Forex: $159.60 to One US Dollar

KINGSTON, Jamaica — The United States (US) dollar on Wednesday, November 4, ended trading at $159.60, down 2 cents from Tuesday’s close of $159.62, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.

Meanwhile, the Canadian dollar ended trading at $113.08, down from $114.14, and the British pound ended at $213.85, up from $212.81. The euro closed at $179.73, down from $180.03.

The US dollar has held in a narrow range this week, ending Wednesday 5 cents above Monday’s close of $159.55. Since Monday, the Canadian dollar has fallen 87 cents from $113.95 and the euro $2.20 from $181.93, while the pound has gained 60 cents.

In the United States, Democrats won control of both the House of Representatives and the Senate in Tuesday’s midterm elections, Al Jazeera reported. US stocks rose at Wednesday’s open after President Donald Trump said he would accept the results, according to the report.

Oil prices extended their slide. Brent crude, the international benchmark, fell about 3 per cent to just over US$100 a barrel on Wednesday, The Associated Press reported, citing continued uncertainty over what the war with Iran will mean for the global energy industry. US crude fell to US$93.08, according to Al Jazeera.

At home, the BOJ has scheduled a standard US dollar sale under its B-FXITT intervention facility for November 20, with the amount to be announced the day before, according to a BOJ market notice.

The central bank’s next policy rate decision is due on November 18. The rate, which influences what lenders charge on loans and mortgages, stands at 6 per cent. Annual inflation was 8.6 per cent in September, above the BOJ’s target range of 4 to 6 per cent.

At Wednesday’s BOJ average selling rate, US$100 cost $15,959.80. A US$100 remittance converted to $15,779.82 at the average buying rate, about $18 more than on Monday. Counter rates at commercial banks and cambios usually sit above the BOJ average.

Families receiving money from the United Kingdom saw a larger sum on Wednesday. At the average buying rate, £100 converted to $21,273.10, up from $21,124.71 on Tuesday. C$100 converted to $11,200.46, down from $11,321.95.

If sustained, lower oil prices could ease pressure on the cost of imported fuel, transport and electricity in Jamaica.

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.