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Posted March 15th, 2007 by Charles Purdy

Smarts Daily Currency Note – 15th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 15th March 2007


Currency

Rate

EURO

1.462

CY£

0.840

US$

1.934

CHF

2.354

CAN$

2.274

AUS$

2.463

Comments: Sterling had a reasonably steady day yesterday. First thing it showed a bit of weakness across the board but managed to regain these losses later in the day. Sterling will continue to be fragile as turmoil in the equity markets persist and there is a flight to less risky assets.

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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Posted March 14th, 2007 by Charles Purdy

Smarts Daily Currency Note – 14th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 9th March 2007

Currency

Rate

EURO

1.458

CY£

0.836

US$

1.923

CHF

2.342

CAN$

2.259

AUS$

2.457

Comments: Sterling again suffered on the back of the turmoil experienced yesterday in world equity markets. There has been a flight to safety which has benefited the Euro and the Swiss Franc. Strangely enough the US$ has strengthened which is beyond me as the fall out in the sub prime lenders in the US has been the trigger for the turmoil! Factory prices here in the UK rose faster than expected and this lends support for an increase in UK interest rates. Also the recent weakness in sterling will increase the cost of imports which adds to inflation. My feeling is that sterling is now oversold.

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 March 14th, 2007 by Charles Purdy

Smarts Daily Currency Note – 14th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 9th March 2007

Currency

Rate

EURO

1.458

CY£

0.836

US$

1.923

CHF

2.342

CAN$

2.259

AUS$

2.457

Comments: Sterling again suffered on the back of the turmoil experienced yesterday in world equity markets. There has been a flight to safety which has benefited the Euro and the Swiss Franc. Strangely enough the US$ has strengthened which is beyond me as the fall out in the sub prime lenders in the US has been the trigger for the turmoil! Factory prices here in the UK rose faster than expected and this lends support for an increase in UK interest rates. Also the recent weakness in sterling will increase the cost of imports which adds to inflation. My feeling is that sterling is now oversold.

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 March 13th, 2007 by Charles Purdy

Smarts Daily Currency Note – 13th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 9th March 2007

Currency

Rate

EURO

1.464

CY£

0.840

US$

1.929

CHF

2.362

CAN$

2.258

AUS$

2.461

Comments: Sterling has continued to suffer pushing towards medium term lows against most currencies. We are at significant support levels for the Euro [1.463] and the US$ [1.925]. If we breach these support levels we could see further significant weakening in sterling. My feeling however is that sterling is now in over sold territory and the downside should be limited. However, Euro land economy continues to go from strength to strength especially in Germany so don’t expect sterling to go back up to the 1.50 level against the Euro any time soon.

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 March 9th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 9th March 2007

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 9th March 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.473
1.473
CY£
0.845
0.845
US$
1.943
1.931
CAN$
2.288
2.269
AUS$
2.485
2.477
NZD
2.827
2.800

CHF

2.359
2.379

ZAR(Rand)

14.255
14.170

Charles’s Thoughts: At the end of last week sterling lost ground against most currencies. The reason given was the flight from “risky” to “safe haven” assets such as the Yen and the Swiss Franc following the collapse in equity prices. We have seen some stability and a slight rebound in sterling following the Bank of England’s decision to keep interest rates on hold. A further increase in UK interest rates by 0.25% is expected later this year, probably around May time.

On the back of sterling weakness the US$ pulled back to 1.925 inter bank. Still very difficult to get a clear picture as to where the US$ is headed. It has got close to 1.98/99 a couple of time but has failed to push through the 2.00 mark. The US difficulties are very serious with huge budget and balance of payment deficits and there are significant concerns over its current economic performance. So do not expect the US$ to continue to strengthen against sterling.

Interest rates in Euro land were increased by 0.25% by the European Central Bank. This was as expected. The language in the announcement that accompanied the increase in interest rates left the market feeling that the interest rate cycle for Euro land was near the top. A further increase of about 0.25% may be it.

The high yield currencies have regained a bit of ground. New Zealand increased their interest rates to 7.25% this week. The carried trade is taking a breather. A lot of people are still borrowing yen and Swiss francs and buying high yield currencies. The Japanese themselves seem quite happy to invest in higher yield currencies overseas especially given they get so little [if any] interest at home.

Why is Currency Management So Important? Emotion is a factor that has to be managed when buying or selling currency and that is best achieved by setting a target rate and as and when it is hit you do the exchange. The worse feeling in the world is to find extra funds when you know that if you had stuck to you’re target rate you would have saved £’000s.

Smart Client Testimonial: “I thought the service provided by Smart to be helpful and efficient. It also offered competitive rates of exchange in addition to information on current trends of currency rates. I will certainly continue to use Smart’s services for future transactions” C.P. Mortimer, Lymington

If you haven’t opened a Smart account yet, call me on freephone 0808 153 0102 or fill out our online Account Form at: http://www.smartcurrencyexchange.com/application.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. But note this is based on the inter bank rate so the actual cost will be slightly more.


Smart Resources

Currency Strategy Worksheet
Need help creating a Currency Strategy? Download our Currency Strategy Worksheet:
http://www.smartcurrencyexchange.com/downloads/CurrencyStrategyWorksheet.pdf

Currency Report
Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here:
http://www.smartcurrencyexchange.com/downloads/ThreeMistakes.pdf

Currency Quotation
Are you interested in a currency rate for Euros, US$’s, CYP, NZD, or any other currency, please fill out our Smart quotation form at:
http://www.SmartCurrencyExchange.com/smartquotation.htm


Smart Currency Exchange Limited

Posted March 9th, 2007 by Charles Purdy

Smarts Daily Currency Note – 9th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 9th March 2007

Currency

Rate

EURO

1.468

CY£

0.842

US$

1.930

CHF

2.368

CAN$

2.273

AUS$

2.480

Comments: The European Central Bank did increase Euro land interest rates by 0.25% and the Bank of England did keep UK interest rates on hold. No surprises as both were expected. The language that accompanied the ECB announcement indicated that they would keep rates on hold next time around but that a further increase of 0.25% was likely soon. A further increase of 0.25% is expected in sterling interest rates later this year with the market forecasting May time.

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 March 8th, 2007 by Charles Purdy

Smarts Daily Currency – 8th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 8th March 2007

Currency

Rate

EURO

1.471

CY£

0.844

US$

1.933

CHF

2.363

CAN$

2.279

AUS$

2.488

Comments: Sterling has gained a bit of ground against the Euro and the US$. Today we get the announcements on UK and Euro land interest rates from the Bank of England and from the European Central Bank respectively. The BOE is expected to keep interest rates on hold whereas the ECB is expected to raise rates by 0.25%. The market will be very surprised if anything else happens. We just have to remember what happened when the BOE surprised the market in January by increasing rates by 0.25%. Sterling gained a 4 cents in a just over a week.

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 March 6th, 2007 by Charles Purdy

Smarts Daily Currency Note – 6th Marcj 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 6th March 2007

Currency

Rate

EURO

1.468

CY£

0.845

US$

1.927

CHF

2.341

CAN$

2.270

AUS$

2.487

Comments: Sterling has had a tough two weeks. It lost further ground yesterday morning but was reasonably stable yesterday afternoon. The equity markets went into melt down last week. This led to the yen appreciating as carried trades were deemed to be too risky. Sterling seems to have suffered unduly. UK economic fundamentals have not changed. However the market is now “controlled” by the hedge funds and when they all have to rush for the exit at the same time, anything caught in the rush will suffer e.g. sterling in this case. I get the feeling that sterling has been oversold although it may be susceptible to the expected increase in Euro land interest rates later this week.

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 March 5th, 2007 by Charles Purdy

Smarts Daily Currency Note – 5th March 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 5th March 2007

Currency

Rate

EURO

1.466

CY£

0.844

US$

1.925

CHF

2.341

CAN$

2.270

AUS$

2.484

Comments: Sterling had a bad day on Friday and this has continued this morning. No real reason for this but when momentum goes against you very little can save you short term as the hedge funds scramble to cover their positions. Sterling has probably become oversold. Later this week we have the Bank of England and the European Central Bank meetings. The Bank of England is expected to keep interest rates on hold [although it is expected that one further increase in rates will happen later this year] whereas the ECB is expected to increase rates by 0.25%.

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 March 3rd, 2007 by Charles Purdy

Smarts Weekly Currency Note – 2nd March 2007

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 2nd March 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.491
1.473
CY£
0.858
0.845
US$
1.964
1.943
CAN$
2.277
2.288
AUS$
2.480
2.485
NZD
2.778
2.827

CHF

2.420
2.359

ZAR(Rand)

13.881
14.255

Charles’s Thoughts: Sterling was having a steady week until Friday when it suddenly lost ground against the Euro and the US$. No clear cut reason as to why this happened. The main story last week was the fall out in the equity markets and the rise of the Japanese Yen against all comers. All is not lost for sterling as interest rates are still expected to be increased by at least one further 0.25% later this year.

The US$ continues to move in a narrow range between 1.94 and 1.98. At the moment it is closer to 1.94 [mainly on the back of sterling weakness]. Inflation is still a concern. The US economy is a concern [for the whole world]. And as for the budget and the balance of payments deficits they seem to have no bounds. However, it may be perverse but is the only way up as the US digs itself out of this hole!

The Euro gained another cent. That makes about a 5 cent gain in less than a month. We are at levels which make more sense. I still see the Euro having the upper hand but less upside that it had. But we are still in the top quartile of exchange rates for the last two years if we exclude December and January.

The carried trades became a major concern as the Yen gained significant ground against all currencies. The carried trade relied on borrowing in low interest rate currencies and using these funds to buy high yielding currencies. Its been a one way bet for the last two years. Suddenly everyone is heading for the exit at once. The NZD and rand lost ground.

Why is Currency Management So Important? Emotion is a factor that has to be managed when buying or selling currency and that is best achieved by setting a target rate and as and when it is hit you do the exchange. The worse feeling in the world is to find extra funds when you know that if you had stuck to you’re target rate you would have saved £’000s.

Smart Client Testimonial: “Told in Cyprus about using Smart and found it to be an excellent service. Found although a business a caring business.” W. Shields, Scotland

If you haven’t opened a Smart account yet, call me on freephone 0808 153 0102 or fill out our online Account Form at: http://www.smartcurrencyexchange.com/application.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. But note this is based on the inter bank rate so the actual cost will be slightly more.


Smart Resources

Currency Strategy Worksheet
Need help creating a Currency Strategy? Download our Currency Strategy Worksheet:
http://www.smartcurrencyexchange.com/downloads/CurrencyStrategyWorksheet.pdf

Currency Report
Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here:
http://www.smartcurrencyexchange.com/downloads/ThreeMistakes.pdf

Currency Quotation
Are you interested in a currency rate for Euros, US$’s, CYP, NZD, or any other currency, please fill out our Smart quotation form at:
http://www.SmartCurrencyExchange.com/smartquotation.htm


Smart Currency Exchange Limited


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