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Posted June 12th, 2008 by Charles Purdy

Smarts Daily Currency Note – 12th June 2008

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


Currency

Rate

EURO

1.267

US$

1.953

CHF

2.037

CAN$

1.999

AUS$

2.087

Comments:  Inflation is the major worry worldwide and as such we have a lot of talk about interest rates either being increased or actually being increased. There now seems to be much less discussion about rates being reduced. I wonder how long these will last given economic conditions are deteriorating in most places and not least here in UK. Where does this leave sterling. Probably in the same place as it’s been for the last few weeks. Near lows against a lot of currencies but at present no significant additional downward pressure.

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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Posted June 11th, 2008 by Charles Purdy

Smarts Daily Currency Note – 10th June 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 11th June 2008

Currency

Rate

EURO

1.262

US$

1.956

CHF

2.039

CAN$

2.000

AUS$

2.066

Comments:  Another steady day for sterling. Lots of rhetoric about inflation and the weakness of the US$. The former is underpinning interest rates worldwide and the latter has led to the US$ gaining against 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 June 10th, 2008 by Charles Purdy

Smarts Daily Currency Note – 10th June 2008

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

Currency

Rate

EURO

1.260

US$

1.960

CHF

2.024

CAN$

2.016

AUS$

2.069

Comments:  Sterling has been steady which is slightly strange given the news flow both here and elsewhere in the world. Here inflation rages on which suggest UK interest rates may need to be increased while consumer confidence continues to fall. The US has seen unemployment rise and Euro land is very worried about inflation. So the net affect seems to be nil as exchange rates are in a narrow trading range as I write.

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 June 6th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 6th June 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 6th June 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.273
1.252
US$
1.979
1.969
CAN$
1.968
2.004
AUS$
2.071
2.049
NZD
2.524
2.570
AED
7.268
7.243

CHF

2.066
2.015

ZAR(Rand)

15.042
15.465

Charles’s Thoughts:  No major movements for sterling this week, losing a bit of ground against some currencies and gaining a bit of ground against others. The Bank of England met and decided to keep interest rates on hold. This was very much as expected. The BOE’s choices are somewhat limited as UK inflation is way above target but at the same time the UK economy is suffering. Once we see inflation start to pull back it is expected that the BOE will start to cut interest rates. Strangely this may be good for sterling as it will show that the prime objective is get the UK economy going again.

The US$ had a reasonable week. The US has the same problems as the UK, high inflation and a weakening economy. However, following comments from the Fed chief on how the weakness of the US$ had gone too far and had increased US inflation the US$ gained ground. It was highly unusual for the Fed chief to make such a comment. I think such comments had a short term benefit. I’m not so sure longer term.

The European Central Bank also met this week and kept Euro land interest rates on hold. Again, this was as expected. However, the twist from the ECB was that were considering an increase in Euro land interest rates given the level of inflation. The trouble with Euro land is that there is a wide range of economic performance. Some countries, such as Germany are doing okay whereas others, such as Spain, have real problems. One size does not fit all. I suspect an increase in Euro land interest rates will be counter productive

The New Zealand dollar lost a bit of ground as it appears that the next move in New Zealand interest rates will be down as inflation comes under control and the economy needs to be helped.

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


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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!



SCE/OGC

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London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted June 5th, 2008 by Charles Purdy

Smarts Daily Currency Note – 5th June 2008

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

Currency

Rate

EURO

1.266

US$

1.952

CHF

2.038

CAN$

1.980

AUS$

2.045

Comments:  Another steady day for sterling as we await the Bank of England announcement today on UK interest rates. The expectations are for UK interest rates to be kept on hold even though economic conditions continue to deteriorate. The major concern/problem is inflation. The European Central Bank is also expected to keep € interest rates on hold. Again the prime concern is inflation even though Euro land economic performance is falling.

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 June 4th, 2008 by Charles Purdy

Smarts Daily Currency Note – 4th June 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 4th June 2008

Currency

Rate

EURO

1.267

US$

1.956

CHF

2.037

CAN$

1.980

AUS$

2.045

Comments:  Sterling is a bit of a side show at the moment as the focus is on the US$ and the €. The reason for this is that the Fed in the US is now very concerned about inflation which has been affected by the weakening US$. The major benefit to the US economy from the US$ weakness is that US exports have increased significantly. The European Central Bank is clearly concerned about inflation but Euro land exports are being hurt by the strong €. So yesterday we saw the US$ gain ground against the € as the rhetoric out of the US seemed to confirm that we are unlikely to see any further reductions in US interest rates and the US$ is too low against 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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To update your contact information:
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Posted June 3rd, 2008 by Charles Purdy

Smarts Daily Currency Note – 3rd June 2008

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

Currency

Rate

EURO

1.263

US$

1.964

CHF

2.031

CAN$

1.966

AUS$

2.057

Comments:  The problems at Bradford and Bingley, the building society, did not help sterling. Not a major disaster [as yet] but again highlights that the financial problems here in the UK are not going away any time soon. We have to remember that the UK is very dependent on the finance sector and as such sterling is going to be under pressure 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:
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