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  Daily Currency News Euro US Dollar Educational Articles  
 
Posted May 31st, 2008 by Charles Purdy

Smarts Weekly Currency Note – 30th May 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 30th May 2008


Currency
Rate Last
Week
Rate This
Week
EURO
1.259
1.273
US$
1.983
1.979
CAN$
1.957
1.968
AUS$
2.063
2.071
NZD
2.519
2.524
AED
7.285
7.268

CHF

2.035
2.066

ZAR(Rand)

15.209
15.042

Charles’s Thoughts:  Sterling had another steady week. UK house prices still continue to fall while fuel and food costs continue to rise. Consumer confidence is fragile. Not good. However a lot of bad news has already been factored into sterling’s exchange rate against most currencies. The key is for there to be no more major bad UK news.

The US$ also had a steady week. The feeling is that inflation is becoming a greater problem for the Fed and as such US interest rates will need to be increased to help combat inflation. However, any increases in US interest rates are unlikely to happen for a while as the US economy is still in a poor state. Sterling’s interest rates are much higher than in the US and as such this is likely to support sterling short term.

The economic news out of Euro land has been poor showing a weakening economy. Euro lands balance of payments deficit also highlighted that the strong € is having an effect on exports. Inflation is still a concern but it is thought unlikely that we will any increases in Euro land interest rates anytime soon.

Against the high yielding and/or commodity backed currencies sterling held its own last week gaining slightly against most of them apart from the South African rand.

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: “Thank you for making our currency transactions go so smoothly. As promised, our account was opened within hours. Your trading team were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard

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 trouble!





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GB

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Posted May 29th, 2008 by Charles Purdy

Smarts Daily Currency Note – 29th May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 29th May 2008

Currency

Rate

EURO

1.265

US$

1.971

CHF

2.056

CAN$

1.953

AUS$

2.051

Comments:  More bad news slowly but surely emerging for the €. French consumer confidence has plunged to a record low in May and Euro land exports are falling resulting in a bigger than expected trade deficit. So we have seen a slight gain in sterling vs. the €. Is there more to follow?

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 May 28th, 2008 by Charles Purdy

Smarts Daily Currency Note – 28th May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 28th May 2008

Currency

Rate

EURO

1.258

US$

1.975

CHF

2.037

CAN$

1.963

AUS$

2.055

Comments:  Another steady day for sterling with no major UK news items to affect it. However in Euro land, data from France has shown that business confidence has dropped to a two and half year low. Also German consumer confidence is deteriorating. Such data will slowly undermine the strength of the €.

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 May 27th, 2008 by Charles Purdy

Smarts Daily Currency Note – 27th May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 27th May 2008

Currency

Rate

EURO

1.254

US$

1.975

CHF

2.028

CAN$

1.955

AUS$

2.055

Comments:  Sterling has been sitting at the €1.25/£1 rate for a few weeks now. Seems to be a case that most of the bad news regarding sterling is in the public domain. Can the same be said for the €. I suspect not. Germany is still performing well economically which seems to be covering the problems elsewhere e.g. in France, Italy, Ireland, Spain, etc. So we wait to see if this is a base from which sterling will strengthen.

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 May 23rd, 2008 by Charles Purdy

Smarts Weekly Currency Note – 23rd May 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 23rd May 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.257
1.259
US$
1.951
1.983
CAN$
1.945
1.957
AUS$
2.050
2.063
NZD
2.533
2.519
AED
7.169
7.285

CHF

2.053
2.035

ZAR(Rand)

14.641
15.209

Charles’s Thoughts:  Sterling had an okay week. The Bank of England’s minutes showed that the vote was 8 to 1 in favour of holding UK interest rates. Inflation is their major concern. UK retail figures for April were better than expected which was a surprise given declining house prices and slowing economic growth. This would suggest that UK interest rates may not be cut until later in the summer.

The US$ lost a bit of ground as fears over stagflation grew. This is when the economic growth rate is low or even possibly negative and much less than the rate of inflation. So the Fed now seems to be getting criticised for cutting US interest rates too quickly. Compare this to a month ago when the Fed was being lauded for its prompt and decisive action in cutting US interest rates. A thankless task being a central banker. So shorter term further weakness for the US$ is expected.

The € is still flavour of the month [or even year]. Not surprising given the on going strength of the German economy which, although weakening, continues to be performing better than most other countries even on the back of the very strong €. The European Central Bank is unlikely to be cutting Euro land interest rates any time soon and I would be surprised to see any significant weakness in the € in the short to medium term.

The New Zealand dollar benefited from government tax cuts which has led the market to believe that the pressure to cut New Zealand interest rates, which are the highest in developed world, is reduced.

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: “Thank you for making our currency transactions go so smoothly. As promised, our account was opened within hours. Your trading team were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie much better than the tourist rate, not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard

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:
Update

Posted May 23rd, 2008 by Charles Purdy

Smarts Weekly Currency Note – 23rd May 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 23rd May 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.257
1.259
US$
1.951
1.983
CAN$
1.945
1.957
AUS$
2.050
2.063
NZD
2.533
2.519
AED
7.169
7.285

CHF

2.053
2.035

ZAR(Rand)

14.641
15.209

Charles’s Thoughts:  Sterling had an okay week. The Bank of England’s minutes showed that the vote was 8 to 1 in favour of holding UK interest rates. Inflation is their major concern. UK retail figures for April were better than expected which was a surprise given declining house prices and slowing economic growth. This would suggest that UK interest rates may not be cut until later in the summer.

The US$ lost a bit of ground as fears over stagflation grew. This is when the economic growth rate is low or even possibly negative and much less than the rate of inflation. So the Fed now seems to be getting criticised for cutting US interest rates too quickly. Compare this to a month ago when the Fed was being lauded for its prompt and decisive action in cutting US interest rates. A thankless task being a central banker. So shorter term further weakness for the US$ is expected.

The € is still flavour of the month [or even year]. Not surprising given the on going strength of the German economy which, although weakening, continues to be performing better than most other countries even on the back of the very strong €. The European Central Bank is unlikely to be cutting Euro land interest rates any time soon and I would be surprised to see any significant weakness in the € in the short to medium term.

The New Zealand dollar benefited from government tax cuts which has led the market to believe that the pressure to cut New Zealand interest rates, which are the highest in developed world, is reduced.

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: “Thank you for making our currency transactions go so smoothly. As promised, our account was opened within hours. Your trading team were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie much better than the tourist rate, not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard

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:
Update

Posted May 22nd, 2008 by Charles Purdy

Smarts Daily Currency Note – 22nd May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 22nd May 2008

Currency

Rate

EURO

1.249

US$

1.965

CHF

2.022

CAN$

1.944

AUS$

2.051

Comments:  Sterling fell below the €1.25/£1 inter bank rate yesterday as the € benefited from better than expected German business confidence. Instead of an a slight fall there was an increase in the relevant index. This makes a reduction in Euro land interest rates short or medium term even more unlikely.

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 May 21st, 2008 by Charles Purdy

Smarts Daily Currency Exchange – 21st May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 21st May 2008

Currency

Rate

EURO

1.255

US$

1.965

CHF

2.037

CAN$

1.945

AUS$

2.050

Comments:  Sterling continues to potter along against the €. Inflation in Euro land is still on the high side so any reductions in Euro land interest rates short term is highly unlikely. However, German business confidence did fall last month. As Germany is the main economic driver in Europe any stutter in its economy will affect the €. The Bank of England voted by 8 to 1 to keep interest rates on hold. Given high inflation in the UK I wonder if we have seen the last reduction in UK interest rates for a while.

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 May 20th, 2008 by Charles Purdy

Smarts Daily Currency Note – 20th May 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 20th May 2008

Currency

Rate

EURO

1.255

US$

1.955

CHF

2.046

CAN$

1.934

AUS$

2.036

Comments:  Sterling is holding steady against the € and the US$. However, sterling has lost ground against the commodity backed currencies. Not surprising given the world still seems crazy for commodities, especially China.

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 May 16th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 16th May 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 16th May 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.261
1.257
US$
1.949
1.951
CAN$
1.962
1.945
AUS$
2.070
2.050
NZD
2.541
2.533
AED
7.156
7.169

CHF

2.032
2.053

ZAR(Rand)

15.058
14.641

Charles’s Thoughts:  Steady week for sterling. This was even after the doom and gloom of the Bank of England’s economic forecast which showed increasing inflation and slower economic growth. The worst result possible. The effect of high inflation is that interest rate cuts become less likely. The market feels that we will see only two further 0.25% cuts this year which is hardly going to get the economy moving into overdrive. But at least it makes it clear to everyone the depths of the problems that exist and sterling can only move forward once this is clear to all.

The US$ had a steady week as well. Economic news was not great as US production for April was worse than forecast. The feeling/hope in the market is that growth to the US economy will return in the second half of the year. Interest rates were cut aggressively by the Fed in the first part of this year and no further cuts are planned for this year. So we wait to see if the forecast make sense. I suspect not but unless there is a further major hick up in the financial system the worst may be over.

Mixed economic news for the €. The German economy continues to move forward strongly whereas the Spanish economy has hit the buffers. Also inflation continued to be at the high end of the European Central Banks target. As such any cuts in Euro land interest rates in this current year are thought to be very unlikely. However, economic problems will increase as the year continues, which may well reduce inflation and then Euro land interest rates would be reduced. However, this is not going to be the short term scenario. So no significant weakness for the € short term.

The commodity boom continues and this coupled with the twin UK problems of slowing growth and high inflation meant that the commodity backed currencies gained ground against sterling.

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: “Thank you for making our currency transactions go so smoothly. As promised, our account was opened within hours. Your trading team were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie much better than the tourist rate, not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard

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:
Update

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