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Posted September 29th, 2006 by Charles Purdy

Weekly Currency Note – 29th September 2006

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 29th September 2006


Currency
Rate Last
Week
Rate This
Week
EURO
1.485
1.475
CY£
0.852
0.845
US$
1.902
1.872
CAN$
2.126
2.093
AUS$
2.532
2.509
NZD
2.874
2.863

CHF

2.347
2.340

ZAR(Rand)

14.495
14.566

Charles’s Thoughts: Sterling pushed up to over 1.49 against the Euro at the start of the week. Then it transpired that the National Office of Statistics had a glitch in one of their computer programs which had overestimated inflation. We then saw sterling lose 2 cents by the end of the week. Reinforces the statement that there are “lies, more lies and then statistics”. We now await the next bank of England meeting to see what they make of the debacle. As I said last week, you should never expect things to keep going in one direction.

The US$ did the reverse of last week and moved back through its 1.88-1.90 range to rest at the bottom end of expectations. We still wait for a clear direction. Still makes sense to buy some if not all of your US$ requirements so as to hedge any downside.

The Euro and sterling have continued to oscillate between 1.465 to 1.49ish over the last couple of months. The range is very narrow and I still believe there is more downside risk than upside potential in the medium term.

All the high yield and commodity currencies all gained against sterling apart from the Rand which showed weakness on the back of a weak gold price. This was to be expected given the debacle with the statistics.

Why is Currency Management So Important? Exchange rates never do what you want them to do. The rate is moving in your direction, all economic information seems to indicate that this will continue for the foreseeable future but suddenly (and instantaneously) the market reverses on you. All you see flash before your eyes are £ signs. This is why it is vital to set a budget/target exchange rate which is realistic and grab it when it is available. The rate may continue in your direction but experience has taught me that although annoying for this to happen it is a lot less painful than an actual loss.

Open an account today by calling me on 0870 285 0364 or fill out our online quotation form at: http://www.smartcurrencyexchange.com/smartquotation.htm

How much will a Property Cost? To estimate the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Smart Currency Exchange Limited

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Posted September 29th, 2006 by Charles Purdy

Smart Daily Currency Note – 29th September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 28th September 2006

Currency

Rate

EURO

1.476

CY£

0.845

US$

1.874

CHF

2.338

CAN$

2.084

AUS$

2.506

Comments: Sterling continued its decline yesterday. Sterling has lost just under 2 cents from its peak at the start of the week against the Euro [1.35%] and over 2 cents [1.06%] against the US$. A bit of a pain if you are looking to buy currency but you have to remember rates are still way above what they have been for most of the year. So rather than hoping for sterling to go back up, guard against the downside and try and secure your currency sooner than later. The downside could be up to 2%.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 28th, 2006 by Charles Purdy

Daily Currency Note from Smart Currency – 28th September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 28th September 2006

Currency

Rate

EURO

1.481

CY£

0.848

US$

1.884

CHF

2.343

CAN$

2.095

AUS$

2.510

Comments: Sterling has lost over a cent against both the Euro and the US$ in the last 24 hours. Apparently the Office for National Statistics got the figures wrong. A problem with a computer program. Lends credence to the statement that there are “lies, lies and then damn statistics”. Puts a dampner on interest rates rises here in the UK in the very short term. Still very good rates when compared to the rest of the year.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 27th, 2006 by Charles Purdy

Daily Currency Note from Smart : 27th September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 27th September 2006

Currency

Rate

EURO

1.488

CY£

0.853

US$

1.888

CHF

2.349

CAN$

2.105

AUS$

2.515

Comments: Sterling has pulled back from the highs of yesterday afternoon. Although we are seeing bullish comments on sterling it has to remembered that in many ways exchange rates are self governing. As a currency strenghtens exports become more uncompetitive and inflation falls. So don’t hope for sterling to continue in one direction.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 26th, 2006 by Charles Purdy

Daily Currency Note from Smart Currency – 26th September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 26th September 2006

Currency

Rate

EURO

1.490

CY£

0.855

US$

1.894

CHF

2.352

CAN$

2.114

AUS$

2.519

Comments: Sterling had a steady day. It is pushing up against 1.49 inter bank. We are at a major resistance point for further strenghtening of sterling against the Euro. Comments from the Bank of England show concern viz a viz inflation which could lead to increased interest rates here. Their next meeting is next week so we will soon find out!! The US$ still moves in the 1.88-1.90 range.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 25th, 2006 by Charles Purdy

Smart Daily Currency Note : 25th September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 25th September 2006

Currency

Rate

EURO

1.488

CY£

0.854

US$

1.907

CHF

2.348

CAN$

2.194

AUS$

2.535

Comments: Sterling had another good day. All the “omens” seem to be in favour of sterling which should be positive. However only a few months ago the sages were looking at the Euro strenghtening to 1.40. So beware, the slightest change in expectations will see sterling bulls all rushing for the exit at once and a subsequent fall away in sterling against the Euro and US$.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 22nd, 2006 by Charles Purdy

Weekly Currency Note from Smart Currency – 22nd September 2006

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 22nd September 2006

Currency
Rate Last
Week
Rate This
Week
EURO
1.484
1.485
CY£
0.850
0.852
US$
1.876
1.902
CAN$
2.098
2.126
AUS$
2.497
2.532
NZD
2.832
2.874

CHF

2.358
2.347

ZAR(Rand)

13.883
14.495

Charles’s Thoughts: Sterling seems, in the eyes of the experts, to be on a roll. Interest rates are expected to be increased, other countries are looking to add sterling to their reserves in preference to other currencies and manufactures orders are shrinking at their slowest rate since December 2004. Not quite sure how the last point is a plus but the most negative reasons can be spun as a positive when so much is at stake. Not long a go we were told that the Euro was headed for 1.40 by the same experts. Beware when things reverse; there will be very rapid changes as everyone heads for the exit at the same time. Stills looks like a good time to buy your currency requirements.

The US$ moved back through its 1.88-1.90 range to rest at the top end of expectations. Still waiting for a clear direction. Very limited volatility over the last few months.

The Euro and sterling have oscillated between 1.465 to 1.485 over the last few month. We saw a brief break out to 1.49 during the week. The range is very narrow and I still believe there is more downside risk than upside potential in the medium term.

All the high yield currencies showed weakness of varying magnitude against sterling during the week. The commodity currencies were affected by weakness in the commodity prices.

Why is Currency Management So Important? Exchange rates never do what you want them to do. The rate is moving in your direction, all economic information seems to indicate that this will continue for the foreseeable future but suddenly (and instantaneously) the market reverses on you. All you see flash before your eyes are £ signs. This is why it is vital to set a budget/target exchange rate which is realistic and grab it when it is available. The rate may continue in your direction but experience has taught me that although annoying for this to happen it is a lot less painful than an actual loss.

Open an account today by calling me on 0870 285 0364 or fill out our online quotation form at: http://www.smartcurrencyexchange.com/smartquotation.htm

How much will a Property Cost? To estimate the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Smart Currency Exchange Limited

Posted September 21st, 2006 by Charles Purdy

Smart Daily Currency Note – 21st September 2006

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates

Currency

Rate

EURO

1.487

CY£

0.854

US$

1.892

CHF

2.360

CAN$

2.133

AUS$

2.501

Comments: Sterling had a good day. This happened even though the minutes of the Bank of England meeting showed that the all the members had voted in favour of keeping interest rates on hold. It is very difficult to assess where to next for sterling. We have been at these levels for a while and I still believe that the downside risk is greater the upside potential. Inflation is a factor in the US, Euro land and here. Can we see interest rates being unduly hiked here. Probably not. Also we don’t want the currency to be too strong as this affects exports. Makes sense to buy your currency now!

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 19th, 2006 by Charles Purdy

Daily Currency Note from Smart Currency – 19th September

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates

Currency

Rate

EURO

1.480

CY£

0.85

US$

1.881

CHF

2.353

CAN$

2.102

AUS$

2.491

Comments: Sterling was steady during the day. Still excellent rates when compared to where we were for most of the year.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

Posted September 18th, 2006 by Charles Purdy

Daily Currency Note from Smart – 18th September

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates

Currency

Rate

EURO

1.485

CY£

0.852

US$

1.882

CHF

2.360

CAN$

2.105

AUS$

2.503

Comments: Sterling is benefitting from fears on further interest rate rises needed to counter increasing inflation. Not long ago we were wondering when interest rates here in the uk were going to be reduced. Just bear this in mind when setting target rates for your sale or purchase of currencies. We may see sterling strenghten further but the downside risk is still greater than the upside potential.

Note: All rates are mid market inter bank and indicative at the point of publication.

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.

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