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Posted December 23rd, 2009 by Charles Purdy

Smart Daily Currency Note – 23rd December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 23rd December 2009
 

Currency

Rate

EURO

1.119

US$

1.594

CHF

1.672

CAN$

1.685

AUS$

1.823

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: The US$ continues to perform strongly in December pushing down through US$1.60 against the £. This was on the back of poor economic data out of the UK. It had been hoped/expected that the revised figures for UK growth in the third quarter would show the economy close to zero. As it was the revision was very close to the original which had showed the economy shrinking by 0.3% in the third quarter. The euro suffered at t he hands of a Moody’s downgrade in Greek government debt.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 



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Posted December 22nd, 2009 by Charles Purdy

Smart Daily Currency Note – 22nd December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 22nd December 2009
 

Currency

Rate

EURO

1.120

US$

1.604

CHF

1.677

CAN$

1.698

AUS$

1.821

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: The US$ continues to be on the up as we approach the year end. As mentioned previously there is no clear reason for this but the US$ is at a 3 month high against a basket of currencies. Not really expecting any major changes in the few days before Christmas but this market can surprise you when you least expect it!

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


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Posted December 18th, 2009 by Charles Purdy

Smart Weekly Currency Note – 18th December 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 18th December 2009
 

Currency
Rate Last
Week
Rate This
Week
 
EURO
1.109
1.126
US$
1.625
1.616
CAN$
1.718
1.723
AUS$
1.780
1.819
NZD
2.241
2.278
AED
5.971
5.930

CHF

1.681
1.685

ZAR(Rand)

12.255
12.223

Charles’s Thoughts:

Sterling had another mixed week. It gained a bit of ground against the € and lost a bit of ground against the US$. UK economic data released was variable with employment data surprising to the upside and November retails sales to the downside. We are now in the final throes to Christmas, a key trading period for retail worldwide and especially in the UK. The expectation is that retail sales will be ahead of last year and this is very important for the UK retail industry which has had significant problems this year and key to showing that the consumer is recovering from a very tough year. I think most of us will be looking forward to putting 2009 behind us and a much more productive 2010. rates on hold and not increasing the programme of quantitative easing.

The US$ is enjoying a period of strength gaining ground against sterling and the euro. No main reason seems to be the primary cause. In the US there is a hope that unemployment is slowing and close to its peak, which is clearly US$ supportive, but the greater influence may be that investors have been caught out by the US$ strength and continue to cover their exposure especially with the year end approaching. The Federal Reserve kept interest rates on hold which was as expected and reiterated that interest rates will be kept low for a while.

During the week we had a range of poor set of economic data out of the euro zone. This made the markets realise that the euro zones economic problems were far from over. One set of data showed that after five months of expansion industrial production fell in October by 0.6%. Then a survey of German business confidence came in lower than expected which was the third monthly fall in a row and further concerns are being raised with regard to the banks in the euro zone and the possibility of further bad debts and the need to raise additional capital. So a distinct wind change for the euro which has lost 5 cents plus from its recent high against the US$.

We also saw the Australian $ suffer as the market revised their longer term view on future Australian interest rate rises. This followed the release of the minutes of the last meeting of the Australian reserve bank which showed that the decision to increase was finely balanced and as such no further increases were likely in the next few months. Probably makes sense as there is still along way to go until normality returns.

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 (+44 0207 898 0541) 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

email: Charles@SmartCurrencyExchange.com
free phone: 0808 163 0102 (if calling from outside the UK, please use +44 0207 898 0541)

   


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

Posted December 18th, 2009 by Charles Purdy

Smart Daily Currency Note – 18th December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 18th December 2009
 

Currency

Rate

EURO

1.127

US$

1.622

CHF

1.690

CAN$

1.731

AUS$

1.824

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: The US$ is enjoying a period of strength gaining ground against sterling and the euro. Seems to be due to a mixture of reasons without any clear primary cause. UK retails sales for November dropped which undermined sterling. In the US there is a hope that unemployment increases are abating which is clearly US$ supportive but the greater influence may be that investors have been caught out by the US$ strength and continue to cover their positions especially with the year end approaching. The euro is still suffering from the Greek government debt down grade and the possibility that other euro land countries may 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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


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Posted December 17th, 2009 by Charles Purdy

Here’s your present from Smart…

Dear Charles,

How are you doing? With Christmas in 8 days, I wanted to do three things for you:

1. Send you my holiday greetings (on behalf of me and the whole Smart Team)…So, I and the team, wish you and your family a very happy Christmas and an excellent New Years celebration. We genuinely hope that 2010 brings many good things for you.

2. Give you a present. Considering that we have over 10,145 clients I couldn't afford to buy something for everyone, so I've decided to send you an update as to what we're looking at for 2010.

I'm hoping that the information will provide you with more knowledge and with that knowledge you'll have more power to make sure that you minimise your risks of financial loss. If nothing else, it might provide you with conversation material for some of those less exciting Xmas parties you may have to attend.

3. Update you with some announcements – Below are our festive opening hours along with some exciting things to come in the New Year.

Without any further ado…

Sadly, things are not looking good if you need to use sterling to buy a foreign currency. HOWEVER we're here to help you…so let me explain what the situation is:

The good news is that a global recovery from the credit crunch is under way.

We have seen economies around the world posting figures that prove they are coming out of a recession – Australia has even seen fit to raise interest rates. Data suggests that consumer confidence is up from the lows of last year and stock markets globally have increased by 40% since the March 2009 bottom. Furthermore, central banks are starting to look at how to safely put an end to pumping money into the system without putting us back into recession.

The bad news is that we're not out of the woods yet…as the problem of the banks has simply shifted to a problem for the governments.

Bailouts by governments have allowed banks to repair their balance sheets but have left governments taking on huge levels of borrowing and the associated risks. In other words – the problem of the banks has now shifted to being the problem of the government, but it's the same problem!

Since the panic over possible debt default in Dubai, the focus has shifted to government debt and the ability of countries to repay the bailout debt.

Greece had its credit rating downgraded recently and Standard and Poor's (a credit rating agency) revised their outlook on Spain and Portugal's prospects to negative.

Standard Bank is speculating that Ireland and Greece may even need to pull out of the Euro as a result of their struggling economies.

Focussing on the UK, Moody's (another rating agency) said that the country's top credit rating may be severely tested in the coming months. With government borrowing at close to 12% of the entire output of the economy and the Chancellor predicting that the UK economy will contract by 4.75%, the prospect of the UK credit rating being downgraded seems more and more likely.

What needs to happen for the government to solve the problem? They need a solid plan…but we haven't seen anything that looks remotely solid.

The sheer scale of spending cuts and tax hikes required to bring the UK's spending back in line means that the market needs to see a clear policy framework for recovery before confidence in sterling can return. The Chancellor's pre-budget report did not do much to convince the market that the money raised will be used to pay off the debt.

The report focussed more on measures such as higher taxes on the rich and bank bonuses but no clear plan on how we're going to get out of the mess. Analysts at ING Capital Markets said that the lack of clarity in the pre-budget report would cause ratings agencies to pay even closer attention to the state of the UK's finances.

It's important to understand that markets thrive on certainty. And in the run up to an election what we have is far from that.

What else needs to happen for the government to solve the problem? They need a parliament where one party has an outright majority so that actions can be taken…but are we possibly heading for a hung parliament (a coalition government)?

The conservatives are ahead in the polls at the moment, but the margin has been reducing over the last few months and a coalition government (traditionally seen as weak) could make it difficult for any party to push hard for the necessary tax hikes and spending cuts for fear of losing out in a subsequent re-election!

Interest rates to stay on hold?

From an interest rate perspective, the Bank of England is expected to keep interest rates on hold well into next year and this is likely to put pressure on sterling as other economies raise interest rates and become more attractive destinations for investors.

So…what does this mean for you and any future purchases with sterling?

The investment bank JP Morgan have recently stated that the "prevailing negative tone" in the UK will see the £/$ exchange rate drop off to below $1.5985 in the coming months.

In the summer, BNP Paribas pointed towards £1=€1 (called parity) by Christmas and whilst that hasn't happened, we have seen £/€ drop considerably down from the €1.19 highs we saw in the summer and it has stabilised at around the €1.08 – €1.11 range.

As a result of the UK's growing deficit and slow pace of recovery relative to the rest of the globe, the outlook for sterling remains negative going into the New Year.

We may see some upward movement off the back of positive news, but fundamentally the UK economy needs to start dealing with the deficit and have a clear plan in place before we start seeing any kind of long term recovery for sterling. With the focus shifting from bank debt problems to government debt problems and an election due within six months, the UK will come under close scrutiny and there is little to suggest that we are likely to see any significant good news for sterling in the first half of 2010.

Posted December 17th, 2009 by Charles Purdy

Here’s your present from Smart…

Dear Charles,

How are you doing? With Christmas in 8 days, I wanted to do three things for you:

1. Send you my holiday greetings (on behalf of me and the whole Smart Team)…So, I and the team, wish you and your family a very happy Christmas and an excellent New Years celebration. We genuinely hope that 2010 brings many good things for you.

2. Give you a present. Considering that we have over 10,145 clients I couldn't afford to buy something for everyone, so I've decided to send you an update as to what we're looking at for 2010.

I'm hoping that the information will provide you with more knowledge and with that knowledge you'll have more power to make sure that you minimise your risks of financial loss. If nothing else, it might provide you with conversation material for some of those less exciting Xmas parties you may have to attend.

3. Update you with some announcements – Below are our festive opening hours along with some exciting things to come in the New Year.

Without any further ado…

Sadly, things are not looking good if you need to use sterling to buy a foreign currency. HOWEVER we're here to help you…so let me explain what the situation is:

The good news is that a global recovery from the credit crunch is under way.

We have seen economies around the world posting figures that prove they are coming out of a recession – Australia has even seen fit to raise interest rates. Data suggests that consumer confidence is up from the lows of last year and stock markets globally have increased by 40% since the March 2009 bottom. Furthermore, central banks are starting to look at how to safely put an end to pumping money into the system without putting us back into recession.

The bad news is that we're not out of the woods yet…as the problem of the banks has simply shifted to a problem for the governments.

Bailouts by governments have allowed banks to repair their balance sheets but have left governments taking on huge levels of borrowing and the associated risks. In other words – the problem of the banks has now shifted to being the problem of the government, but it's the same problem!

Since the panic over possible debt default in Dubai, the focus has shifted to government debt and the ability of countries to repay the bailout debt.

Greece had its credit rating downgraded recently and Standard and Poor's (a credit rating agency) revised their outlook on Spain and Portugal's prospects to negative.

Standard Bank is speculating that Ireland and Greece may even need to pull out of the Euro as a result of their struggling economies.

Focussing on the UK, Moody's (another rating agency) said that the country's top credit rating may be severely tested in the coming months. With government borrowing at close to 12% of the entire output of the economy and the Chancellor predicting that the UK economy will contract by 4.75%, the prospect of the UK credit rating being downgraded seems more and more likely.

What needs to happen for the government to solve the problem? They need a solid plan…but we haven't seen anything that looks remotely solid.

The sheer scale of spending cuts and tax hikes required to bring the UK's spending back in line means that the market needs to see a clear policy framework for recovery before confidence in sterling can return. The Chancellor's pre-budget report did not do much to convince the market that the money raised will be used to pay off the debt.

The report focussed more on measures such as higher taxes on the rich and bank bonuses but no clear plan on how we're going to get out of the mess. Analysts at ING Capital Markets said that the lack of clarity in the pre-budget report would cause ratings agencies to pay even closer attention to the state of the UK's finances.

It's important to understand that markets thrive on certainty. And in the run up to an election what we have is far from that.

What else needs to happen for the government to solve the problem? They need a parliament where one party has an outright majority so that actions can be taken…but are we possibly heading for a hung parliament (a coalition government)?

The conservatives are ahead in the polls at the moment, but the margin has been reducing over the last few months and a coalition government (traditionally seen as weak) could make it difficult for any party to push hard for the necessary tax hikes and spending cuts for fear of losing out in a subsequent re-election!

Interest rates to stay on hold?

From an interest rate perspective, the Bank of England is expected to keep interest rates on hold well into next year and this is likely to put pressure on sterling as other economies raise interest rates and become more attractive destinations for investors.

So…what does this mean for you and any future purchases with sterling?

The investment bank JP Morgan have recently stated that the "prevailing negative tone" in the UK will see the £/$ exchange rate drop off to below $1.5985 in the coming months.

In the summer, BNP Paribas pointed towards £1=€1 (called parity) by Christmas and whilst that hasn't happened, we have seen £/€ drop considerably down from the €1.19 highs we saw in the summer and it has stabilised at around the €1.08 – €1.11 range.

As a result of the UK's growing deficit and slow pace of recovery relative to the rest of the globe, the outlook for sterling remains negative going into the New Year.

We may see some upward movement off the back of positive news, but fundamentally the UK economy needs to start dealing with the deficit and have a clear plan in place before we start seeing any kind of long term recovery for sterling. With the focus shifting from bank debt problems to government debt problems and an election due within six months, the UK will come under close scrutiny and there is little to suggest that we are likely to see any significant good news for sterling in the first half of 2010.

Posted December 17th, 2009 by Charles Purdy

Smart Daily Currency Note – 17th December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 17th December 2009
 

Currency

Rate

EURO

1.126

US$

1.621

CHF

1.697

CAN$

1.731

AUS$

1.819

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: UK unemployment figures surprised on the upside which was positive for sterling which gained ground against the euro and the US$. We also saw the Australian $ suffer as the market revised their longer term view on future Australian interest rate rises. The Federal Reserve kept US interest rates on hold which was as expected. They also reiterated the position that interest rates will be kept low for quiet 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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


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London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Update

Posted December 16th, 2009 by Charles Purdy

Smart Daily Currency Note – 16th December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 16th December 2009
 

Currency

Rate

EURO

1.117

US$

1.625

CHF

1.691

CAN$

1.722

AUS$

1.812

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: The euro suffered for a number of reasons yesterday. Firstly a survey of German economic data came in lower than expected which was the third monthly fall in a row. Secondly further concerns are being raised with regard to the banks in the euro zone and the possibility of further bad debts and the need to raise additional capital. Against the US$ the euro has lost nearly five cents in a short time and it highlights how momen tum can reverse very quickly. The Australian $ lost a bit of ground as the minutes of the last meeting of the Australian reserve bank highlighted that the decision to increase interest rate rise was a finely balanced decision.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


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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 December 15th, 2009 by Charles Purdy

Smart Daily Currency Note – 15th December 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 15th December 2009
 

Currency

Rate

EURO

1.118

US$

1.626

CHF

1.692

CAN$

1.727

AUS$

1.793

Request a quotation now at: http://www.smartcurrencyexchange.com/quote.aspx

Comments: Poor economic data our of euro land made the market realise that the economic problems were far from over. The data showed that after five months of expansion euro land industrial production fell by 0.6% in October. The euro slipped against sterling. We also had Abu Dhabi riding to the rescue by Dubai by putting up $10bn. I am sure there was a high element of self interest but the market welcomed the intervention and we saw a rise in risk aversion and the US$ fall slightly against 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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.


Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

 

© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


SCE/OGC

1 Lyric Square
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 December 13th, 2009 by Charles Purdy

Smart Weekly Currency Note – 11th December 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 11th December 2009
 

Currency
Rate Last
Week
Rate This
Week
 
EURO
1.110
1.109
US$
1.652
1.625
CAN$
1.738
1.718
AUS$
1.805
1.780
NZD
2.304
2.241
AED
6.075
5.971

CHF

1.675
1.681

ZAR(Rand)

12.288
12.255

Charles’s Thoughts:

Sterling had a mixed week losing ground against most currencies but regaining a bit of ground on Friday. The Chancellor held his pre-budget report mid week which seemed to be lots of smoke and mirrors but little content. He noted that the UK economy will contract by 4.75% this year which is more than originally forecast and as such will increase the governments funding requirements which is already mind boggling huge. He announced that public sector pay increases would be capped, that national insurance would be increased and that banks would incur a “special” bonus tax. But the detail on how the government was going to reduce their spend and reduce the tax burden was sadly missing and with a general election mandatory in the first half of next year the government is likely keep on to prevaricating. The Bank of England met and announced that they were keeping interest rates on hold and not increasing the programme of quantitative easing.

The US$ benefited from the surprise better than expected unemployment figures last Friday and increasing risk aversion following the Greece government debt downgrade. A lot of investors were betting on continuing US$ weakness and the reversal meant that there was a rush for the exit which probably means that the US$ strengthened more than expected. The Chairman of the Federal Reserve highlighted yet again that interest rates were to be kept low for the foreseeable future. So the US$ will continue to be volatile.

The € lost a bit of ground following the down grade in the government debt for Greece but the loss was not as much as it might have been six months ago as the market seems to be more discerning and less worried about the dynamics between the different countries in the Euro zone. We also saw industrial output data for October for France and Germany come in under expectations which raises worries about the third quarter growth continuing into the final quarter. The ECB also highlighted that although they were starting to withdraw liquidity they would monitor this carefully and that interest rates like elsewhere were to be kept low for a while.

New Zealand announced that they were looking to raise their interest rates towards the end of the first quarter/start of the fourth quarter of next year. This proved to be a boost for the New Zealand dollar. We also had better than expected Australian unemployment figures which added further impetus to commodity backed currencies which all seemed to have a good week.

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 (+44 0207 898 0541) 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

email: Charles@SmartCurrencyExchange.com
free phone: 0808 163 0102 (if calling from outside the UK, please use +44 0207 898 0541)

   


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© 2005-2009 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

 


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