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Posted February 13th, 2008 by Charles Purdy

Smarts Daily Currency Note – 13th February 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 13th February 2008


Currency

Rate

EURO

1.344

US$

1.955

CHF

2.159

CAN$

1.957

AUS$

2.179

Comments:  Sterling held its ground yesterday. UK consumer price inflation came in below expectations which the market believes UK interest rate cuts are still on the cards. German business confidence although still weak showed a rebound from previous lows.

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 February 12th, 2008 by Charles Purdy

Smarts Daily Currency Note – 12th February 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 12th February 2008

Currency

Rate

EURO

1.344

US$

1.954

CHF

2.153

CAN$

1.958

AUS$

2.161

Comments:  Sterling gained a bit of ground yesterday. UK producer output prices [i.e. the cost of goods as they leave the factory] rose in January by 1% which was more than twice the expected amount. Also input prices [the cost of goods entering the factory] soared by 2.6% in the month of January alone. Inflationary pressures are quite clearly at work in the UK economy which makes rapid cuts in UK interest rates unlikely hence the support for sterling.

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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Posted February 8th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 8th February 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 8th February 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.329
1.339
US$
1.969
1.945
CAN$
1.958
1.938
AUS$
2.182
2.176
NZD
2.483
2.471
AED
7.225
7.140

CHF

2.136
2.148

ZAR(Rand)

14.589
15.180

Charles’s Thoughts:  Sterling held the middle ground this week. The Bank of England reduced UK interest rates by 0.25% which was as expected. The UK economy continues to suffer with weakening demand and continued disruption to the financial markets. UK manufacturing output fell in December which was contrary to expectations. However, inflation continues to exceed the target of 2.0% which makes rapid cuts in UK interest rates unlikely. The next UK interest rate reduction of 0.25% is being forecast for April.

Even though the economic news continues to be poor out of the US, the market view seems to be that the bad news is already in the exchange rate. Hence we have seen gains for the US$ against both sterling and the Euro. I must admit I do wonder if all the bad news that may come out in the following months is fully priced in. The credit crunch still has a way to run and we only just seeing unemployment numbers increase as a US recession begins to bite. May still be better times to buy US$’s.

The European Central Bank kept Euro land interest rates on hold. This again was as expected. However the hawkish tone of the previous announcement with inflation being a major worry was replaced by notes of caution on the Euro land economy arising from financial turbulence and a slow down in the economies of major trading partners. Another chink in the Euros armour and we may see talk of cuts in Euro land interest rates sooner than expected. However it still will not happen quickly.

Strength for a number of commodity backed currencies. The world, especially China, still needs commodities and this will act as a support for their respective currencies for the foreseeable future. Canada and Australia are significant beneficiaries.

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

© 2005-2008 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 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 February 7th, 2008 by Charles Purdy

Smarts Daily Currency Note – 7th February 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 7th February 2008

Currency

Rate

EURO

1.339

US$

1.958

CHF

2.152

CAN$

1.972

AUS$

2.190

Comments:  Today is the day we get the announcement from both the Bank of England and the European Central Bank on their respective interest rates. The BOE is expected to cut UK interest rates and the ECB keep Euro interest rates on hold. The economic news out of the US continues to be poor but given the market is expecting bad news and given the cuts in US interest rates already made the US$ is strengthening on the basis that the only way is up. Is bad news priced into the Euro? The market is beginning to think not and as such the Euro could be susceptible to weakening as and when the news flow from Euro land becomes more bearish. This could be positive for sterling 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

© 2005-2008 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:
Cancel

To update your contact information:
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Posted February 6th, 2008 by Charles Purdy

Smarts Daily Currency Note – 6th February 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 6th February 2008

Currency

Rate

EURO

1.339

US$

1.958

CHF

2.149

CAN$

1.976

AUS$

2.192

Comments:  Some more signs that the Euro land economy is suffering. In January, the services purchasing managers index fell significantly with Germany, Italy and Spain suffering the most. Interesting to see Germany in this list. This led to weakness in the Euro with the US$ being the main beneficiary. The European Central Bank meet tomorrow and we wait to see if the language that accompanies the announcement on interest rates, which are expected to be kept on hold, is less focused on inflation and more on the economy.

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:
Cancel

To update your contact information:
Update

Posted February 5th, 2008 by Charles Purdy

Smarts Daily Currency Note – 5th February 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 5th February 2008

Currency

Rate

EURO

1.333

US$

1.968

CHF

2.161

CAN$

1.968

AUS$

2.169

Comments:  Sterling awaits the Bank of England’s pronouncement on UK interest rates on Thursday. UK inflation is forecast to be above target but at the same time the UK economy is suffering. As noted previously a difficult balancing act for the BOE and the only tool it seems to have at its disposal is controlling interest rates. The market fully expects a cut in UK interest rates of 0.25%. Anything else would be a surprise.

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:
Cancel

To update your contact information:
Update

Posted February 1st, 2008 by Charles Purdy

Smarts Weekly Currency Note – 1st February 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 1st February 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.348
1.329
US$
1.982
1.969
CAN$
1.998
1.958
AUS$
2.242
2.182
NZD
2.565
2.483
AED
7.275
7.225

CHF

2.173
2.136

ZAR(Rand)

14.086
14.589

Charles’s Thoughts:  Sterling had been doing okay until today when it lost ground against most currencies. It seems to have been a culmination of the weeks woes; bad housing figures, inflation forecast to be over 3% [target is 2%] plus the fact that the market expects the Bank of England to cut UK interest rates next week. The BOE have a very difficult job with greater than expected inflation forecast and the fear of recession. We wait to see if this weakness continues next week as we approach the BOE meeting on Thursday and the announcement on interest rates.

The Fed cut US interest rates by 0.5%. A total cut in US interest rates of 1.25% in just over a week. Avoiding recession in the US is top of the Fed’s agenda. US unemployment rose in January. Inflation is “expected” to fall and therefore viewed as a sideshow. We wait to see if the Fed manages to avoid recession. Further cuts in US interest rates are a real possibility.

The view on the euro is still positive. The European Central Bank is expected to keep Euro land interest rates on hold as it fights inflation and the economic position is viewed as being strong especially when compared to the UK and the US. I still have difficulty being convinced that this is the case for all of Euro land but for the short term I see very little to shake this widely held belief.

Sterling lost ground against everything apart from the South African rand. South Africa has major problems in supplying electricity to industry and as such its economy will suffer especially the mining of commodities.

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

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