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Posted August 15th, 2007 by Charles Purdy

Smarts Daily Currency Note – 15th August 2007

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

Currency

Rate

EURO

1.475

CY£

0.857

US$

1.990

CHF

2.417

CAN$

2.136

AUS$

2.405

Comments:  The US$ is on a roll passing back through the US$2/£1 level. It is strange to see the US$ strengthening in this period of extreme market volatility and with the credit crunch affecting liquidity but US treasury bonds are being viewed as safe haven assets. Also US investors are repatriating profits elsewhere in the world to cover losses at home. Sterling is still under pressure and will continue to be so until stability returns to the market and we get clarity on future interest rates following yesterdays below target CPI figure of 1.9%.

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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GB

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Posted August 14th, 2007 by Charles Purdy

Smarts Daily Currency Note – 14th August 2007

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

Currency

Rate

EURO

1.473

CY£

0.856

US$

2.001

CHF

2.418

CAN$

2.116

AUS$

2.383

Comments:  The Consumer Price Inflation figure for July was announced this morning and was 1.9%. This surprised the market and is below the Bank of England’s target rate of 2%. The immediate reaction from the market was to mark down sterling as the need for any further interest rate increases may now be negated. The credit crunch continues with the Fed and the European Central Bank having to add much needed liquidity to the markets. The flight to safe haven assets continues which means that sterling continue to suffer.

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!


SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted August 10th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 10th August 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 10th August 2007
 

Currency
Rate Last
Week
Rate This
Week
EURO
1.487
1.477
CY£
0.863
0.858
US$
2.035
2.020
CAN$
2.151
2.133
AUS$
2.377
2.393
NZD
2.653
2.712

CHF

2.469
2.415

ZAR(Rand)

14.388
14.482

Charles’s Thoughts:  Sterling had a strange start to the week losing a cent and half against the Euro very first thing Monday morning. The explanations as to why the sudden movement happened have been somewhat limited especially given the lack of sterling negative news over the weekend. At the same time, there was a rapid decline in the US$ against the Euro. There has been a partial recovery in sterling during the course of the week but it would seem that sterling is now being identified as a high risk rather than a safe haven asset and, as such, is moving in line with the US$ dollar against the Euro. The flight to safety has been brought about by high volatility in the equity markets and the credit crunch in the debt market which are making investors very nervous.

The US$ has made gains against sterling. Certainly the US$ is under pressure against the Euro but sterling suffers from a lot of the same problems [i.e. the UK has an extended mortgage market, budget and balance of payment deficits and poor retail figures for July] that are inflicting pain on the US$. There is a view that we could be seeing a significant improvement in the US$ against sterling but I expect that, at best, to be a few months away.

It was only a couple of weeks ago that the Euro pushed up to towards Euro 1.50. At one stage, at the start of the week, we were close to Euro 1.465. The ECB has made it clear that interest rates will be increased next month by 0.25%. Even though the Euro is very strong against the US$, the German economy is still growing and, as the economic powerhouse of Europe, it means that Euro land is on the up. The strengthening of the Euro against the US$ and sterling was much quicker than anyone could have forecast and we wait to see if it can be sustained.

The commodity based currencies such as the Canadian $, South African Rand and Australian $ and the high interest rate currencies such as the New Zealand $ have been in the firing line for the last couple of weeks given the instability in equity and debt markets. Until a bit of stability returns, further weakness is expected, especially for the latter three.

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: “Thank you for your friendly, speedy and efficient service, no fuss and the job done, your excellent service gave us one less thing to worry about. Thank you again.” Mr & Mrs S. Lillick (Eastbourne)

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!


SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
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 August 9th, 2007 by Charles Purdy

Smarts Daily Currency Note – 9th August 2007

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

Currency

Rate

EURO

1.477

CY£

0.857

US$

2.039

CHF

2.435

CAN$

2.137

AUS$

2.356

Comments:  The Bank of England quarterly inflation report released yesterday indicted that a further increase in UK interest rates of 0.25% was more than likely required in order to keep the inflation rate within the target range over the next two years. This has given a short term boost for sterling with it gaining a cent against the US$ and half a cent against the Euro.

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
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 August 8th, 2007 by Charles Purdy

Charles@SmartCurrencyExchange.com

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

Currency

Rate

EURO

1.470

CY£

0.854

US$

2.017

CHF

2.417

CAN$

2.130

AUS$

2.352

Comments:  Sterling is still under pressure. Poor retail figures for July didn’t help yesterday although I think given the bad weather and floods it would have been difficult to have had good figures! This has made the likelihood of a UK interest rate rise in the short term unlikely. The volatility in the market has clearly hit sterling hard and as mentioned yesterday sterling seems to be viewed by the market as a high risk asset and not a safe haven asset. This could all change if UK interest rates are or look likely to be increased.

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
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 August 7th, 2007 by Charles Purdy

Smarts Weekly Currency Report – 7th August 2007

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

Currency

Rate

EURO

1.469

CY£

0.854

US$

2.025

CHF

2.414

CAN$

2.140

AUS$

2.366

Comments:  Since Monday morning first thing sterling has lost over a cent and a half against the Euro and continues to weaken. Why is this? No obvious reason when you look at sterling. No cataclysmic announcements that would have caused such a rapid movement. The cause seems to be down to the strength of the Euro. It has hit new highs against the US$ and it would seem that over the course of a weekend that investors have switched their allegiance en masse to safe have assets such as the Swiss Franc and the Euro.

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
GB

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

To update your contact information:
Update

Posted August 3rd, 2007 by Charles Purdy

Smarts Weekly Currency Note – 3rd August 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 3rd August 2007
 

Currency
Rate Last
Week
Rate This
Week
EURO
1.488
1.487
CY£
0.864
0.863
US$
2.030
2.035
CAN$
2.145
2.151
AUS$
2.364
2.377
NZD
2.633
2.653

CHF

2.458
2.469

ZAR(Rand)

14.320
14.388

Charles’s Thoughts:  The Bank of England held UK interest rates at this weeks meeting. This was no surprise given the BOE increased rates at their last meeting, that we have had significant volatility in the equity markets and the major floods in certain parts of the UK in the last month or so. Sterling is still holding its own and the market expects that we will see at least one further increase in UK interest rates by Christmas.

The US$ has enjoyed [if that is the right word] a period of stability holding its own around the 2.03 level. The problems with the sub prime loans are beginning to reach far and wide. Last week the equity markets were rattled. This week the private equity buy outs are finding the credit markets very difficult. Loans are either very expensive or impossible to put in place. Strangely this has been of benefit to the US$ as it has meant a flight to safety. Not quite sure why the US$ is included but some people seem to be able to “gloss over” the US balance of payment and budget deficits. I still believe that the US$ is going to be under pressure for a while yet.

The European Central Bank kept Euro land interest rates on hold this week but come September the markets expect interest rates to be raised by at least 0.25%. This will support the Euro short term. However the Euro is still very strong against the US$ which is hurting Euro land exporters and as such we can expect pressure on the ECB to moderate their increases in interest rates. In fact France has been very vocal in wanting interest rates to be reduced.

The commodity based currencies such as the Canadian $, South African Rand and Australian $ and the high interest rate currencies such as the new Zealand $ have been in the firing line for the last couple of weeks given the instability in equity and debt markets. Until a bit of stability returns further weakness is expected.

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: “Thank you for your friendly, speedy and efficient service, no fuss and the job done, your excellent service gave us one less thing to worry about. Thank you again.” Mr & Mrs S. Lillick (Eastbourne)

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
GB

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

To update your contact information:
Update

Posted August 2nd, 2007 by Charles Purdy

Smarts Daily Currency Note – 2nd August 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 2nd August 2007
 

Currency

Rate

EURO

1.486

CY£

0.860

US$

2.030

CHF

2.444

CAN$

2.146

AUS$

2.378

Comments:  The strife in the equity markets is still centre stage and as such the exchange rates are moving in fairly narrow ranges. The problems with the US sub prime loans are proving to have a very long reach. Debt funding for the mega deals are proving difficult or expensive to secure. Safe haven currencies are likely to benefit such as the Yen and the Swiss franc.

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
GB

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

To update your contact information:
Update

Posted August 1st, 2007 by Charles Purdy

Smarts Daily Currency Note – 1st August 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 1st August 2007
 

Currency

Rate

EURO

1.482

CY£

0.858

US$

2.023

CHF

2.429

CAN$

2.160

AUS$

2.384

Comments:  The markets are still trying to digest the fallout from last weeks equity crash. No major movement for sterling against either the Euro or the US$ over the last 24 hours. However sterling has staged a mini recovery against the commodity currencies of the Aus$, South African Rand and the Can$.

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!


Smart

1 Hammersmith Grove
London, London
W6 0NB
GB

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

To update your contact information:
Update

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