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Posted July 31st, 2007 by Charles Purdy

Daily Currency Note – 31st July 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 31st July 2007
 

Currency

Rate

EURO

1.481

CY£

0.858

US$

2.030

CHF

2.445

CAN$

2.156

AUS$

2.359

Comments:  During the first half of last week sterling was taking no prisoners as it pushed towards ?1.50 and over US$2.06. However with the credit crunch brought on by the sub prime loans fallout in the US and the subsequent sharp falls in the equity markets we have seen a sharp pull back in sterling against these two currencies. Sterling still has an increasing interest rate environment but further increases are less likely to happen in the short 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.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!





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Posted July 27th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 27th July 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 27th July 2007
 

Currency
Rate Last
Week
Rate This
Week
EURO
1.487
1.488
CY£
0.863
0.867
US$
2.056
2.03
CAN$
2.146
2.1450
AUS$
2.329
2.364
NZD
2.578
2.633

CHF

2.469
2.458

ZAR(Rand)

14.158
14.320

Charles’s Thoughts:  Like the weather in the UK the currency markets where equally as turbulent this week. Against the dollar Sterling hit a 26 year high this week, as fears continued about the sub prime mortgage issue in the States effecting the wider US economy.

Today (Friday) the dollar pushed back to a 6 week high against sterling as adverse investors looked to sell high yielding currencies including the pound, favouring less risky assets. The Aus$ and NZ$ also suffered from these market jitters as the possibility of a global credit crunch looks like an increasing (but admittedly small) possibility. Against the Euro the pound got close to the psychologically important 1.5 level before it weakened again leaving it still at a relatively high level of 1.4850 (15.00 GMT)

Weaker that expected Nationwide housing figures and other ‘soft’ UK data out this week perhaps suggest the UK economy is at last starting to feel the pinch after five recent base rate rises. This added to further doubt that another rate hike will happen anytime soon and was another major factor in sterling’s sell off. However financial markets are still pricing in one more rate increase to 6 percent by the end of the year.

The BoE meets to set rates on Thursday next week, the expectation is no change from 5.75%. UK mortgage applications data next week could give further clues on the outlook for rates, I feel next week will see Sterling struggle to maintain it recent gains in light of the current downside pressures.

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: “Smart Currency are helpful & efficient, I have found that they have the best rates available. They are easy to deal with and plain talking.” Kay & Karl Brown, Hartlepool

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

   


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
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Posted July 26th, 2007 by Charles Purdy

Smart Daily Currency Note – 25th July 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 26th July 2007
 

Currency

Rate

EURO

1.495

CY£

0.87

US$

2.05

CHF

2.486

CAN$

2.136

AUS$

2.317

Comments:  The pound weakened against the U.S. dollar Wednesday, as investors wondered whether weakness in the U.S. credit and housing sectors could spread to other countries and economies. This rise in risk aversion outside the United States helped push sterling a cent and a half down from its 26-year high of $2.0655 reached on Tuesday.

Existing U.S. homes sales for June fell 3.8 percent to 5.75 million unit annual rate. Analysts had been expecting a bigger fall to 5.87 million, given the recent nervousness in the market, so that too helped the dollar slightly.

In the UK British Chancellor of the Exchequer Alistair Darling said on Wednesday he would support any decisions by the Bank of England to keep prices in check, but his statement had little effect on the market which seems to think another rate hike is unlikely anytime soon because of recent softer-than-expected UK economic data. Only a minority of commentators expect there to be a rate rise in August.

On Thursday the focus will be on Nationwide house prices data out at 0600 GMT for further clues on the state of the UK market and U.S. durable goods data and jobless claims are due at 1230 GMT while new home sales are due at 1400 GMT.

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.


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
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To update your contact information:
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Posted July 24th, 2007 by Charles Purdy

Smart Daily Currency Note – 24th July 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 24th July 2007
 

Currency

Rate

EURO

1.493

CY£

0.87

US$

2.062

CHF

2.487

CAN$

2.156

AUS$

2.332

Comments:  The U.S. dollar continued to come under pressure yesterday as investors sold the currency in favour of almost all other major currencies. The subprime mortgage sector problem is making investors nervous in other parts of the credit market, this caution is expected to be a factor, the focus for the short term will be on U.S. June house sales later this week. Against the Yen and the Euro new dollar lows are expected to be tested again today. Sterling has benefited from the dollars decline especially and is now very strong on the markets. Great news for you overseas property buyers.

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.


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

Posted July 23rd, 2007 by Charles Purdy

Smart Daily Currency Note – 23rd July 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 23rd July 2007
 

Currency

Rate

EURO

1.488

CY£

0.87

US$

2.055

CHF

2.477

CAN$

2.144

AUS$

2.327

Comments:  Steling hit is highest level for 26 years against the US Dollar earlier on Monday breaking resistance at the 2.06 level. the move can be partly attibuted to expectations that the UK interest rate will contiune to rise. Overnight figures from Rightmove the online property portal suggested house price inflation has eased in July, but this did little to dent the confidence in the pound after very strong GDP data, current expectation is that rates will hit 6% by year end.

Against the Euro, Sterling also continued to slowly edge up towards 1.49. Today there is no significant data to be released from the US or UK but the dollar is expected to come under further pressure amid concerns that the US subprime crises will create a slowdown in US economic growth.

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.


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

Posted July 20th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 20th July 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 20th July 2007
 

Currency
Rate Last
Week
Rate This
Week
EURO
1.475
1.487
CY£
0.857
0.863
US$
2.033
2.056
CAN$
2.130
2.146
AUS$
2.341
2.329
NZD
2.586
2.578

CHF

2.455
2.469

ZAR(Rand)

14.186
14.158

Charles’s Thoughts:  At their last meeting the Bank of England voted by six votes to three to increase UK interest rates by 0.25%. The concern of the three was that we still needed to see what affect the previous increases had had on the UK economy before instigating further increases. They may well be right as UK retail shows some signs of slowing [although torrential rain probably doesn't help]. The general feel in the market is that a further increase of 0.25% is likely later this year but some commentators are now no longer as certain of this as they were.

Sterling continued to hit 26 year ever increasing highs against the US$. The Fed Chief made his presentation to Congress and the previous rhetoric that the sub prime mortgage melt down was unlikely to affect the rest of the market was missing. So this has led to further weakness in the US$. However the US balance of payment deficit was easily funded which seems to indicate that certain parties may be “hoping” that the end of the US$ weakness is in sight.

The Euro lost a bit of ground against sterling on the back of the Euro highs against the US$. This is even hurting industry in Germany so goodness knows what pain the French and Italians are having to endure. However, the European Central Bank is expected to increase interest rates in September to keep on top of inflation so I suspect limited further upside for sterling unless there are some surprises around the corner.

Sterling had a steady week against other currencies such as the New Zealand, Canadian and Australian dollars.

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: “Excellent service, much superior and better value than using my bank.” Graeme Sleeman, Berkshire

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

   


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

Posted July 20th, 2007 by Charles Purdy

Smarts Daily Currency Note – 20th July 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 20th July 2007
 

Currency
Rate Last
Week
Rate This
Week
EURO
1.475
1.487
CY£
0.857
0.863
US$
2.033
2.056
CAN$
2.130
2.146
AUS$
2.341
2.329
NZD
2.586
2.578

CHF

2.455
2.469

ZAR(Rand)

14.186
14.158

Charles’s Thoughts:  At their last meeting the Bank of England voted by six votes to three to increase UK interest rates by 0.25%. The concern of the three was that we still needed to see what affect the previous increases had had on the UK economy before instigating further increases. They may well be right as UK retail shows some signs of slowing [although torrential rain probably doesn't help]. The general feel in the market is that a further increase of 0.25% is likely later this year but some commentators are now no longer as certain of this as they were.

Sterling continued to hit 26 year ever increasing highs against the US$. The Fed Chief made his presentation to Congress and the previous rhetoric that the sub prime mortgage melt down was unlikely to affect the rest of the market was missing. So this has led to further weakness in the US$. However the US balance of payment deficit was easily funded which seems to indicate that certain parties may be “hoping” that the end of the US$ weakness is in sight.

The Euro lost a bit of ground against sterling on the back of the Euro highs against the US$. This is even hurting industry in Germany so goodness knows what pain the French and Italians are having to endure. However, the European Central Bank is expected to increase interest rates in September to keep on top of inflation so I suspect limited further upside for sterling unless there are some surprises around the corner.

Sterling had a steady week against other currencies such as the New Zealand, Canadian and Australian dollars.

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: “Excellent service, much superior and better value than using my bank.” Graeme Sleeman, Berkshire

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

   


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

Posted July 19th, 2007 by Charles Purdy

Smarts Daily Currency Note – 19th July 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 19th July 2007
 

Currency

Rate

EURO

1.488

CY£

0.865

US$

2.053

CHF

2.465

CAN$

2.148

AUS$

2.337

Comments:  The Bank of England vote was 6 to 3 for the increase in UK interest rates. Not a landslide as three of the members wanted to see the affect of the previous interest rate increases feeding through the system. UK interest rates may well be increased once more by the end of the year but when is the difficult thing to predict. The US$ suffered at the hands of the Fed chiefs testimony to Congress. He “appeared” to be more worried by the knock on effect of the sub prime loan debacle on the rest of the US economy than previous testimonies. The Euro continues to strengthen against the US$ which must be hurting Euro lands exports.

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.


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

 

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!


Queens Wharf
Queen Caroline Street
London, London
W6 9RJ
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

Posted July 3rd, 2007 by Charles Purdy

Smarts Daily Currency List – 3rd July 2007

Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates 3rd July 2007

Currency

Rate

EURO

1.480

CY£

0.858

US$

2.017

CHF

2.446

CAN$

2.128

AUS$

2.354

Comments: Sterling gained against the US$ as it pushed through US$2/£1 but lost ground against most of the other currencies. Slightly strange the weakness against the other currencies given the expectation of increased interest rates here in the UK on Thursday following the Bank of England meeting. The US$ lost ground against most currencies, even the Yen, as US interest rates are not expected to be increased [or even changed] for quite a while.

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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