KINGSTON, Jamaica — The United States (US) dollar on Friday, October 23, ended trading at $159.65, up 6 cents from Thursday’s close of $159.59, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $114.10, up from $114.07, and the British pound ended at $213.80, up from $213.53. The euro closed at $181.15, up from $178.74.
The gain left the US dollar 67 cents higher for the week, up from $158.98 on Friday, October 16. Trading ran for four days after the market closed on Monday, October 19, for National Heroes Day.
The US dollar closed above Tuesday’s $159.41 on each of the next three days.
The British pound gained $4.17 over the week and the Canadian dollar $1.11. The euro jumped $2.41 on Friday but still finished $1.85 below its close of $183.00 a week earlier.
The BOJ’s website listed no sales through its B-FXITT intervention facility after its operation on Friday, October 16.
Brent crude stood at US$115.41 a barrel on Monday morning, down 23 cents from a day earlier but up about 13 per cent from a month ago and 75 per cent from a year ago, according to Fortune. Higher fuel prices add to Jamaica’s import bill and can feed into the cost of transport, food and building materials.
This week, attention turns to the US Federal Reserve, which is due to announce its interest rate decision on Wednesday, October 28. Forbes reported that CME FedWatch projections pointed to about an 80 per cent chance the Fed holds its target range at 3.75 to 4 per cent, with markets expecting a hike in December.
The BOJ’s next policy decision is due on November 18. Its policy rate, which influences what lenders charge on loans and mortgages, is 6.00 per cent.
At Friday’s BOJ average selling rate, US$100 cost $15,964.87, about $66 more than a week earlier. A US$100 remittance converts to $15,818.79 at the average buying rate. Counter rates at commercial banks and cambios usually sit above the BOJ average.
The pound’s rise benefited families receiving money from the United Kingdom. At the average buying rate, £100 converts to $21,131.92, about $307 more than a week earlier.
Jamaica Homes News publishes regular foreign exchange updates to help buyers, sellers and overseas investors keep track of the rates that shape the cost of living, property and construction in Jamaica.
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