The volume of foreign exchange traded by dealers on Thursday, was much less than on Wednesday, but the Jamaican dollar was stable, against the US dollar and gained versus the British Pound and the Canadian dollar.
Authorized dealers purchased the equivalent of US$27,425,390 versus US$35,555,039, on Wednesday. The equivalent of US$26,636,124was sold, compared with US$31,228,226 on Wednesday.
In US dollar trading, dealers bought US$24,447,336 compared to US$29,154,363 on Wednesday. The buying rate for the US dollar slipped 1 cent to $112.15 and US$23,969,529 was sold versus US$27,180,996 on Wednesday, the selling rate remained at $112.62. The Canadian dollar buying rate, fell 6 cents to $98.39 with dealers buying C$1,819,686 and selling C$1,759,068, at an average selling rate that dropped 18 cents, to $99.49. The rate for buying the British Pound dropped $1.66 to $177.04, for the purchase of £768,058, while £582,736 was sold, at $179.73, down 20 cents. Other currencies bought, amounted to the equivalent of US$169,221, while selling was for the equivalent of US$182,648.
Highs & Lows| The highest buying rate for the US dollar, closed down $1.15, 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 climbed 72 cents to $101, the lowest buying rate declined 33 cents to $79.18 and highest selling rate fell $1.49 to $102.51. The lowest selling rate closed up 30 cents to $95.40. The highest buying rate for the British Pound, rose 22 cents to $180.55, the lowest buying rate is down $2.32 to $144.21, the highest selling rate jumped $2.69 to $185.91 and the lowest selling rate rose 75 cents to $173.75.
Jamaican$ gains on Thursday
Jamaican$ fairly stable on Wednesday
The volume of foreign exchange purchased by dealers on Wednesday, was just US$1.4 million less than on Tuesday, but selling was well down. The Jamaican dollar loss value slightly, against the US dollar and the British Pound, but gained against the Canadian dollar, in Wednesday’s forex trading.
Authorized dealers purchased the equivalent of US$35,555,039 versus US$36,918,551, on Tuesday. The equivalent of US$31,228,226 was sold, compared with US$42,227,009 on Tuesday.
In US dollar trading, dealers bought US$29,154,363 compared to US$34,350,001 on Tuesday. The buying rate for the US dollar slipped 8 cents to $112.16 and US$27,180,996 was sold versus US$35,584,175 on Tuesday, the selling rate rose 3 cents to $112.62. The Canadian dollar buying rate, rose 41 cents to $98.46 with dealers buying C$1,729,970 and selling C$1,095,703, at an average selling rate that dropped $1.72, to $99.67. The rate for buying the British Pound climbed $1.54 to $178.70, for the purchase of £2,202,473, while £1,074,042 was sold, at $179.93, up 6 cents. Other currencies bought, amounted to the equivalent of US$1,372,867, while selling was for the equivalent of US$1,361,555.
Highs & Lows| The highest buying rate for the US dollar, closed $1.21 higher, at $113.95, 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 fell 2 cents to $100.28, the lowest buying rate declined 25 cents to $79.51 and highest selling rate rose $1.17 to $104. The lowest selling rate fell $1 to $95.10. The highest buying rate for the British Pound, fell 67 cents to $180.33, the lowest buying, was up $1.94 to $146.53, the highest selling rate fell $3.17 to $183.22 and the lowest selling rate dropped $1.20 to $173.
Forex flows improved on Tuesday
The volume of foreign exchange trading in market on Tuesday climbed above the levels on Monday, with total inflows of foreign currency falling short of the amount sold. The Jamaican dollar gained slightly against the US dollar and the British Pound, but slipped against the Canadian dollar, in Tuesday’s forex trading.
Authorized dealers purchased the equivalent of US$36,918,551 versus US$28,048,552 on Monday. The equivalent of US$42,227,009 was sold, compared with US$27,425,753 on Monday.
In US dollar trading, dealers bought US$34,350,001 compared to US$21,894,747 on Monday. The buying rate for the US dollar was up 24 cents to $112.24 and US$35,584,175 was sold versus US$24,610,116 on Monday, the selling rate fell 6 cents at $112.59. The Canadian dollar buying rate, rose 34 cents to $98.05 with dealers buying C$955,435 and selling C$5,456,274, at an average selling rate that climbed 59 cents, to $101.39. The rate for buying the British Pound is declined $2.12 to $177.16, for the purchase of £1,016,454, while £861,905 was sold, at $179.87, down 67 cents. Other currencies bought, amounted to the equivalent of US$129,403, while selling was for the equivalent of US$352,422.
Highs & Lows| The highest buying rate for the US dollar, closed 26 cents lower, at $112.74, 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 10 cents to $100.30, the lowest buying and lowest selling rates remained unchanged at $79.76 and $96.10 respectively. The highest selling rate fell 64 cents to $102.83. The highest buying rate for the British Pound, rose 30 cents to $181, the lowest buying, the highest selling and the lowest selling rates were unchanged at $144.59, $186.39 and $174.20 respectively.
Quiet FX trading starts the week
The foreign exchange market started the week quietly with total inflows of foreign currency just exceeding the amount sold. Although the amount of US dollars sold exceeded the amount bought by dealers.
The Jamaican dollar gained slightly against the US dollar and the British Pound but slipped against the Canadian dollar, in Monday’s forex trading. Authorized dealers purchased the equivalent of US$28,048,552 versus US$49,065,272 on Friday. The equivalent of US$27,425,753 was sold, compared with US$60,366,852 on Friday.
In US dollar trading, dealers bought US$21,894,747 compared to US$43,058,325 on Friday. The buying rate for the US dollar was down 29 cents to $112 and US$24,610,116 was sold versus US$56,237,305 on Friday, the selling rate remained at $112.65. The Canadian dollar buying rate, declined $1.79 to $97.71 with dealers buying C$1,149,363 and selling C$665,092, at an average selling rate that climbed 32 cents, to $100.81. The rate for buying the British Pound is up 6 cents to $179.28, for the purchase of £3,095,809, while £1,322,505 was sold, at $180.55, down 15 cents. Other currencies bought, amounted to the equivalent of US$195,275, while selling was for the equivalent of US$100,790.
Highs & Lows| The highest buying rate for the US dollar, closed 25 cents higher, at $113, 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 fell 80 cents to $100.20, the lowest buying rate lost 50 cents to $79.76, the highest selling rate fell 7 cents to $103.47. The lowest selling rate closed down 10 cents to $96.10. The highest buying rate for the British Pound, dropped $1.30 to $180.70, the lowest buying rate fell 37 cents to $144.59. The highest selling rate, rose 74 cents to $186.39 and the lowest selling rate declined $1.60 to $174.20.
BNS & NCB in grand US$ sell off on Friday
Authorized Dealers sold much more foreign currency that they bought on Friday. Bank of Nova Scotia (BNS) and National Commercial Bank (NCB) were big net sellers of the US dollar, the second consecutive day of a big net sell off by dealers. BNS was the largest net seller, with US$4.58 million bought to US$15.26 million sold, followed by NCB buying US$4.13 million and selling US$12.6 million. On Thursday BNS bought US$7.33 million and sold US$14.23 million while National Commercial Bank, was buying US$2.67 million and selling US$5.54 million.
The Jamaican dollar slipped slightly against the US dollar, but appreciated against the Pound and the Canadian dollar, in Friday’s forex trading. Authorized dealers purchased the equivalent of US$49,065,272 versus US$27,673,332 on Thursday. The equivalent of US$60,366,852 was sold, compared with US$42,183,198 on Thursday.
In US dollar trading, dealers bought US$43,058,325 compared to US$25,657,012 on Thursday. The buying rate for the US dollar was up 6 cents to $112.29 and US$56,237,305 was sold versus US$40,190,794 on Thursday, the selling rate rose 3 cents to $112.65. The Canadian dollar buying rate, climbed 53 cents to $99.51 with dealers buying C$2,347,380 and selling C$2,099,384 at an average selling rate that declined 63 cents, to $100.49. The rate for buying the British Pound is up by 82 cents to $179.22, for the purchase of £1,814,232, while £918,229 was sold, at $180.70, down 73 cents. Other currencies bought, amounted to the equivalent of US$1,031,148, while selling was for the equivalent of US$783,955.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents lower, at $112.75, the lowest buying and the highest selling rates, were unchanged at $91.85 and $117.70 respectively, the lowest selling rate dropped $2.18 to $91.85. The highest buying rate for the Canadian dollar remained at $101, the lowest buying rate rose 83 cents to $80.26, the highest selling rate fell 46 cents to $103.54. The lowest selling rate closed down 10 cents to $96.20. The highest buying rate for the British Pound, increased by 55 cents to $182, the lowest buying rate was unchanged at $144.96. The highest selling rate, dropped $1.23 to $185.65 and the lowest selling rate rose $1.15 to $175.80.
Jamaica’s remittance inflows grow
Remittance inflows into Jamaica, this year, continue to grow, with an increase of US$50 million or 5.6 percent in net remittances for the six months to June, over the same period in 2013, to reach US$949 million, according to information released by the country’s central bank.
“Total remittance inflows were US$1.06 billion, an increase of US$35 million while outflows declined compared with the 2013 period,” the Bank of Jamaica report states. Net remittances for June 2014, were US$154 million, an increase of US$8 million or 5.4 percent over the corresponding period of 2013, resulting from an increase in gross remittance inflows and a contraction in outflows. Gross remittance inflows for the month were US$168 million, an increase of US$2.3 million or just 1.4 percent relative to the corresponding month of 2013.
For June, total Remittance Outflows amounted to $15 million a reduction from the $20 million in June 2013 and for the six months, $106 million and $121 million in 2013.
Most banks offload US dollars on Thursday
Seven of the ten Authorized Dealers were net sellers of US dollars on Thursday. Bank of Nova Scotia was the largest net seller, with US$7.33 million bought, to US$14.23 million sold, followed by National Commercial Bank, buying US$2.67 million and selling US$5.54 million.
The Jamaican dollar was steady against the US dollar, but declined against the Pound and the Canadian dollar, in Thursday’s forex trading. Selling of foreign currency to the public, was more than dealers purchased. Authorized dealers purchased the equivalent of US$27,673,332 versus US$33,495,564 on Wednesday. The equivalent of US$42,183,198 was sold, compared with US$34,385,274 on Wednesday. 
In US dollar trading, dealers bought US$25,657,012 compared to US$27,894,689 on Wednesday. The buying rate for the US dollar was up 4 cents to $112.23 and US$40,190,794 was sold versus US$30,711,153 on Wednesday, the selling rate remained at $112.62. The Canadian dollar buying rate, declined 58 cents to $98.98 with dealers buying C$920,445 and selling C$556,969 at an average selling rate that climbed 70 cents, to $101.12. The rate for buying the British Pound fell 95 cents to $178.40, for the purchase of £678,302, while £638,797 was sold, at $181.43, up by 72 cents. Other currencies bought, amounted to the equivalent of US$126,298, while selling was for the equivalent of US$463,163.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher, at $112.85, the lowest buying and the highest selling rates, were unchanged at $91.85 and $117.70 respectively, the lowest selling rate dropped $16.47 to $94.03. 
The highest buying rate for the Canadian dollar climbed 50 cents to $101, the lowest buying rate was unchanged at $79.43, the highest selling rate rose $1.28 to $104. The lowest selling rate closed down 70 cents to $96.30. The highest buying rate for the British Pound, increased by 70 cents to $181.45, the lowest buying rate was up 95 cents, to $144.96. The highest selling rate, jumped $2.01 to $186.88 and the lowest selling rate declined $1.15 to $174.65.
Buying & selling match up
The Jamaican dollar lost a cent against the US dollar and 47 cents versus the Pound, in Wednesday’s forex trading, as selling of foreign currency to the public, was slightly more than dealers purchased. Authorized dealers purchased the equivalent of US$33,495,564 versus US$36,902,410 on Tuesday. The equivalent of US$34,385,274 was sold compared with US$48,450,336 on Tuesday.
In US dollar trading, dealers bought US$27,894,689 compared to US$29,102,213 on Tuesday. The buying rate for the US dollar fell 6 cents to $112.19 and US$30,711,153 was sold versus US$42,208,347 on Tuesday, the selling rate inched up 1 cent to $112.62. The Canadian dollar buying rate, declined 57 cents to $99.56 with dealers buying C$2,261,250 and selling C$1,760,293 at an average selling rate that eased 1 cent, to $100.42. The rate for buying the British Pound is up 70 cents to $179.35, for the purchase of £1,560,398, while £871,242 was sold, at $180.71, climbing 47 cents. Other currencies bought, amounted to the equivalent of US$1,099,775, while selling was for the equivalent of US$706,539.
Highs & Lows| The highest buying rate for the US dollar, closed 5 cents down, at $112.75, the lowest buying and the highest selling rates, were unchanged at $91.85 and $117.70 respectively, the lowest selling rate climbed $18.65 to $110.50. The highest buying rate for the Canadian dollar fell 25 cents to $100.50, the lowest buying rate rose 16 cents to $79.43, the highest selling rate declined 28 cents to $102.72. The lowest selling rate closed up $1.50, to $97. The highest buying rate for the British Pound, dropped 25 cents to $180.75, the lowest buying rate was up 9 cents, to $144.01. The highest selling rate declined 67 cents to $184.87 and the lowest selling rate, jumped $2.40 to $175.80.
NIR up in September
Bank of Jamaica paid back US$30 million to the International Monetary Fund (IMF) during September, but the Net International Reserves (NIR) climbed from US$2.12 billion at the end of August to US$2.2 billion at the end of September, an increase of US$79 million.
Gross reserves amounts to $2.72 billion compared with $2.67 billion at the end of August.Estimated Official Gross Reserves represent 27.17 weeks of Goods Imports at the end of September, up from 26.68 weeks, in August and 19.52 weeks of Goods and Services Imports, an increase over the 19.17 weeks in August.
The reserves place the central bank in a good position to intervene in the foreign exchange market during the rest of the year, if they so desire. Importantly, it gives them the physiological advantage to keep speculators guessing as to their next move, now that the rate of the Jamaican dollar has been gaining, against the US dollar, since they had a major intervention, in the market on July 10.
Interestingly, the months of high demand and low supply commencing September, should end by Mid December has so far seen no serious dip in supply and no large demands, allowing the local dollar to appreciate. There are some indications that financial institutions who went long in their holdings of foreign exchange, have been offloading, with the absence of any serious overhang of demand that cannot be satisfied.
It does appear that the central bank will be adding to its holdings of foreign currency, as investors reduce their holdings, with the winter months not far away, a period when supply is usually higher than demand.
Its BNS big sell off day as J$ revalues more
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.
