KINGSTON, Jamaica — The United States (US) dollar on Friday, November 6, ended trading at $159.28, down 21 cents from Thursday’s close of $159.49, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $113.62, up from $113.34, and the British pound ended at $214.53, up from $214.30. The euro closed at $179.66, up from $179.64.
The US dollar ended the week 38 cents below the previous Friday’s close of $159.66 and 27 cents below Monday’s $159.55. It was the lowest close since October 16.
Over the week, the Canadian dollar fell $1.05 from $114.67 and the euro fell $2.24 from $181.90, while the pound gained 69 cents from $213.84.
Oil was the week’s main outside influence. Brent crude was on track for a weekly fall of about 12 per cent, Reuters reported on Friday, on expectations that the war with Iran could de-escalate after the US midterm elections.
In the United States, employers added 165,000 jobs in October and the unemployment rate stood at 4.1 per cent, the Bureau of Labor Statistics said on Friday. Reuters reported that the stronger-than-expected figures lifted the US dollar against major currencies and raised market expectations of a Federal Reserve rate increase in December.
Locally, attention turns to the BOJ’s policy rate announcement on November 18 and its scheduled B-FXITT US dollar sale on November 20. The policy rate, now 6 per cent, influences what lenders charge on loans and mortgages.
At Friday’s BOJ average selling rate, US$100 cost $15,928.06, about $27 less than on Monday. A US$100 remittance converted to $15,782.60 at the average buying rate, about $21 more than on Monday. Counter rates at commercial banks and cambios usually sit above the BOJ average.
Families receiving money from the United Kingdom got less on Friday. Although the pound’s selling rate rose, its average buying rate fell to $210.75 from $213.32 on Thursday, so £100 converted to $21,074.65, down from $21,332.38. C$100 converted to $11,258.10, up from $11,212.58.
If sustained, lower oil prices and a softer US dollar could ease pressure on the cost of imported fuel, goods and building materials.
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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