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Posted November 14th, 2007 by Charles Purdy

Smarts Daily Currency Note – 14th November 2007

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


Currency

Rate

EURO

1.417

CY£

0.823

US$

2.076

CHF

2.334

CAN$

1.983

AUS$

2.297

Comments:  Sterling in my view is oversold against the Euro. The UK has some serious problems but the problems of Euro land should not be underestimated either. Inflation figures for the UK came in over the magical 2% yesterday at 2.1% and therefore any reduction in UK interest rates any time soon is unlikely. The US$ began to lose ground again as the US markets returned from their Monday off.

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 November 13th, 2007 by Charles Purdy

Smarts Daily Currency Note – 13th November 2007

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

Currency

Rate

EURO

1.413

CY£

0.822

US$

2.066

CHF

2.323

CAN$

1.976

AUS$

2.316

Comments:  Sterling is making some strange gyrations. The US$ hit 26 year lows against sterling last week and then it regained nearly 5 cents over the course of the next couple of days. Then we had the Euro hitting three year highs against sterling. This is all on the back of worries on the UK economy; weakening house prices and sale volumes and poor retail figures. The US sub prime problems seem to be growing rather than being under control and as such the financial institutions that have exposure to these debts are under extreme pressure. The US$ and sterling are likely to be under pressure for a while yet. Good time to bring funds back to the UK.

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 November 10th, 2007 by Charles Purdy

Smarts Weekly Currency Note – 9th November 2007

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.438
1.426
CY£
0.836
0.831
US$
2.083
2.092
CAN$
1.948
1.971
AUS$
2.260
2.294
NZD
2.733
2.735

CHF

2.406
2.350

ZAR(Rand)

13.716
13.858

Charles’s Thoughts:  Sterling had a mixed week losing ground against the Euro but gaining against other currencies such as the US$ and the high interest rate currencies such as the Australian $. The Bank of England kept UK interest rates on hold which was expected and we now wait for the minutes of the meeting to see what the emphasis of the meeting was and how close the vote was for keeping or reducing UK interest rates. UK data including house prices and trade figures were on the weak side and as such were a driver in the fall of sterling against the Euro. A lot of UK economic information out this coming week which will make interesting reading with regards to inflation as this will be a significant driver for UK interest rates.

The US$ continues to be under pressure. The balance of payments deficit reduced for the first time in a long while which indicates the weaker US$ is increasing US exports. However, this “good” news was overwhelmed by the continued market nervousness with regard to further fallout from the credit crunch. The US economy is also slowing and growth [if any] is being downgraded for next year. Not a great situation for the US$ and there seems to a total loss of faith. We even touched US$2.11/£1 last week. There may be short term gains for the US$ as rapid movements tend to see pull backs but the trend is one way and that is for US$ weakening.

The euro is still top dog. The European Central bank kept euro interest rates on hold and the market expects this to be the case for a while as the ECB battles inflation being over target and a strong exchange rate which dampens exports. However, the strong euro has increased the downside risks to growth significantly and as such there will be a moment in time when the other currencies become stronger but don’t expect this any time soon. Still a good time to bring Euros back.

The commodity and high interest rate countries suffered a pull back this week but it would be difficult to infer that this is the start of a reversal in their fortunes. But the commodity boom is likely to go on for a while and as such we should assume their currencies will benefit from this boom.

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: “Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again” John Derek Thompson

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 November 8th, 2007 by Charles Purdy

Message created 11/8/2007 3:47:44 AM

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

Currency

Rate

EURO

1.434

CY£

0.834

US$

2.102

CHF

2.378

CAN$

1.958

AUS$

2.277

Comments:  The US$ is still suffering as the sub prime loan problem grows and ever larger and more mind boggling amounts are written off. The pressure is on the Fed to try and avoid the “slowdown” becoming a recession. The main [and perhaps only] tool they have at their disposal is reducing the interest rate. This of course will lead to further pressure on the US$. Sterling awaits the Bank of England announcement on interest rates. The only certainty is that they will not be increased. The expectation is that UK interest rates will be kept on hold but there is a reasonable possibility of a reduction. Sterling would lose its momentum if UK interest rates were reduced.

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 November 7th, 2007 by Charles Purdy

Smarts Daily Currency Note – 7th November 2007

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

Currency

Rate

EURO

1.431

CY£

0.833

US$

2.094

CHF

2.385

CAN$

1.909

AUS$

2.237

Comments:  The credit squeeze continues to cause problems. We are seeing great uncertainty and this is causing problems for the US$ and to a lesser extent for sterling. Commodity backed currencies such as the Canadian $ and Australian $ are benefiting. Also the Euro is benefiting given that Euro land economic fundamentals are better than either the US or the UK.

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 November 6th, 2007 by Charles Purdy

Smarts Daily Currency Note – 6th November 2007

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

Currency

Rate

EURO

1.436

CY£

0.836

US$

2.084

CHF

2.396

CAN$

1.940

AUS$

2.258

Comments:  Rising uncertainty within the financial system as greater write offs of poor performing debts are expected. Although the problems originate in the US they are spread world wide through the use of credit derivatives. The UK has experienced a slow down with the Purchasing Managers Index for October falling. This may well mean that the Bank of England meeting later this week will be more inclined to cut UK interest rates than previously thought. Hence a bit of weakness in sterling yesterday.

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 November 2nd, 2007 by Charles Purdy

Smarts Weekly Currency Note – 2nd November 2007

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.426
1.438
CY£
0.830
0.836
US$
2.052
2.083
CAN$
1.975
1.948
AUS$
2.240
2.260
NZD
2.683
2.733

CHF

2.400
2.406

ZAR(Rand)

13.333
13.716

Charles’s Thoughts:  Sterling did okay this week. Various members of the Bank of England made comments that the UK was suffering a slowdown rather than anything worse [at this time] and this has led the market to believe that any UK interest rate cuts are unlikely until next year. This has lent some support to sterling which has gained against nearly every currency apart from the all conquering Canadian $. Although the UK housing market is less robust than it was, house prices “apparently” increased in September. I am slightly sceptical about these figures but it does indicate that we are not in the same dire straights that the US finds itself in.

The US$ has lost a lot of ground this week. Economic data has been poor with consumer confidence beginning to slip. The Fed cut interest rates by 0.25% but did state that inflation continues to be of concern. As such further US interest rate cuts are considered unlikely short term. We are also hearing rumours about further possible and significant write offs relating to housing loans which is making the market nervous. Listed US financial institutions have seen significant reductions in their values. Until we see interest rate cuts elsewhere the US$ is unlikely to make gains short term.

The Euro lost a bit of ground. Euro land interest rates are unlikely to be reduced any time soon especially as inflation is sitting at 2.6%. However, the Euro land economy is being squeezed and we are unlikely to see any increases in Euro land interest rates. Euro land was slowest to increase interest rates and is likely to be the slowest to reduce them! Still a good time to repatriate your US$’s

The Canadian $ is hitting all time highs against the US$ and sterling. People don’t realise how rich a country Canada is with incredible mineral wealth. Exports are growing and ports on the west coast are being expanded to cut 1 or 2 day off shipping times to China! Who knows where the Canadian $ will stop…

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: “Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again” John Derek Thompson

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:
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Posted November 1st, 2007 by Charles Purdy

Smarts Daily Currency Note – 1st Novemeber 2007

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

Currency

Rate

EURO

1.440

CY£

0.837

US$

2.078

CHF

2.415

CAN$

1.966

AUS$

2.236

Comments:  Yesterday the Fed reduced US interest rates by 0.25%. This was much as expected. At the same time they were quite clear that inflation was still of concern and as such the market believes US interest rates will not change for a while. In the UK, house prices apparently grew by 1.1% in October. This has led the UK market to believe that UK interest rates will be held at least until the end of the year. Euro land consumer price inflation was 2.6% in October and as such we are unlikely to see any change in Euro land interest rates for the foreseeable future. The immediate effect of the US interest rate reduction was the US$ lost ground but with the belief that US interest rates will not change any time soon it has started to regain lost ground. Sterling has also shown a bit of strength 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!



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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