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Posted October 16th, 2007 by Charles Purdy

Smarts Daily Currency Note – 16th October 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 16th October 2007


Currency

Rate

EURO

1.436

CY£

0.835

US$

2.040

CHF

2.410

CAN$

1.992

AUS$

2.266

Comments:  Sterling potters along. We are in a narrow range against the Euro and we are close to lows against the Canadian and Australian dollars. Difficult to see, subject to another “Northern Rock” type of incident, much further downside for sterling in the short term. Therefore seems like a good time to bring back these particular type of funds back to the UK. The US$ continues to hover around 2.04 and difficult to see any real strengthening 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 October 12th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 12th October 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 12th October 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.443
1.435
CY£
0.837
0.834
US$
2.040
2.034
CAN$
2.005
1.980
AUS$
2.271
2.251
NZD
2.676
2.626

CHF

2.403
2.411

ZAR(Rand)

13.997
13.736

Charles’s Thoughts:  Sterling didn’t have a great week losing a little bit of ground against most currencies. No clear reason why this should have been the case and I think it was more likely a situation of better news elsewhere. The UK housing market seems to be slowing which will affect consumer confidence. We also wait for the minutes of the Bank of England minutes which will, hopefully, give a clearer picture of how they view the economy, inflation and interest rates. I suppose we should be pleased that there have been no further “Northern Rocks” this week.

The US$ benefited from a reduction in the US balance of payments deficit which indicated a pick up in exports. This isn’t surprising given how the US$ has weakened against the Euro. The Fed is still worried about inflation and therefore will need to ensure that interest rates are not reduced too quickly. I still don’t expect a major upside for the US$ short to medium term.

The Euro continues to benefit from strong economic data and not just from Germany. French industrial data has been good. It has to be remembered that a lot of exports head east rather than west. The economies of India, Russia and China are all on the up and as such imports from Euro land are not, at this stage, being unduly influenced by what is happening to the US$/Euro exchange rate. The euro is likely to have the upper hand for a while and seems like a good time to bring funds back.

The commodity backed currencies have all gained. The mineral markets continue to boom and as such their economies are benefiting enormously. The Canadian $ has pushed down through C$2 and is moving towards C$1.95. However, it will be very difficult for the Canadian $ to go much further.

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: “Professional and dependable service. Takes all the worry and stress out of the currency transfers. Once we make the call we can relax! Thank you.” David & Margaret Owen, Manchester

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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Posted October 11th, 2007 by Charles Purdy

Smarts Currency Note – 11th October 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 11th October 2007

Currency

Rate

EURO

1.436

CY£

0.835

US$

2.037

CHF

2.404

CAN$

1.996

AUS$

2.261

Comments:  Sterling’s gain against the Euro has been short lived. Economic data out of Euro land over the last couple of days has been positive and indicates that, as yet, the strong Euro has had limited affect on Euro land exports. I suspect we will see limited upside for sterling 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.



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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To update your contact information:
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Posted October 10th, 2007 by Charles Purdy

Smarts Daily Currency Exchange – 10th October 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 10th October 2007

Currency

Rate

EURO

1.445

CY£

0.839

US$

2.040

CHF

2.413

CAN$

2.000

AUS$

2.270

Comments:  Interesting day yesterday. The Fed meeting minutes were released which related to the 0.5% cut in the US interest rates. The Fed were concerned about the credit crunch and the US economy, hence the 0.5% cut in interest rates, but at the same time they are concerned about the effect a depreciating dollar would have on inflation which if increasing would mean that interest rates could rise or at best would stay on hold. So no clear direction for US interest rates. Here in the UK we had the Chancellors pre budget report. More smoke and mirrors from the Government. The headlines looked good but the reality will be that the gains we make are minimal. However, the Chancellor did downgrade growth forecasts for next year which didn’t help sterling. With regard to Euro land, German and French industrial production and trade data indicated that exports were not being unduly damaged from the strong Euro. May be too early to say this definitively but Euro land does export more product east than west. Still feels like a godd time to bring Euros back.

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:
Cancel

To update your contact information:
Update

Posted October 9th, 2007 by Charles Purdy

Smarts Daily Currency Note – 9th October 2007

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

Currency

Rate

EURO

1.448

CY£

0.840

US$

2.033

CHF

2.413

CAN$

2.010

AUS$

2.275

Comments:  Sterling is creeping up against the Euro. UK manufacturing output data was stronger than expected for September which gave sterling a slight fillip. Euro land is still finding that the strong Euro is making exports less competitive and for the less efficient manufacturing countries this is causing a problem. However don’t expect a major weakening in 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.



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:
Cancel

To update your contact information:
Update

Posted October 5th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 5th October 2007

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 5th October 2007

Currency
Rate Last
Week
Rate This
Week
EURO
1.434
1.443
CY£
0.830
0.837
US$
2.041
2.040
CAN$
2.034
2.005
AUS$
2.303
2.271
NZD
2.694
2.676

CHF

2.381
2.403

ZAR(Rand)

14.048
13.997

Charles’s Thoughts:  Sterling has had a steady week against the Euro and the US$ but lost ground against the commodity backed currencies of Canada and Australia. The Bank of England met this week and UK interest rates were kept on hold. This was as expected. The trouble with the BOE is that it takes a couple of weeks for the minutes of the meeting to be released which means that we are unsure how the 9 members voted and unclear on how they view the current economic climate. Are they still worried about inflation or are they worried about the economy slowing too quickly? We will have to wait and see. Thankfully there has been no further fall out from Northern Rock Bank.

The US$ has hovered around the US$2.04 level. Relatively good news today with US non farm employment figures being above expectations for September. July and August figures were also revised upwards. This is being taken as an indication that a possible US recession is unlikely. However, one of the major problems for the US is that the US deficit is being funded by short term money and as such very susceptible to liquidity problems. The reduced US interest rates have compounded the problem.

The Euro has continued to weaken albeit slightly. The European Central Bank kept the Euro interest rates on hold. This was as expected but unlike the BOE they do “talk” to the market at the same time as making the announcement. The language used by the ECB has led the market to believe that Euro interest rates are unlikely to be raised in the next few months if at all. Also there has been a lot of talk in the press about the strength of the Euro relative to the US$ really beginning to hurt Euro land exporters. Difficult to assess the effect overall but again it supports the view that Euro land interest rates are on hold for a while. Still feels like a good time to bring back funds to the UK

The commodity backed currencies of Canada and Australia gained against sterling as their respective economies showed themselves to be robust and on the up. However I suspect there is not much further upside as we are close to long term highs.

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: “Professional and dependable service. Takes all the worry and stress out of the currency transfers. Once we make the call we can relax! Thank you.” David & Margaret Owen, Manchester

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:
Cancel

To update your contact information:
Update

Posted October 4th, 2007 by Charles Purdy

Smarts Daily Currency Note – 4th October 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 4th October 2007

Currency

Rate

EURO

1.440

CY£

0.836

US$

2.030

CHF

2.393

CAN$

2.029

AUS$

2.300

Comments:  Today is the day that the Bank of England and the European Central Bank meet and make their announcements on interest rates. It is expected that both will keep their respective interest rates on hold. Any different will be a surprise. What will be of importance is their respective views on future interest rates. For the BOE we will have to wait until the minutes of the meeting are released in a couple of weeks time. For the ECB it will be more instantaneous as they will give an indication today.

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:
Cancel

To update your contact information:
Update

Posted October 3rd, 2007 by Charles Purdy

Smarts Daily Currency Note – 3rd October 2007

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

Currency

Rate

EURO

1.440

CY£

0.836

US$

2.041

CHF

2.397

CAN$

2.033

AUS$

2.294

Comments:  Sterling continues to make small gains against the Euro. Nothing major but helpful for those having to buy Euros short term. Still difficult to see much upside for sterling short term but we do have the Bank of England and the European Central Bank meeting tomorrow and there announcements on their respective interest rates will be watched carefully. Both are expected to keep interest rates on hold so any different will be a surprise. Also any indication for future interest rate movements will be looked for.

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:
Cancel

To update your contact information:
Update

Posted October 2nd, 2007 by Charles Purdy

Smarts Daily Currency Note – 2nd October 2007

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

Currency

Rate

EURO

1.435

CY£

0.833

US$

2.037

CHF

2.388

CAN$

2.030

AUS$

2.311

Comments:  Sterling has gained slightly against the Euro. Economic news out of Euro land shows that the strong Euro is beginning to hurt Euro land exporters. This is hardly surprising given the significant appreciation of the Euro against sterling but more importantly against the US$. The ECB meets later this week and it is now expected that they will keep the Euro interest rates on hold. Previously they had expected to increase interest rates. Also the Bank of England meets this week and although there is a possibility of an interest rate cut given the credit crunch and the Northern Bank debacle the expectation is that they will keep UK interest rates on hold.

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:
Cancel

To update your contact information:
Update

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