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Posted October 31st, 2008 by Charles Purdy

Smart Weekly Currency Note -31st October 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 31st October 2008


Currency
Rate Last
Week
Rate This
Week
EURO
1.260
1.271
US$
1.592
1.618
CAN$
2.035
1.956
AUS$
2.563
2.449
NZD
2.863
2.784
AED
5.851
5.945

CHF

1.859
1.879

ZAR(Rand)

17.960
15.810

Charles’s Thoughts:  Sterling rose steadily against the euro throughout a relatively quiet week for market data. Closing the week only marginally up against the US$ despite another period of high price volatility the sterling to US$ rate moved in a huge range over the last five days of around 8%. The reductions in LIBOR (inter-bank lending rates), which were significantly reduced over previous weeks, were intended to bring more stability to the markets and ease conditions for the money lenders. However, the aftermath of the last few months in the credit crisis are leaving investors and business confidence still very much at a low. Next week’s decision on UK interest rates from the Bank of England will provide a shock only if rates are not cut, with many expecting a further half a percent off to follow last month’s emergency cut of the same value.

The US$ fell midweek against both sterling and the euro following the Federal Reserve’s meeting on Wednesday where they cut US interest rates by half a percent to just 1%. Still benefiting from being viewed again as a safe-haven asset, the US$ along with the Japanese yen have maintained strength, more for the lack of safe bets elsewhere. In fact, with consumer confidence at its lowest levels in America for more than 40 years and weaker than expected GDP data released this week, the dollar did not perhaps weaken as much as it would or should have in ‘standard’ market conditions.

The European Central Bank may also be in line for cutting interest rates next week and despite no promises being given from Jean-Claude Trichet, the fact that inflation has been measured again to be returning to more manageable levels will have left the door open for a move from the ECB sure to ease conditions for business growth in a stalling economy. The euro’s value against sterling is still holding firm whilst having lost well over 20% of its value against the US$ since July.

There was no major news regarding the high yield and/or commodity backed currencies this week however they did regain some 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 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 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 October 31st, 2008 by Charles Purdy

Smarts Daily Currency Note – 31st October 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 31st October 2008

Currency

Rate

EURO

1.268

US$

1.617

CHF

1.859

CAN$

1.982

AUS$

2.443

Comments:  US GDP figures showing that the contraction of the US economy over the last quarter had not been as bad as expected and lifted the US$ against both sterling and the euro. Sterling closed higher against the euro and edged away from the recent record lows and is in the familiar range of the last 6 months or so. CPI data for the eurozone which will give a strong indication of inflation will be released later today and if positive, will almost certainly add more weight to the expectation that the ECB will be cutting their interest rates sooner rather than later.

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 October 30th, 2008 by Charles Purdy

Smart Daily Currency Note – 30th October 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 30th October 2008

Currency

Rate

EURO

1.258

US$

1.658

CHF

1.874

CAN$

1.987

AUS$

2.449

Comments:  The federal reserve last night cut interest rates by half a percent and this sent the US$ lower, for the third consecutive day, against sterling. With the Bank of England and the ECB widely expected to follow suit and with more scope to cut more aggressively in the coming months, the gains may not be long lasting. However, the necessity of aiding business growth in the US has lead to the Fed leaving the door open for even further cuts ahead. Mixed economic data released for sterling yesterday, including some positive news on increased mortgage lending, lifted the pound closing around one percent higher 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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Posted October 29th, 2008 by Charles Purdy

Have I got news for you…

  Overseas Buying Guide Newsletter  

Overseas Property Buying & Investment Newsletter 29th October 2008
 

Hi Charles!

Recent difficulties in the financial markets are unfortunately having an impact on all our lives. Whether you like it or not, the media has made the whole thing worse and we are finding ourselves in very uneasy and disturbing situation.

The majority of people in the UK have lost all faith in financial institutions such as banks and investment banks. Symptoms of recessions are becoming very apparent and we are all wondering when – and indeed IF – it will ever get any better.

I recently went to a seminar which was dedicated to ‘the man in the street’ – people like you and me. On this seminar I learnt quite a bit and I was glad that it was in layman’s terms that I could easily understand. A lot was said about how the situation actually started and who in the financial world bears the most responsibility for what has happened.

Do you know what the term “credit crunch” actually means? I was fascinated to learn that it means a shortage of funds in inter-bank lending. In other words, it is the banks failure in lending too much without taking into account the risks entailed that has brought us to this crisis.

If you would like to learn more about the way of using “credit crunch” in your advantage (and it CAN be done!) or you feel that current situation is affecting you and would like to chat about it, give me a call or drop me an email at:
mailto:jana@overseasguidescompany.com

In October’s newsletter you can find interesting investment news and the investment of the month. I have also spoken to an Independent Financial Advisor and obtained valuable information about Second State Pensions and how you can benefit. I hope you find all of this useful to you: please do keep in touch and let me know if there is anything that would be of especial interest to you. I would be very happy to research or discuss anything might help all the people out there who are interested in investing in overseas property…

Before I sign off, I have once more received and incredible response about a great overseas property insurance company. For the past two months I’ve included a link to them and each month several readers write back expressing positive views. Getting a quote is easy, take a look at them at: Insurance Quote

Kind regards,

Jana Korpova
Overseas Buying Guide
The Overseas Guides Company ltd
0207 898 0549 (call me!)

mailto:jana@overseasguidescompany.com

Have I got news for you!

Bulgarian news
The low-cost air carrier Wizz Air is launching permanent flights to Bulgaria’ s Black Sea, connecting the city of Burgas with London.

The news was announced recently by the Director of the Burgas Airport, Kalin Barzov, who pointed out the new flights were the result of long-term efforts on the part of his administration.

There will be Burgas-London flights every Sunday except in December-January, when there will be two flights per week.

Over the summer season most of the foreigner citizens who travelled through the Burgas Airport came from Germany, the UK, the Scandinavian states, the Czech Republic, Slovakia, and Israel.

Estonian rental boost!
In a move that could boost investment in tourist property in the country, it was decided by The Estonian National Tourist Office that holding a promotional event in London was one of the best tools used to boost the investments.

On October 9th they hosted a show at the London Guildhall, which included a workshop in the afternoon and a presentation by tour operators in the evening.

The body commented: “Estonia is becoming increasingly important among UK consumers looking for something a bit different.”

Too true…much interest is being shown both in Bulgarian tourism and investments and this is a very good sign for the future. An increase in UK tourist numbers could boost the prospects for tourist lettings, something that may appeal to property investors. It was also suggested that the most attractive part of Estonia lies away from the capital city of Tallinn and it was important to make tourists, and therefore potential investors, aware f this.

Thailand for investors!
Thailand is considering relaxing the rules on foreign ownership of property to make it easier for non-Thais to invest there.

Recent figures revealed that while prices increased by 5.6 % in the year ending the second quarter of 2008, this represents a real terms drop of 4.18 % as the house price rise is lower than overall inflation.

Another factor that could make it easier for investors to buy in Thailand is the price itself, which seems to be dropping.

If you have any questions about the above or anything else i may be able to help me with just email me at: mailto:jana@overseasguidescompany.com

 

Interesting times indeed….from our Money Man Charles…

by Smart Currency’s Charles Purdy.

We live in what can best be described as “interesting times”. It seems that UK taxpayers, and that includes myself, now own a significant part of our beloved high street banks. These are the same banks that are always so quick to charge for the slightest service but seem to have fallen foul of the people running them, who clearly thought that they were cleverer than they actually were.

In the period when the banking crisis first started with the nationalisation of Northern Rock we have seen sterling lose significant value against the euro (nearly 20% at one stage). Where to now for sterling against the euro? I have no idea. And I am not alone. A very senior figure at the International Monetary fund once said the more he thought he understood the foreign currency market the more he realised that he had little idea on future movements in exchange rates.

Posted October 29th, 2008 by Charles Purdy

Smart Daily Currency Note – 29th October 2008

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

Currency

Rate

EURO

1.257

US$

1.601

CHF

1.839

CAN$

2.027

AUS$

2.489

Comments:  Despite closing relatively unchanged against the US$ and the euro yesterday, sterling made more significant gains after UK market hours and rose sharply against the US$. This movement may well be interpreted as a correction in the market’s pricing between sterling and the US$, which has moved in such massive ranges over the past months. However, consumer confidence figures were released in the US yesterday showed public sentiment at its lowest level for over 40 years. Economic data out for sterling this morning and the Fed’s meeting on interest rates later on today will test whether this rally will last.

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 October 28th, 2008 by Charles Purdy

Smart Daily Currency Note – 28th October 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 24th October 2008

Currency

Rate

EURO

1.248

US$

1.559

CHF

1.815

CAN$

2.009

AUS$

2.524

Comments:  Despite making small gains throughout the day, sterling remained close to its all time low against the euro. Gains against the US$ were more significant but rather than taken as any particular sign of a rally from sterling, the gains were largely attributed to the anticipation of today’s meeting of the Federal Reserve Board in the US, where there is a possibility that rates may be reduced further. The Japanese yen is 25% higher against sterling compared to August this year. The demand for low risk/low yield assets is apparently still growing within the markets and the Yen is going from strength to strength.

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 October 26th, 2008 by Charles Purdy

Smart Weekly Currency Note – 26th October 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 26th October 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.288
1.260
US$
1.729
1.592
CAN$
2.040
2.035
AUS$
2.504
2.563
NZD
2.823
2.863
AED
6.351
5.851

CHF

1.964
1.859

ZAR(Rand)

17.351
17.960

Charles’s Thoughts:  Conditions went from bad to worse for sterling this week. On the release of poor GDP figures on Friday, which were widely expected to show the UK economy contracting over the last quarter, the pound went to a new record low against the euros and slipped further down against the US$. Considering that the poor GDP figures and the comments earlier in the week from Mervin King and Gordon Brown which did the damage to sterling did not tell us anything we didn’t already know it was perhaps further testament to how volatile market conditions continue to be. The Bank of England’s minutes from their meeting this month were released and showed the members to be unanimous in their decision to cut rates a fortnight ago. The growing likelihood and speculation is that UK interest rates will be down to as little as 3% by the middle of 2009.

The US$ has, by all accounts, broken free from the recent effects of the credit crisis and continued to surge across the board and throughout the week. Having gained back roughly 25% of its value against the pound over the last eleven months and sitting at its highest level against the euro since October 2006, the speed of the recovery has taken many by surprise. The fact that the Federal reserve have only 150 basis points left to cut from their interest rates will certainly have helped the US$ of late and expectations are that the Fed will cut again by a further half a percent next week to 1% in their next monthly meeting.

In spite of the positive movement against sterling, the euro had a relatively poor week and has, like sterling, fallen lately on the increasing speculation that interest rates will be cut in the coming months, some speculating that they will be as low as 2% by the middle of 2009. Euro Purchasing Managers index figures which showed the recent and somewhat rapid decline of the European economy was also a main contributor to the sharp fall of the euro in the markets.

Of the high yield and/or commodity backed currencies, it was the South African Rand that saw the biggest movement as it fell to a price against sterling more than 30% down from the start of this year. The New Zealand Dollar was also affected by having seen a further cut to their interest rates this week as the economy moves towards a deep recession ahead.

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 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 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:
Update

Posted October 24th, 2008 by Charles Purdy

Smart Daily Currency Note – 24th October 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 24th October 2008

Currency

Rate

EURO

1.242

US$

1.564

CHF

1.831

CAN$

2.000

AUS$

2.475

Comments:  Closing lower against the euro for the fifth consecutive day, sterling’s fall against the US$ also continued throughout yesterday falling sharper still overnight. The seemingly boundless US$ has made gains against all major currencies over the past few months and this could be largely attributed to the return of the US$ to ‘reserve currency’ status. Risk appetite and consumer confidence in the global economy is at rock bottom but the lowering price of oil will certainly be a boost for bringing down inflation in most Western economies. There was further weakening of the Rand yesterday as it fell to a price against sterling more than 30% down from the start of this year.

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 October 23rd, 2008 by Charles Purdy

Smart Daily Currency Note – 23rd October 2008

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

Currency

Rate

EURO

1.271

US$

1.631

CHF

1.902

CAN$

2.052

AUS$

2.445

Comments:  Sterling fell further against the US$ and the euro yesterday as comments, this time from Gordon Brown, regarding the state of the UK economy and the likelihood of a deep recession ahead. Much of the losses for sterling are down to the practical certainty that the Bank of England will be cutting interest rates over the coming months. As the US have already taken their rates to almost rock bottom, sterling’s best hope of maintaining its recent improved range against the euro will be indications that the ECB will soon follow suit.

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 October 22nd, 2008 by Charles Purdy

Smart Daily Currency Note – 22nd October 2008

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

Currency

Rate

EURO

1.266

US$

1.631

CHF

1.903

CAN$

2.011

AUS$

2.434

Comments:  Sterling’s fall against the US$ continued through the day and overnight yesterday. Since the middle of July the pound has essentially lost almost 20% of its value against the resurgent US$ and all of the currencies that move with it such as the UAE Dirham (AED). In fact sterling has lost ground against almost all major currencies, largely due to comments made by the Bank of England chairman Mervin King regarding the scale of the current crisis in the UK economy. Whether by technicality or not the UK is “entering a recession”, according to Mr. King and “Not since the beginning of the First World War has our banking system been so close to collapse”.

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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