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Posted July 15th, 2008 by Charles Purdy

Smarts Daily Currency Note – 15th July 2008

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


Currency

Rate

EURO

1.254

US$

1.999

CHF

2.026

CAN$

2.005

AUS$

2.045

Comments:  The US$ lost ground on the back of the problems with mortgage agencies Fannie Mae and Freddie Mac and the need for the government to bail them out. However this bail out does not add any real benefit to the economy on going and shows that the financial crisis is far from over. Sterling benefited from UK data that shows UK factory gate prices continuing to rise which makes any cuts in UK interest rates in the short term 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!





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Posted July 11th, 2008 by Charles Purdy

Smart Weekly Currency Note -11th July 2008

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.266
1.251
US$
1.982
1.989
CAN$
2.015
2.008
AUS$
2.059
2.056
NZD
2.614
2.614
AED
7.280
7.307

CHF

2.033
2.025

ZAR(Rand)

15.305
15.306

Charles’s Thoughts:  Minimal movement for sterling this week against most if not all other currencies. The Bank of England kept UK interest rates on hold which was as expected. What choice did they have, UK inflation is high and the economy weak. Probably none but I do wonder why interest rates are so high given they seem to have so little control over the major factors affecting UK inflation e.g. food, commodity and energy prices. Further falls in UK house prices and the major house builders have been laying off employees in significant numbers. As I mentioned last week the only plus for sterling is that economic disarray is not dissimilar to that elsewhere.

The US$ lost ground on the back of a rising oil price and increasing fears about the US financial system. The former almost happens as a matter of course as any weakness in the US$ is mirrored by an increase in the oil price and any strength in the oil price is mirrored by a weakening in the US$. The latter is going to be on-going as the scale of the losses made in the US property market are so huge that it is going to take quite a time for the balance sheets of all the financial institutions to be resorted to a reasonable state of health.

Euro land is the best of a bad bunch. Economic conditions continue to deteriorate and no country is immune. Even Germany production fell in May by 2.4%. I suppose the major plus they have is that the populations when compared to the US and the UK are not as indebted and as such should be able to weather these poor economic conditions in a better state.

Again, no major movement for sterling against the high yield and/or commodity backed currencies.

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 traders 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!



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 July 10th, 2008 by Charles Purdy

Smarts Daily Currency Note – 10th July 2008

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

Currency

Rate

EURO

1.258

US$

1.980

CHF

2.037

CAN$

2.004

AUS$

2.061

Comments:  The Bank of England announces today on UK interest rates. The expectation is that they will keep them on hold. What choice do they have? Probably very little. I suspect it is a case of “stick” on interest rates for all the major central bank both here and in Euro Land and in the US. What is interesting is when you look at the level of those interest rates and how much higher they are in the UK. It seems that the affect the BOE can have on inflation is minimal as world events seem to be dictating fuel and food costs. Therefore should they be trying to help the economy by reducing rates. This is the starting position in the US. Time will tell who was right.

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 July 9th, 2008 by Charles Purdy

Smarts Daily Currency Note – 9th July 2008

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

Currency

Rate

EURO

1.255

US$

1.972

CHF

2.031

CAN$

2.006

AUS$

2.072

Comments:  Sterling is bumping along the bottom against most currencies. I suppose the good news is that it has been doing this for a while now i.e. it hasn’t lost further value. I suspect, barring a major financial blow up here in the UK similar to Northern Rock, it will continue to do so. Problem abound here with rising inflation and a weakening economy but you will find much the same in Euro land and the US.

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 July 8th, 2008 by Charles Purdy

Smarts Daily Currency Note – 8th July 2008

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

Currency

Rate

EURO

1.257

US$

1.971

CHF

2.025

CAN$

2.010

AUS$

2.072

Comments:  Bradford and Bingley is still of concern. Thankfully the fund raising is going ahead but there does seem to be worries about its ability to keep on funding its debt. I just hope the lessons of Northern Rock have been learnt. Manufacturing output is falling in most places, even in Germany. Neither the UK, or Euro land or the US are likely to raise interest rates any time soon.

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 July 4th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 4th July 2008

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

Currency
Rate Last
Week
Rate This
Week
EURO
1.266
1.266
US$
1.994
1.982
CAN$
2.018
2.015
AUS$
2.074
2.059
NZD
2.617
2.614
AED
7.323
7.280

CHF

2.036
2.033

ZAR(Rand)

15.760
15.305

Charles’s Thoughts:  Did sterling have a lucky escape this week? The American private equity firm looking to invest in Bradford and Bingley pulled out citing a downgrade in the B&B’s debt as the reason. In stepped the Bank of England to make sure that there was no rerun of the Northern Rock debacle. However it reinforces how precarious the finance markets are and that the credit crunch has a long way to run. Mortgage draw downs continue to fall as do house prices and the UK economy could be heading for a recession. Not a pretty picture. The only plus for sterling is that it is not dissimilar elsewhere.

The US$ had a mixed week hitting US$2/£1 towards the start of the week. Strangely the US$ gained ground following an increase in US unemployment. The increase was in line with expectations but at the same time the European Central Bank was making its announcement on € interest rates. The market took more interest in the latter and as such decided to look positively at the US$. However, the problems in the US are still extreme and as such I wouldn’t expect any major strengthening for the US$ short term.

The European Central Bank increased € interest rates by 0.25% which was expected. However the statement that accompanied the increase made it clear that this could well be the final increase for quite a while. This is quite a change from the expectations following the last ECB meeting in June and as such the € lost a bit of ground. Problems in Euro land vary from country to country and they do have the benefit of the German industrial power house. However, even this is beginning to suffer given the worlds economic woes and the strong €.

Again, no major movement for sterling against the high yield and/or commodity backed currencies.

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 traders 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!



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 July 3rd, 2008 by Charles Purdy

Smarts Daily Currency Note – 3rd July 2008

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

Currency

Rate

EURO

1.254

US$

1.991

CHF

2.020

CAN$

2.018

AUS$

2.068

Comments:  Poor corporate and economic news out of the UK. Marks and Spencer, a bellwether for the UK economy, announced poor sales for the first quarter. New mortgages were down again. Not good news. But news elsewhere hasn’t been good so no major movement 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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To update your contact information:
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Posted July 2nd, 2008 by Charles Purdy

Smarts Daily Currency Note – 2nd July 2008

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

Currency

Rate

EURO

1.256

US$

1.988

CHF

2.024

CAN$

2.029

AUS$

2.070

Comments:  Bad economic data all round. UK house prices continued to fall in June. The market awaits the European Central Banks vote on the € interest rate due tomorrow. It will be a surprise if they don’t increase the rate by 0.25% as it will man that economic conditions are worse than thought.

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 July 1st, 2008 by Charles Purdy

Smarts Daily Currency Note – 1st July 2008

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

Currency

Rate

EURO

1.267

US$

1.998

CHF

2.032

CAN$

2.031

AUS$

2.090

Comments:  Sterling gained a bit of ground against the US$ as the lack of future direction from the US Federal Reserve on US interest rates has caused a lack of confidence in the US$. Sterling has been steady 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:
Cancel

To update your contact information:
Update

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