end at $164.02.
At the end of trading, dealers sold €148,438 as the selling rate for the Euro, closed at $144.43 for fall of $1.24 from Tuesday’s rate, according to data from Bank of Jamaica. Dealers purchased €91,063 of the European common currency at $139.08 after rising 53 cents from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$102,475 being bought and the selling of US$95,527.
Highs & Lows| Changes to the highest and lowest traded rates for the US Dollar remained moderate on Wednesday. Notable changes to rates for the other regularly traded currencies in the foreign exchange market on Wednesday, include a fall of $3.96 in the highest buying rate of the Canadian dollar to $98.20, while the lowest selling rate jumped $5.70 to $93.70. The highest buying rate of the British Pound dropped $1.05 to $165.75 and the lowest buying rate dived $2.74 to $131.14, the highest selling rate dipped $3.56 to $170.64 and the lowest selling rate rose $1 to $158. Trading in the Euro resulted in a drop of $4.58 in the highest selling rate to $145.54 while there was a jump in the lowest selling rate of $3.20 to $138.
US$14.5M net inflows on Tuesday
The Jamaican foreign exchange market started trading in October on a positive note, with more inflows than out flows of all currencies traded after the market closed on Monday due to the threat of hurricane Mathew.
Trading closed with a surplus of US$14.5 million on Tuesday as the value of the United States dollar and the British Pound lost value against the Jamaican dollar and the euro and the Canadian dollar strengthened versus the local dollar.
At the end of trading, the equivalent of all currencies bought by dealers amount US$51,024,854, while US $36,510,572 was sold compared to US$36,697,304 purchased and US$26,244,697 sold on Friday.
In US dollar trading, dealers bought US$47,917,627 compared to US$33,292,037 on Friday. The buying rate for the US dollar rose 6 cents to close at $127.65. A total of US$34,533,467 was sold versus US$25,030,676 on Friday, with the selling rate falling 4 cents to end at $128.23. The Canadian dollar buying rate rose 32 cents to $95.40, with dealers buying C$1,661,331 and selling C$1,154,174 at an average rate that rose 56 cents to $97.87. The average rate for buying the British Pound dropped $1.20 to $161.95 for the purchase of £1,275,723 while £256,608 was sold at a rate that dipped $2.27 to end at $164.51.
At the end of trading, dealers sold €624,799 as the selling rate for the Euro, closed at $145.67 for rise of 71 cents from Friday’s rate, according to data from Bank of Jamaica. Dealers purchased €213,770 of the European common currency at $138.55 after falling $3.64 from the rate on Friday. The US dollar equivalent of other currencies traded, amounts to US$15,073 being bought and the selling of US$57,257.
Highs & Lows| Changes to the highest and lowest traded rates for the US Dollar remain moderate on Tuesday. Notable changes to rates for the other regularly traded currencies in the foreign exchange market on Tuesday, include a jump of $4.46 in the highest buying rate of the Canadian dollar to $102.16, the lowest selling rate dropped $4.30 to $88. The highest buying rate of the British Pound dropped $1.38 to $166.80 and the lowest selling rate dipped $1 in to $157. Trading in the Euro resulted in a drop of $3.56 in the highest buying rate to $141.44 while there was a jump in the lowest selling rate by $20.27 to $134.80.
Positive FX inflows for Jamaica – Friday
Flows in and out of the Jamaican foreign exchange market ended with a surplus of US$10 million on Friday, bringing the net take for September to US$168 million. The impact on rates was mixed, with slippage in the value of the Jamaican dollar against the United States dollar, the British Pound and euro, while it gained against the Canadian dollar.
At the end of trading, the equivalent of all currencies bought by dealers amount US$36,697,304, while US$26,244,697 was sold compared to US$29,696,401 purchased and US$29,483,135 sold on Thursday.
In US dollar trading, dealers bought US$33,292,037 compared to US$26,609,238 on Thursday. The buying rate for the US dollar rose 9 cents to close at $127.59.
A total of US$25,030,676 was sold versus US$27,286,685 on Thursday, with the selling rate rising 7 cents to end at $128.27. The Canadian dollar buying rate dropped $1.77 to $95.08, with dealers buying C$985,077 and selling C$404,100 at an average rate that fell 60 cents to $97.31. The average rate for buying the British Pound rose 38 cents to $163.15 for the purchase of £1,534,021 while £481,891 was sold as the rate climbed 55 cents to end at $166.78.
At the end of trading, dealers sold €208,606 as the selling rate for the Euro, closed at $144.95 for rise of $1.03 from Thursday’s rate, according to data from Bank of Jamaica. Dealers purchased €557,430 of the European common currency at $142.19 after rising $3.88 from the rate on Thursday. The US dollar equivalent of other currencies traded, amounts to US$88,347 being bought and the selling of US$45,171.
Highs & Lows| Changes to the highest and lowest traded rates for the US Dollar remain moderate but notable changes to rates for the three other regularly traded currencies in the foreign exchange market on Friday, include a fall of $2.40 in the highest buying rate of the Canadian dollar to $97.70. The highest buying rate of the British Pound jumped $1.58 to $168.18. Trading in the Euro resulted in a jump of $3.50 in the highest buying rate to $145 while the lowest selling rate fell $22.55 to $114.53.
Jamaica’s FX market balanced on Thursday
Flows in and out of the Jamaican foreign exchange market were in balance on Thursday. The impact on rates was mixed, with slippage in the value of the Jamaican dollar against United States and Canadian currencies and gains against the pound and euro.
At the end of trading, the equivalent of all currencies bought by dealers was US$29,696,401, while US$29,483,135 was sold compared to US$29,131,694 purchased and US$23,158,962 sold on Wednesday.
In US dollar trading, dealers bought US$26,609,238 compared to US$26,470,810 on Wednesday. The buying rate for the US dollar rose 18 cents to close at $127.50. A total of US$27,286,685 was sold versus US$21,617,895 on Wednesday, with the selling rate rising 9 cents to end at $128.20.
The Canadian dollar buying rate jumped $2.68 to $96.85, with dealers buying C$2,401,978 and selling C$2,067,916 at an average rate that climbed $1.56 to $97.91. The average rate for buying the British Pound fell $1.11 to $162.77 for the purchase of £900,326 while £381,123 was sold as the rate fell 20 cents to end at $166.23.
At the end of trading, dealers sold €102,860 as the selling rate for the Euro, closed at $143.92 for a fall of 25 cents from Wednesday’s rate, according to data from Bank of Jamaica. Dealers purchased €96,008 of the European common currency at $138.31 after falling $1.09 from the rate on Wednesday. The US dollar equivalent of other currencies traded, amounts to US$9,077 being bought and the selling of US$7,432.
Highs & Lows| Changes to the highest and lowest traded rates for the US Dollar remain moderate but notable changes to rates for the three other currencies in the foreign exchange market on Thursday, include a rise of $2.24 highest buying rate of the Canadian dollar to $100.10. The highest buying rate of the British Pound dropped $2.40 to $166.60, the highest selling rate rose $1.93 to $174.20 while the lowest selling rate fell $3.75 to $158. Trading in the Euro resulted in a rise of $3.10 in the highest selling rate to end at $149.80 and a gain of $2.58 in the lowest selling rate to $137.08.