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Posted June 14th, 2007 by Charles Purdy

Smarts Daily Currency Note – 14th June 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 14th June 2007


Currency

Rate

EURO

1.481

CY£

0.857

US$

1.971

CHF

2.453

CAN$

2.105

AUS$

2.351

Comments: Good retail data out of the US has given the US$ a bit of a boost. As I have mentioned there has been a significant change in the US where previously the next movement in US interest rates was expected to be down. Now there is a fear of inflation and the possible need to increase US interest rates. The major fillip for the US$ will be if increased US interest rates actually happens! Sterling had a steady day.

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 June 13th, 2007 by Charles Purdy

Smarts Daily Currency Note – 13th June 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 13th June 2007

Currency

Rate

EURO

1.483

CY£

0.857

US$

1.968

CHF

2.454

CAN$

2.111

AUS$

2.351

Comments: Sterling continued to benefit from the Governor of the Bank of England’s comments to the Welsh CBI on inflationary pressures and the likelihood of further increases in UK interest rates. Sterling should be supported in the short to medium term.

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 June 12th, 2007 by Charles Purdy

Smarts Daily Currency Note – 12th January 2007

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

Currency

Rate

EURO

1.478

CY£

0.854

US$

1.974

CHF

2.444

CAN$

2.095

AUS$

2.342

Comments: Following comments by the Governor of the Bank of England to the Welsh CBI, sterling has strengthened slightly. He highlighted a number of inflationary pressures which the BOE would require to fall back if interest rates were not to be raised further. The outcome is that interest rates could be 6% by year end [they are currently 5.5%]. This will support sterling short to medium term.

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 June 8th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 8th June 2007

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 8th June 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.474
1.473
CY£
0.853
0.853
US$
1.982
1.966
CAN$
2.104
2.095
AUS$
2.383
2.338
NZD
2.665
2.611

CHF

2.438
2.427

ZAR(Rand)

14.052
14.320

Charles’s Thoughts: The Bank of England kept UK interest rates on hold. This was as expected. However the market got itself into a position where it was almost hoping for a rise on the assumption that the BOE was determined to keep on top of inflation. Now the market is wondering if the UK economy is slowing quicker than expected and for that we have to wait for next weeks retail figures.

The US$ had a good week. It appears that the good economic data of last week has sunk in and the expectation of a reduction in US interest rates in the short term has been removed. Hence we are seeing the dollar at levels we last saw 2 months ago. Still not out of the woods and 1.90 is a long way off but certainly a significant change in the markets expectations.

The European Central Bank did increase euro interest rates by the expected 0.25%. There is still an expectation that euro interest rates will be increased by another 0.25% in the coming months but any rises after that are still be determined.

The high interest rate currencies such as the New Zealand dollar and the commodity backed currencies such as the Canadian and Australian $’s continue to go from strength to strength. New Zealand surprised the market by increasing interest rates by 0.25%.

Why is Currency Management So Important? Using a bank could cost you £3-4,000 per £100,000 transferred. Buying at the “wrong” time could cost you many £’000′s more as rates can move as much as 3% in a very short period of time. Then add in transfer costs that the banks charge for sending and receiving funds and you could be looking at additional costs of £10,000 per £100,000 transferred. By developing a currency strategy and by working with a specialist currency broker these losses could be minimised if not eliminated.

Smart Client Testimonial: “Buying abroad is a daunting task at the best of times but Smart Currency Exchange made money transfer easy to understand and a simple process. I will (and have) recommended their services to friends and all.” Chris Houghton, Sleaford

If you haven’t opened a Smart account yet, call me on freephone 0808 163 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.

Charles Purdy
Charles Purdy


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 June 7th, 2007 by Charles Purdy

Smarts Daily Currency Note – 7th June 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 7th June 2007

Currency

Rate

EURO

1.476

CY£

0.853

US$

1.993

CHF

2.428

CAN$

2.108

AUS$

2.354

Comments: When I looked to update the rates this morning nothing seemed to have moved. The Euro and US$ were at the same level they were 24 hours earlier. Oh well, sometimes it is more exciting to watch grass grow. As expected, the European Central Bank did increase the Euro interest rates by 0.25%. There was no clear indicator for the future but inflation is still of concern and the market is putting forward September as a possible date for the next [and inevitable] increase in Euro land interest rates. The Bank of England makes their announcement today and is expected to keep UK interest rates on hold. Any different will be a surprise. However inflation is of concern and therefore future increases in UK interest rates are considered to be a matter of when rather than if.

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 June 6th, 2007 by Charles Purdy

Smarts Daily Currency Note – 6th June 2007

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

Currency

Rate

EURO

1.474

CY£

0.853

US$

1.993

CHF

2.428

CAN$

2.113

AUS$

2.365

Comments: Sterling has been very steady against the Euro and the US$. It is the commodity backed currencies of Canada and Australia that have been strengthening against sterling, gaining of the order of 10% in the last 4 months. Commodity prices continue to be high, their economies continue to boom and their respective interest rates will probably rise as inflation needs to be controlled.

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 June 5th, 2007 by Charles Purdy

Smarts Daily Currency Note – 5th June 2007

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

Currency

Rate

EURO

1.476

CY£

0.853

US$

1.993

CHF

2.438

CAN$

2.111

AUS$

2.394

Comments: Even though the economic data out of the US last week was on the whole better than expected we have seen the US$ slip back towards 2.00. However, we are still in a very narrow range and we wait for a breakout one way or the other. The Euro is fairly stable against sterling. It is expected that Euro interest rates will be raised by 0.25% later this week [already priced into the market]. What will be of greater interest is the comments that the European Central Bank make on inflation as this will be an indicator for possible future interest rate increases. The Bank of England which also meets this week is expected to keep UK interest rates on hold but again the market will be very interested on any comments it makes especially concerning the inflation outlook.

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 June 1st, 2007 by Charles Purdy

Smarts Weekly Currency Note – 1st June 2007

Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers
Weekly Currency Interbank Exchange Rates 1st June 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.476
1.474
CY£
0.854
0.853
US$
1.984
1.982
CAN$
2.144
2.104
AUS$
2.423
2.383
NZD
2.730
2.665

CHF

2.437
2.438

ZAR(Rand)

14.090
14.052

Charles’s Thoughts: An unexciting week for sterling. No major UK economic data to change sentiment unduly. A further increase in UK interest rates of 0.25% is considered a possibility for July and will lend support to sterling.

The US$ had a steady week. Economic data was mixed but the hope is that the first quarter marked a bottom for the US economy and that we are seeing the first green shoots of a recovery. However I suspect the US economy is very susceptible to a shock such as a rapid increase in the oil price. Therefore no reason to think we are heading to 1.90 any time soon.

Business confidence in Euro land is at the highest level for six years. Inflation is steady at about 2%. Interest rates are expected to be increased in June by 0.25%. Even though there is some disquiet over the strong Euro in the less efficient industrial nations I don’t expect any short term action to be taken to undermine it.

The Canadian $ continues to strengthen [exceptionally strong fundamentals] having gained over 20 cents in the last two/three months. The Australian $ has also benefited from strong fundamentals and the carried trade [funds are borrowed in low interest rate currencies e.g. the Japanese yen, and invested in the high yield currencies such as the Australian $]. The New Zealand dollar also benefited from the carried trade but business confidence has suffered and we wonder if the economy is on borrowed time.

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.

Smart Client Testimonial: “Thank you for your help in depositing the euros in the French bank. Your advice and service was excellent and we will certainly make our future transactions through your Company. Having never made a transaction such as this we were a little nervous by not using a conventional bank, however, you gave us a competitive rate which on the amount transferred was quite a saving on the High Street Bank. Thank you.” DR& M Jenkins, Bridgend

If you haven’t opened a Smart account yet, call me on freephone 0808 163 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.

Charles Purdy
Charles Purdy


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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