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Posted March 18th, 2009 by Charles Purdy

Smart Daily Currency Note – 18th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 18th March 2009


Currency

Rate

EURO

1.073

US$

1.396

CHF

1.649

CAN$

1.773

AUS$

2.116

Comments: Sterling has opened lower against most major currencies this morning having lost a little ground over night. Against the euro, sterling has been edging down slowly and through the course of Tuesday lost about a cent. This may well be attributed to a German survey of business sentiment which showed a marked improvement from last month. Prices against the US$ have moved similarly against sterling and is largely due to a halt to the recent rally on the stock markets and a return by investors to safe-haven assets. Today we await with interest the release of the Bank of England’s minutes from their last decision on interest rates as well as month-on-month UK unemployment figures. Seems to be that sterling is finding it more and more difficult to maintain any signifiacant gains it makes against the US$ and the euro last. Seems to have very few if any friends.

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 17th, 2009 by Charles Purdy

Smart Daily Currency Note – 17th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 17th March 2009

Currency

Rate

EURO

1.081

US$

1.404

CHF

1.666

CAN$

1.786

AUS$

2.128

Comments: With a lack of significant market data released this Monday it was a somewhat uneventful day for sterling on the markets. An early rally on the UK stock markets helped sterling to small gains on most major currencies in the morning but by close the pound rates against the euro were marginally down from its open price and practically unchanged against the US$. In the week ahead there will be little in terms of significant UK economic data released other than the meeting minutes of the Bank of England’s decision on interest rates earlier this month as well as month-on-month unemployment figures for February – both due out on Wednesday. In fact, it is on paper a quiet week ahead for global economic data with little to anticipate for major market movement. However there is a saying that ‘no news is good news’ and although we may hope this for sterling, the developments within the global financial sector will be very likely to heavily influence the trend for sterling in the shor t to mid-term.

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 13th, 2009 by Charles Purdy

Smart Weekly Currency Note – 13th March 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 13th March 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.117
1.083
US$
1.413
1.395
CAN$
1.820
1.780
AUS$
2.204
2.123
NZD
2.816
2.661
AED
5.191
5.129

CHF

1.636
1.660

ZAR(Rand)

14.881
13.953

Charles’s Thoughts: Having weakened off slightly in previous week’s trading, sterling continued a downward trend against most major currencies throughout this week. Persistent concerns within the UK banking industry as well as weak economic data such as a marked fall in month-on-month industrial production kept sterling under pressure and at a low ebb sliding to a 6 week low against the euro. The Bank of England (BoE) initiated its quantitive easing measures on Wednesday which brought about little reaction on the markets and with little market data published in the latter part of the weak sterling stabilised and even recovered some lost ground. According to a broader analysis of recent data, the UK recession is still gathering momentum and points to harder times to come. However, in spite of the tough decisions and some may consider risky actions taken by the government and the BoE to limit the damage of the recession, the UK could be considered to be ahead of the curve and even tougher times will surely come to those countries and governments who have lagged behind in their responses to the global downturn. This may be of benefit to sterling in the medium term.

The US$’s position as a safe-haven asset was reinforced this week thanks to speculation against the future strength of Japanese Yen alongside action taken by the Swiss National Bank to purchase vast amounts of foreign currency in an attempt to purposefully devalue the Swiss franc. US trade deficit figures, released on Friday, were more favourable than expected and helped bring some optimism and risk-appetite to investors and a slight fall in the US$ across the board. Otherwise, there was very little significant US economic data during the week meaning the US$ fell marginally against the euro and closed the week fractionally higher against sterling. In a time of such uncertainty in markets it is very difficult to see when and what will actually bring about the level risk-appetite to which will result in a more realistic value to the US$.

The Euro made small but steady gains against sterling and the US$ this week despite a lack of significant economic data. The recent fall in value of some of the smaller European currencies heightened speculation that the euro may well be adopted sooner than scheduled by the countries concerned and would have contributed to some of the euros strength. I also wonder if the market is positioning the euro to make another attempt on sterling euro parity. Not a huge amount of logic as to why we would see this as most believe that sterling is oversold but logic doesn’t always apply. We wiil have to wait and see.

Due to an increase in risk appetite and increase in demand (in particular Chinese demand) for commodities the high-yield and/or commodity backed currencies experienced a positive week on the markets.

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 13th, 2009 by Charles Purdy

Smart Daily Currency Note – 13th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 13th March 2009

Currency

Rate

EURO

1.078

US$

1.396

CHF

1.655

CAN$

1.782

AUS$

2.125

Comments: Sterling kept within a stable trading range today and held it’s value against most major currencies thanks to a quiet day for significant economic data or developments domestically. By close sterling was practically unchanged against the US$ and fractionally lower against the euro. However, there were interesting developments in Switzerland which helped to highlight the distinct difficulties being experienced by other countries across Europe during the credit crunch. Having gained so much strength from the safe-haven asset demand, as has the US$, the Swiss National Bank took measures on Thursday to purchase vast amounts of foreign currency with the aim to devalue the Swiss Franc in order to stabilise the economy and combat the threat of deflation. It had initial success helping the Swiss Franc to lose 3% again the euro. Still very difficult to see any upside for sterling in the short term.

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

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London, London
W6 0NB
GB

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Posted March 12th, 2009 by Charles Purdy

Smart Daily Currency Note – 12th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 12th March 2009

Currency

Rate

EURO

1.076

US$

1.375

CHF

1.590

CAN$

1.774

AUS$

2.137

Comments: Sterling’s difficult week continued on Wednesday with the release of marginally worse-than-expected trade balance data as well as the continuing poor sentiment in the UK banking sector. Sterling fell to a six week low against the euro but closed fractionally higher against the US$ from the previous day close thanks to renewed risk appetite in the markets. The Bank of England have now initiated their quantitive easing measures and despite the initial fears of pumping new money into the economy the market reaction was somewhat muted. The UK and those ultimately responsible for safeguarding the economy have now entered uncharted territory and only time will tell if this unusual measure will help bring any resolution to the problem. Short term doesn’t seem to be much upside for sterling.

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

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



Smart Currency Exchange | 1 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 11th, 2009 by Charles Purdy

Smart Daily Currency Note – 11th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 11th March 2009

Currency

Rate

EURO

1.087

US$

1.376

CHF

1.604

CAN$

1.767

AUS$

2.140

Comments: True to recent form, sterling continued to slide on Tuesday, edging down slightly against most major currencies. Though the losses for sterling were not as steep as they were on Monday, the persistent issues within the UK financial sector have kept sterling under pressure and only lent to the increasing global demand for safe-haven assets. There was little in terms of major UK economic data on Tuesday beyond that of the weaker-than-expected industrial production figures, which would have contributed to sterling’s trading day losses. UK trade balance data out today could well be a strong indicator for how well the UK economy has adapted to the weakness of sterling on the global markets. However, waning global demand has meant so far there has been no noticeable boost to UK exports. It would seem not much upside for sterling for the foreseeable future.

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 10th, 2009 by Charles Purdy

Smart Daily Currency Note – 10th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 10th March 2009

Currency

Rate

EURO

1.087

US$

1.383

CHF

1.591

CAN$

1.783

AUS$

2.158

Comments: Monday was yet another day in the doldrums for sterling and began before the UK markets had even opened. From about seven o’clock Monday morning news of further woes in the UK financial sector began to affect sterling, starting a slide which continued throughout the day. This left the beleaguered pound over 2% lower against the euro and the US$ compared to its closing price on Friday. Though the broad consensus that sterling is grossly underpriced against many of the major currencies, with studies such as the Big-Mac index supporting such claims, the downside risk for sterling to fall further and possibly reach the €1/£1 level is still very much evident on days like these. In the week ahead we will see UK trade balance figures, a GDP estimate for the month of February and January’s Eurozone Retails sales data. The main influence will continue to be the flight to quality which has kept uncertain investors rooted in the US$ for several months now.

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 7th, 2009 by Charles Purdy

Smart Weekly Currency Note – 6th March 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 6th March 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.127
1.117
US$
1.429
1.413
CAN$
1.812
1.820
AUS$
2.222
2.204
NZD
2.842
2.816
AED
5.252
5.191

CHF

1.668
1.636

ZAR(Rand)

14.372
14.881

Charles’s Thoughts: With little else in terms of other significant economic data due out, the main focus for the week was the rather predictable decision from the Bank of England on interest rates. The decision to cut by another 0.5% to set a new base rate of 0.5% did not have any immediate effect on the value of sterling as the news was so widely expected but the “promise” of quantitive easing is undermining sterling and limiting possible upside movement. Against the euro and the US$ sterling slid by roughly 1.5% at the start of the week but by the end of the week sterling closed only marginally lower to the week’s opening prices. No rays of sunshine on the horizon for the foreseeable future.

In a week when the two premiers of the UK and the US met to discuss the situation in the global economy as well as flaunt the ‘special relationship’ shared between the two nations, the positions of sterling and the USD in the financial markets could not be more different. The US$ is seemingly impervious to usual market influences and defiantly maintains the safe-haven asset status which has kept the US$ unnaturally strong against all other major currencies despite consistently poor economic data.

Eurozone GDP figures shortly preceded this week’s other important European economic news of an interest rate cut by 0.5% to a new record low for the single currency. However, with the interest rate decision and the GDP figures both coming in as expected, the euro simply maintained a steady value against most major currencies including sterling and the US$. Inflation, or a lack of it, still remains a major concern for the European Central Bank as forecasts suggest that the future months will be running under the target rate of 2%. This will almost certainly lead to further cuts in euro interest rates if correct and will test the euro’s resilience in the middle stretch of 2009.

Among the high-yield and/or commodity backed currencies, the Reserve Bank of Australia decided this week to buck the recent global trend of lowering interest rates to instead hold their interest rate at 3.25%. The news was positively received and lead to gains on the following day’s trading, and all in spite of recent news that the Australian economy had contracted in the fourth quarter of 2008, the first time it has done so in eight years.

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:
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Posted March 6th, 2009 by Charles Purdy

Smart Daily Currency Note – 6th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 6th March 2009

Currency

Rate

EURO

1.124

US$

1.427

CHF

1.645

CAN$

1.828

AUS$

2.217

Comments: In a relatively quiet week for other significant economic data, the UK and European markets had widely anticipated a cut from both the Bank of England (BoE) and the European Central Bank (ECB) of 0.5% and early Thursday afternoon the respective banks duly delivered. The last cut in UK interest rates had already set a new record low in the 315 year history of the BoE, and so another cut to set a base rate of 0.5% is not something that would really have surprised anyone. In addition to European GDP data released today, which also came in much as expected, sterling’s value against the euro remained practically unchanged by close with both currencies falling marginally against 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 5th, 2009 by Charles Purdy

Smart Daily Currency Note – 5th March 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 5th March 2009

Currency

Rate

EURO

1.124

US$

1.418

CHF

1.663

CAN$

1.812

AUS$

2.200

Comments: An improvement in UK consumer confidence and better-than-expected service sector data helped sterling make marginal gains against the US$ on Wednesday though closing relatively unchanged against the euro. In the small hours of the morning the Reserve bank of Australia decided not to cut interest rates this month. The positive reception of this news resulted in the Australian dollar making gains against most major currencies steadily and throughout the day. This was all in spite of recent news that the Australian economy had contracted in the fourth quarter of 2008, the first time it has done so in eight years. Today is the day that the Bank of England and the European Central Bank make their decisions and announcements on interest rates. We wait to see the effect on exchange rates.

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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