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Posted March 31st, 2009 by Charles Purdy

Smart Daily Currency Note – 31st March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 31st March 2009


Currency

Rate

EURO

1.078

US$

1.428

CHF

1.637

CAN$

1.792

AUS$

2.077

Comments: Despite falling marginally against most currencies over the weekend, sterling climbed throughout Monday and closed higher against most major currencies by close. The US$ lost ground on the back of the US governments decision not to bail out the US car makers. A brave decision given the fallout from the collapse of Lehman Brothers but probably the sensible one as the US car industry does need to be reformed if it is to be competitive longer term There was nothing in terms of major UK economic data or developments on Monday and the week ahead promises little more for UK news. However, as has been the case of late, the market will be influenced by the performance (or under-performance) of the troubled financial sector and we hope that no news may be good news for the pound.

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 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!





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Posted March 27th, 2009 by Charles Purdy

Smart Weekly Currency Note – 27th March 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 27th March 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.066
1.075
US$
1.445
1.429
CAN$
1.795
1.773
AUS$
2.102
2.067
NZD
2.586
2.510
AED
5.31
5.247

CHF

1.63
1.635

ZAR(Rand)

13.879
13.722

Charles’s Thoughts: Having started the week positively, largely thanks to an encouraging inflation report and an increased risk appetite, sterling’s performance during the middle of the week was rather poor as sterling fell against most major currencies. An under-subscription of UK government bonds for the first time in seven years helped to reverse sterlings fortunes.. Poorer-than-expected retail sales figures then weighed on sterling during Thursday’s trading and further losses were made across the board. However, on Friday’s sterling rose against the euro due to inflation issues within Europe but at the same time made losses against the US$ as quarterly UK GDP data showed a larger than expected contraction in the UK economy. The Bank of England’s (BoE) monetary policy will again be brought into focus in the coming weeks as a marked increase to UK inflation could help the bank to take a less aggressive stance and defer/scrap plans for further quantitive easing.

Plans put forward by the US government to effectively buy out the toxic assets from the troubled US financial institutions helped to increase risk appetite in the markets at the start of the week thus causing the US$ to weaken. US Gross Domestic Product (GDP) figures released were marginally better than expected but had little influence on the US$’s value generally. However, as has been the case of late, a loss of risk-appetite on Friday due to speculation regarding massive economic deficits in several European economies help the USD to its highest levels against sterling and the euro in some weeks. Discussion of a proposed new ‘reserve’ currency, maintained by the International Monetary Fund (IMF), as a replacement for the US$ as a safe haven asset, has created a new focus for all investors everywhere. Though favoured mostly by the Chinese at present, could this phenomena be what brings a more realistic and accurate value to the seemingly invincible US$? The logistics are mind-boggling and is extremely unlikely to develop in time for use against the current crisis, but a genuine point of interest none-the-less.

The euro, which has suffered as a result of events in European states outside of the euro adopted states, continued to falter thanks to major economic deficits and inflation pressures in member states such as Ireland and Italy. Inflation is currently running beyond acceptable levels according to criteria for membership to the single currency in some states and such pressures will surely force the ECB to take action in their meeting on interest rates next week, a cut of 0.5% the widely expected outcome. The euro is approximately 3% down against the US$ this week and at similar levels against sterling.

There were no major developments in high yield and/or commodity backed currencies this week although the Australian and New Zealand dollars gained ground on improvement in risk appetite and commodity prices.

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 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!

Posted March 27th, 2009 by Charles Purdy

Smart Daily Currency Note – 27th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 27th March 2009

Currency

Rate

EURO

1.064

US$

1.443

CHF

1.626

CAN$

1.775

AUS$

2.067

Comments: Sterling began to slide again on Thursday morning against the US$ and the euro following the release of UK retail sales figures for February, which came in substantially under expectations and showed further evidence of waning consumer demand. The UK is not a happy place as unemployment increases, wages and wealth falling and confidence at all time lows. US Gross Domestic Product (GDP) figures released were marginally better than expected but this had little influence on the US$’s value generally. Discussion of a proposed new ‘reserve’ currency, maintained by the International Monetary Fund (IMF), as a replacement for the US$ as a safe haven asset, has created a new focus for all investors everywhere. Though favoured mostly by the Chinese at present, could this phenomena be what brings a more realistic and accurate value to the seemingly invincible US$? The logistics are mind-boggling and is extremely unlikely to develop in time for use against the current crisis, but a po int of interest none-the-less.

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 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!



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London, London
W6 0NB
GB

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Posted March 26th, 2009 by Charles Purdy

Some updates for you…

  Overseas Buying Guide Newsletter  

Overseas Property Buying & Investment Newsletter 26th March 2009

Hello there Charles,

How are things going with you? I just want to remind you why I write this newsletter.

The Overseas Guides Company was established by Kim Brown in response to her parents in law being right royally ripped off in a property deal in Spain, mainly because of a lack of knowledge. This included both a lack of knowledge of the steps that needed to be taken to secure a successful property deal and the fact that they did not realise that they should use reputable, reliable property professionals. Our company tries to help with both these aspects. The Buying Guides take you through the steps you need to take and I am also able to recommend trustworthy people to help you achieve your requirements. A call to 0207 898 0549 will mean we can have a chat about what you are looking for and how we can help.

To read more go to: The Overseas Newsletter

In this months newsletter:

Give, give me the good news… Let’s look at the good news!

Where to for the £ against the euro? by Smart Currency’s Charles Purdy. Where to for the £ against the euro? This is a question I am often asked

Property in the French Alps
Les Balcons d’Aix, La Feclaz, Savoie Grand Revard, French Alps

Holidays Uncovered I have found such a wonderful website that I just have to share with you!

Rent or advertise a rental property Do you have a holiday home that you want to rent out? OR Do you want to take a ‘test-drive’ and stay in a holiday home

To see the full newsletter go to: The Overseas Newsletter

Kind regards till next time,

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

mailto:jana@overseasguidescompany.com

The Overseas Guides Company Ltd | 1 Lyric Square | London | W6 0NB | UK

Copyright © 2009. All Rights Reserved. The Overseas Guides Company

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the copyright owner.

The contents are a general guide only and are not intended to be in substitution for professional advice. All readers are strongly advised to take advice from their solicitor, accountant and surveyor before proceeding with any property purchase.

 

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London, London
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GB

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Posted March 26th, 2009 by Charles Purdy

Smart Daily Currency Note – 26th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 26th March 2009

Currency

Rate

EURO

1.075

US$

1.459

CHF

1.638

CAN$

1.792

AUS$

2.083

Comments: A minor improvement in German business sentiment and the failure of a UK government bond auction for the first time in seven years saw sterling lose at one stage nearly 2% against the euro by close on Wednesday. This morning there has been a slight recovery but concerns over the UK’s public finances will persist. A much better-than-expected result in durable goods orders for February in the US made for marginal losses for sterling against the US$, essentially reversing the previous day’s gains. There were interesting developments in the Czech Republic today following a vote of no confidence for the ruling government by Parliament. There were no immediate drastic effects to the value of the Czech koruna on the markets but this event will doubtlessly put more pressure on the koruna and other eastern European currencies in the uncertain months ahead.

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 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!



SCE/OGC

1 Lyric Square
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted March 25th, 2009 by Charles Purdy

Smart Daily Currency Note – 25th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 25th March 2009

Currency

Rate

EURO

1.087

US$

1.461

CHF

1.654

CAN$

1.803

AUS$

2.104

Comments: Sterling received a fillip from higher than expected inflation. In fact the consumer price index increased to 3.2%. Given we import so much food, fuel and white goods and sterling has lost so much value in the last 12 months is it really a surprise? Where we are seeing deflation is in house prices and employment costs. The main outcome seems to be the belief that the Bank of England will be less enthusiastic in talking sterling down hence it having a reasonable day. No major news from Euro land or the US yesterday.

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 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!



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:
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Posted March 24th, 2009 by Charles Purdy

Smart Daily Currency Note – 24th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 24th March 2009

Currency

Rate

EURO

1.076

US$

1.464

CHF

1.646

CAN$

1.791

AUS$

2.082

Comments: Sterling had a reasonable day gaining a little ground against both the euro and the US$. There was no key UK data to support this. The major factor seems to be the plan put forward by the government in the US to effectively buy out the toxic assets from troubled US financial institutions. The markets seemed to have greeted the plan warmly with significant gains made during the day US time and overnight in the Far East. The result of increased risk appetite has resulted in the US$ losing ground against all major currencies. On the back of the Fed’s quantitative easing programme announced last week you do wonder if we are in the initial stages of a significant devaluation of 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 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!



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:
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Posted March 20th, 2009 by Charles Purdy

Smart Weekly Currency Note – 20th March 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 20th March 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.083
1.066
US$
1.395
1.445
CAN$
1.780
1.795
AUS$
2.123
2.102
NZD
2.661
2.586
AED
5.129
5.31

CHF

1.660
1.63

ZAR(Rand)

13.953
13.879

Charles’s Thoughts: Having made broad losses against most major currencies in the previous week, sterling continued to slide against the euro but made substantial gains against the US$. The UK unemployment figures and the minutes from the Bank of England’s (BoE) last meeting on interest rates were both released on Wednesday. The minutes suggested that the BoE members would continue their ‘dovish’ stance on monetary policy and would look to further unconventional means of supporting the economy and liquidity, if necessary, in the months ahead. The UK unemployment figures also broke the psychological two million figure and together with the news from the BoE, sterling fell to some of its lowest levels against the euro since almost hitting parity in early January. Any upside for sterling will be limited for as long as such drastic measures from the BoE are endorsed and the IMF has also suggested that we will be the last out of the global recession.

With little significant news or market data for the US, the US$ held steady in the first half of the week. However, the announcement from the Federal Reserve (Fed) that they will start their own ‘unconventional’ monetary policy and begin quantitive easing saw the US$ make steep losses against all major currencies in the following day’s trading. An amount of over $1 trillion has been promised to help boost the suffering credit markets and buy mortgage debt. Whether this news is the ‘beginning of the end’ for the US$’s status as a safe-have asset and cause a major re-valuation on global markets is to be seen.

The euro benefitted this week from inflation data and a business sentiment survey which turned out more favourable than had been previously expected. With little other economic data during the week, the euro maintained a steady level against most currencies and made gains against sterling and the US$ due to the poorly received news from their respective central banks. At the end of the week the euro fell from a two-month-high against the US$ thanks to a slowdown in industrial production during January. Late on Friday, comments from the European Central Bank’s (ECB) Axel Weber suggested that the ECB would strongly consider cutting euro interest rates in the coming months but also questioned the value of intentional devaluation if all other major central banks are intent on doing the same.

There we no major developments with 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 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 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!



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 March 20th, 2009 by Charles Purdy

Smart Daily Currency Note – 20th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 20th March 2009

Currency

Rate

EURO

1.062

US$

1.458

CHF

1.630

CAN$

1.789

AUS$

2.107

Comments: The US$ continued to slide as the market digested the news from the Federal Reserve (Fed) that the US government is to start quantitive easing on a massive scale. In the announcement, the Fed promised over $1 Trillion (new) dollars to help boost the suffering credit markets by purchasing mortgage debts and other bad debts. As noted yesterday, such an aggressive stance from the Fed was rather unexpected and has duly seen the US$ fall by over 4% against sterling and also lose ground against most other currencies including the euro. Difficult to know how much further the US$ has to fall as we wait to see if there is any longer term momentum in the US$’s revaluation. Sterling managed to regain some ground against the euro but still seems to be under downward pressure.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 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!



SCE/OGC

1 Lyric Square
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted March 19th, 2009 by Charles Purdy

Smart Daily Currency Note – 19th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 19th March 2009

Currency

Rate

EURO

1.058

US$

1.429

CHF

1.626

CAN$

1.776

AUS$

2.102

Comments: Rather predictably, sterling suffered further losses following the release of poor unemployment data on Wednesday morning. The data estimates UK unemployment to have broken the 2 million mark with a record monthly total of over 150,000 UK jobs lost in the in the month of February. Compounding matters for sterling were the minutes from the Bank of England’s (BoE) last meeting on interest rates. The ‘dovish’ stance from the BoE which suggests that there is a willingness to continue their ‘unconventional’ monetary policy and potentially paves the way for further quantitive easing and perhaps even another cut in UK interest rates. Late in the day the Fed announced that the US was going to adopt quantitative easing similar to the BoE, which somewhat surprised the market, and acted as a fillip for the US stock market and leading to the US$ losing value against most currencies including sterling. Sterling is however edging closer to parity with the euro with little on the horizon to suggest we can expect improvement soon especially with the IMF stating that they expect the UK to be the last out of recession.

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 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!



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

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