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Posted January 15th, 2008 by Charles Purdy

Smarts Daily Currency Note – 15th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 15th January 2008


Currency

Rate

EURO

1.320

US$

1.960

CHF

2.214

CAN$

1.995

AUS$

2.178

Comments:  No rays of sunlight for sterling at the moment. Sentiment is still very negative for both sterling and the US$ as the market believes both sets of economies are heading for recession. Not really a surprise given the excesses of the last few years built on cheap credit given rise to an asset bubble. Having said that I don’t believe all of Europe is going great guns especially Ireland and Spain who have “enjoyed” similar excesses.

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

© 2005-2008 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 January 11th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 11th January 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 11th January 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.336
1.324
US$
1.973
1.957
CAN$
1.973
1.997
AUS$
2.259
2.189
NZD
2.571
2.489
AED
7.243
7.186

CHF

2.181
2.157

ZAR(Rand)

13.579
13.348

Charles’s Thoughts:  Sterling continues to be friendless. The Bank of England kept UK interest rates on hold. The BOE have a difficult balancing act. The economy is suffering but inflation is on the up. We have seen sterling lose 10% plus against the Euro in a very short period in time. This will help make our exports more competitive. However at the same time it makes our imports more expensive thereby adding to the inflationary pressures. Retail figures have been mixed. M&S had a poor Christmas whereas Sainsbury and John Lewis seemed to do well. Also the credit crunch continues to be a problem with banks still wary in lending to each other. So overall not a happy situation which will take a while to work through. So we wait to see where the bottom is for sterling.

The US$ continues to gain against sterling and lose against most other currencies. The US has very similar problems to the UK with large budget and balance of payment deficits and an interest rate that will be reduced significantly this year. What they will do relative to each other is difficult to assess but the market probably errs on the side of the US$ given how much it weakened against sterling last year.

The euro is all conquering given the sorry state of sterling and the US$. The European Central Bank kept interest rates on hold and have made it clear that they will not be reducing interest rates any time soon as inflation is their major concern. It is thought very unlikely the ECB will increase interest rates given the parlous state of western economies. Euro land exports must be suffering but as yet this does not seem to be a major factor in the ECB’s thinking.

Sterling seems to have lost ground against most currencies apart from the Canadian $. This seems to be on the back of the market expecting Canadian interest rates to be cut following domestic building permits coming in below expectations.

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 January 10th, 2008 by Charles Purdy

Smarts Daily Currency Note – 10th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 10th January 2008

Currency

Rate

EURO

1.332

US$

1.955

CHF

2.219

CAN$

1.976

AUS$

2.219

Comments:  Sterling suffered as M&S’s Christmas trading sent a shiver through the market. The market thought that this increased the pressure on the Bank of England to reduce UK interest rates today. We wait to see if this turns out to be fact. Also the European Central Bank meets today but the market is unanimous in expecting the ECB to keep euro land interest rates at current levels.

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

© 2005-2008 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 January 9th, 2008 by Charles Purdy

Smarts Daily Currency Note – 9th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 9th January 2008

Currency

Rate

EURO

1.338

US$

1.971

CHF

2.192

CAN$

1.977

AUS$

2.231

Comments:  Sterling ended up weakening yesterday as the uncertainty over what the Bank of England will do to UK interest rates tomorrow continues. Expectations are for a cut as the UK economy is suffering but inflation is still a problem. So we wait for tomorrows BOE descision.

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

© 2005-2008 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 January 8th, 2008 by Charles Purdy

Smarts Daily Currency Note – 8th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 8th January 2008

Currency

Rate

EURO

1.346

US$

1.980

CHF

2.211

CAN$

1.980

AUS$

2.253

Comments:  There is still despondency surrounding sterling and although we have seen a strengthening in sterling this morning it is only slight. The Bank of England and the European Central Bank meet on Thursday and the market awaits their announcement on their respective interest rates. The ECB is expected to hold the Euro interest rate but the market is uncertain what if any change the BOE is going to make to sterling interest rates.

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

© 2005-2008 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 January 4th, 2008 by Charles Purdy

Smarts weekly currency note – 4th January 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 4th January 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.380
1.336
US$
1.985
1.973
CAN$
1.973
1.973
AUS$
2.287
2.259
NZD
2.588
2.571

CHF

2.292
2.181

ZAR(Rand)

13.940
13.579

Charles’s Thoughts:  Sterling seems to have no friends. Has Gordon Brown finally been found out? The UK has both a balance of payment and a budget deficit both of which need to be funded. With UK interest rates falling this is proving to be somewhat difficult and it is very difficult to gauge where the bottom is for sterling against certain currencies, especially the Euro. Christmas retail sales have been mixed at best, the housing market is suffering and the credit crunch is still of concern. The markets have started to think that UK interest rates may fall by as much as 1% this year. Only a short while ago the market was predicting a reduction of 0.5%.

The US$ has been steady over the Christmas period. Similar to the UK the US has significant economic problems to overcome and like the UK, the US interest rates are expected to fall. So although the US$ may hold its own against sterling it will have difficulty against other currencies. The markets are of the view that sterling will have difficulty in gaining any ground against the US$.

The Euro is still very much the preferred currency. It has gained over 10% against sterling since this time last year. Over the Christmas period the Euro gained four cents against sterling. Inflation continues to be of concern to the European Central Bank and so any cuts in Euro interest rates are very unlikely short to medium term. In fact the market wonders if Euro interest rates will be increased given the ECB’s concerns over inflation. But the Euro land economies are not a bed of roses and are not immune to problems elsewhere. Euro land exports are becoming expensive and uncompetitive. I don’t know where the bottom is for sterling against the Euro but even with sterling’s problems the fall in sterling against the Euro will not go on for ever.

As noted above sterling is fairly friendless. Certain currencies have not made significant gains against sterling as there is a risk aversion to high interest rate currencies such as the New Zealand dollar.

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:
Update

Posted January 3rd, 2008 by Charles Purdy

Smarts Daily Currency Note – 3rd Janaury 2007

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 3rd January 2008

Currency

Rate

EURO

1.343

US$

1.976

CHF

2.207

CAN$

1.962

AUS$

2.244

Comments:  Sterling is still friendless. Uncertainty over the UK economy and extent of interest rate cuts means that most other currencies are preferred. Even the US$ gained against sterling yesterday even though US manufacturing activity contracted last month. Very difficult to forecast where the bottom is for sterling against the Euro as we are in unchartered territory and the European Central Bank continues to hold interest rates.

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 January 2nd, 2008 by Charles Purdy

Smarts Daily Currency Note – 2nd January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 2nd January 2008

Currency

Rate

EURO

1.353

US$

1.983

CHF

2.236

CAN$

1.963

AUS$

2.251

Comments:  Sterling seems to have no friends. Has Gordon Brown finally been found out? Budget and balance of payment deficits that mean we have to find funds from elsewhere and now that UK interest rates are falling, it is a struggle to find those funds. I wonder where the bottom is for sterling against the Euro as we are in unchartered territory.

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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