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Posted April 15th, 2008 by Charles Purdy

Smarts Daily Currency Note – 15th April 2008

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


Currency

Rate

EURO

1.244

US$

1.971

CHF

1.966

CAN$

2.013

AUS$

2.125

Comments:  Sterling continues to suffer weakness. No good news to speak of. Economic conditions are deteriorating which means that further cuts in UK interest rates are more than likely. This is even on the back of a 20% plus increase in UK input price inflation [yes, industries costs have increased by 20% on the back of the weakening sterling and increasing commodity prices]. So no 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

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

Smarts Weekly Currency Note – 11th April 2008

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.268
1.245
US$
1.992
1.971
CAN$
2.009
2.014
AUS$
2.161
2.122
NZD
2.525
2.481
AED
7.316
7.244

CHF

2.010
1.965

ZAR(Rand)

15.621
15.445

Charles’s Thoughts:  No joy for sterling this last week. The Bank of England cut UK interest rates by 0.25% which was as expected. However from the announcement which accompanied the cut the BOE warned that the credit problems were beginning to effect more than just the financial market. So where to from here. I suspect further weakness for sterling.

A quiet news week for the US$. Gained a bit of ground against sterling which was on the back of the UK interest rate cut. The markets see many similarities between the US and the UK economies. Housing market falling, heavily indebted consumers and balance of payment deficits. However the US has cut rates aggressively which suggests to the market that the US may be nearer the start of recovery. This may be slightly perverse but does have logic.

The € continues to hit highs against the US$ and sterling. Euro land economic conditions in Germany, France, Belgium and the Netherlands continue to prosper whereas Spain and Italy are less than rosy. However the former are having the greater influence with the European Central Bank keeping € interest rates on hold this week and there is very little possibility in a reduction short term. So the € maintains its short term “safe haven” status.

On the whole the commodity and high yielding currencies gained against sterling. Only the Canadian $ lost ground.

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: “…This is just to say that I have been really happy with your service through Carl Hasty, the transfers went really well, really efficient and above all speedy and Carl was very prompt and offered excellent service. The receiving lawyer and vendor were very impressed with how it all went. I have already verbally been telling friends and family about your service and am more than happy to give out your business cards…I look forward to continuing business with your company.” Cheryl Parker, Kent

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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Posted April 9th, 2008 by Charles Purdy

Smarts Daily Currency Note – 9th April 2008

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

Currency

Rate

EURO

1.252

US$

1.968

CHF

1.993

CAN$

1.996

AUS$

2.119

Comments:  Sterling continues to get hit from all sides. We see house prices falling, the International Monetary Fund reduce its growth targets for the UK and the market beginning to believe that UK interest rate cuts may be more extensive than previously thought to counter these lower expectations. No upside for sterling 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

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

Smarts Daily Currency Note – 8th April 2008

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

Currency

Rate

EURO

1.256

US$

1.980

CHF

1.995

CAN$

2.002

AUS$

2.132

Comments:  House prices in the UK are beginning to fall and sterling like wise. I would agree that the circumstances in the UK and the US are not exactly similar with huge swathes of property sold in the US to people very unlikely to ever pay the interest let alone the capital back. However house prices in the UK are very overvalued by whatever sensible criteria you wish to use and as such the risk is very much to the downside. So much for it being different this time! So more pain for sterling especially I suspect 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:
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To update your contact information:
Update

Posted April 4th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 4th April 2008

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.264
1.268
US$
1.991
1.992
CAN$
2.030
2.009
AUS$
2.173
2.161
NZD
2.503
2.525
AED
7.312
7.316

CHF

1.987
2.010

ZAR(Rand)

16.151
15.621

Charles’s Thoughts:  Over the course of the week sterling held steady against most other currencies. The availability of mortgages continues to be a problem for the housing market as the banks take the classic approach in such times by restricting supply and improving margins. Probably making the same money with a lot less risk. Business confidence in the UK continues to ebb away and the Bank of England meets next week and the expectation is for a 0.25% cut in UK interest rates. The surprise would be no cut at all. No significant upside for sterling short term.

Economic conditions in the US continue to worsen. 80,000 lost jobs in March which was worse than expectations. However, the financial markets were a bit more stable which has helped the US$ and the extent of further US$ interest rate cuts may not be as great as first thought. However still a long way out of the woods and a bit like sterling I wouldn’t expect much upside shorter term.

The Euro is still viewed as the safe haven asset. However, a few more chinks began to appear in the Euros armour. Retails sales in Germany were worse than expected. In fact they fell. Also the Euro lands services purchasing managers index fell in March which again indicates problems with the economy. But the European Central Bank continues to highlight the importance of its fight against inflation so no chance of cuts in Euro land interest rates any time soon. So don’t expect any gains for sterling against the € short term.

The commodity backed currencies had a good week especially the South African rand which gained just over 3%. Confidence returned to commodity prices after a couple of bad weeks.

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: “…This is just to say that I have been really happy with your service through Carl Hasty, the transfers went really well, really efficient and above all speedy and Carl was very prompt and offered excellent service. The receiving lawyer and vendor were very impressed with how it all went. I have already verbally been telling friends and family about your service and am more than happy to give out your business cards…I look forward to continuing business with your company.” Cheryl Parker, Kent

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:
Cancel

To update your contact information:
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Posted April 3rd, 2008 by Charles Purdy

Smarts Daily Currency Note – 3rd April 2008

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

Currency

Rate

EURO

1.270

US$

1.987

CHF

2.013

CAN$

2.011

AUS$

2.168

Comments:  A quiet day for sterling with no major news. Given this very difficult to say anything insightful. Sterling is in most peoples bad books [along with the US$] and it is difficult to see any significant improvement in the 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

© 2005-2008 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 April 2nd, 2008 by Charles Purdy

Smarts Daily Currency Note – 2nd April 2008

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

Currency

Rate

EURO

1.271

US$

1.981

CHF

2.008

CAN$

2.022

AUS$

2.180

Comments:  Interesting data out of Germany where retail figures for February were worse than expected. In fact there was a year on year fall. Another chink in the Euros armour. The US$ seemed to benefit from the turmoil arising from the billion US$ write offs by Swiss bank UBS as it highlighted that the sub prime loan exposure extended world wide.

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 April 1st, 2008 by Charles Purdy

Smarts Daily Currency Note – 1st April 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 1st April 2008

Currency

Rate

EURO

1.261

US$

1.977

CHF

1.982

CAN$

2.030

AUS$

2.173

Comments:  Sterling hit all time lows against the Euro yesterday. It was on the back of news that inflation in Euro land was at 12 year highs [3.5%] which means that cuts in euro land interest rates is somewhat unlikely in the short and medium term. However other economic data for Euro land released yesterday highlighted how there are two different drum beats. Germany’s drum beat is quick, strong and loud while the rest is barely audible. So the rest will continue to be calling for cuts in 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:
Cancel

To update your contact information:
Update

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