Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
 
  Daily Currency News Euro US Dollar Educational Articles  
 
Posted May 29th, 2009 by Charles Purdy

Smart Weekly Currency Note – 29th May 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 29th May 2009


Currency
Rate Last
Week
Rate This
Week
EURO
1.135
1.143
US$
1.591
1.619
CAN$
1.786
1.766
AUS$
2.026
2.019
NZD
2.559
2.535
AED
5.842
5.938

CHF

1.725
1.726

ZAR(Rand)

13.195
12.885

Charles’s Thoughts: Sterling’s promising rise against most currencies over the last month or so maintained until the closing moments of this week. Still managing to close in positive territory on Friday against the euro, sterling’s gains of approximately 15 percent against the USD since early March have given the markets a clear signal that risk appetite is back in some force and has directly leant itself to help sterling out of the mire. With no significant UK economic data released and the press perhaps still entirely engrossed in the expenses scandal, confidence and house-prices are seemingly on the up according to recent reports. Comments from the Bank of England warning of a potential false dawn due to the brightening outlook have perhaps been designed to limit sterling’s swift rise and limit volatility and avoid major disappointment for later in the year. Bad news will certainly continue to come from the UK economy but sterling’s ability to weather this recently has definitely encouraged measured optimism.

The US$ and its fall against most major currencies over the past few months and this week in-particular has been an example of how the market is hinging on the risk-appetite/aversion phenomena. A marked improvement in US consumer confidence and month-on-month durable goods orders this week only encouraged investors to shun the US$ for higher-yield and riskier assets. However, this fall in value is a symptom of improved confidence and will perhaps bring a more realistic value, in-line with its Purchasing Power Parity value (a valuation of currency based on the comparative cost of goods overseas).

Much of the Euro-zone economic data released this week, including a Europe-wide inflation report, was as-expected and so had little effect on the euro’s value on the markets. Recent large gains against the weakened US$ have helped flatter the euro, as large losses elsewhere, such as against sterling and the Australian dollar have left the euro in the middle ground but in a downward trajectory overall. Positive performances in the equity markets have perhaps allowed the euro to avoid or ignore much of the speculation that a tougher end to 2009 awaits.

Commodity backed and/or high-yield currencies are too benefiting from the higher levels of risk appetite in the markets at present, the Australian and Canadian dollars maintain holding very strong level against most 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:
Cancel

To update your contact information:
Update

Leave a Reply

You must be logged in to post a comment.

Posted May 29th, 2009 by Charles Purdy

Smart Daily Currency Note – 29th May 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 29th May 2009

Currency

Rate

EURO

1.146

US$

1.607

CHF

1.736

CAN$

1.776

AUS$

2.030

Comments: Without any significant UK market data released on Thursday sterling retreated marginally from recent highs against most currencies. However, overnight sterling has regained the ground lost during Thursday. Comments from the Bank of England, who will meet next week, warning of a possible “false dawn” of confidence in the state of the economy helped to discourage the recent increase in risk-appetite, putting sterling back under pressure. Euro-zone inflation data and US GDP data will be announced later today with little data from the UK markets until next week.

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:
Cancel

To update your contact information:
Update

Posted May 28th, 2009 by Charles Purdy

Smart Daily Currency Note – 28th May 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 28th May 2009

Currency

Rate

EURO

1.147

US$

1.588

CHF

1.735

CAN$

1.781

AUS$

2.039

Comments: Yesterday, sterling, for a short period, rose above US$1.60/£1. This was on the back of improving sentiment in the UK service sector. Improving sentiment doesn’t mean the recession is over, it simply means that the rate of contraction has slowed significantly. Also there was an increase in US consumer confidence which increased risk appetite which is detrimental to the US$. Sterling has risen by over 10% against the € and by over 15% against the US$ since its lows at the start of the year and now seems to take bad news in its stride which indicates that it has a solid base and limited downsize.

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:
Cancel

To update your contact information:
Update

Posted May 27th, 2009 by Charles Purdy

Smart Daily Currency Note – 27th May 2009

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

Currency

Rate

EURO

1.145

US$

1.599

CHF

1.735

CAN$

1.782

AUS$

2.034

Comments: A quiet day for sterling following the bank holiday weekend. There was no significant economic data to move the exchange rate. The US$ had a day of respite following its free fall last week against both sterling and the €. This was on the back of worries about the US’s ability to raise the levels of debt that it has to over the coming year. But I do wonder when attention will turn to the € as the European banking system also has significant problems. We wait to see what the rest of the week holds.

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:
Cancel

To update your contact information:
Update

Posted May 22nd, 2009 by Charles Purdy

Smart Weekly Currency Note – 22nd May 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 22th May 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.124
1.135
US$
1.525
1.591
CAN$
1.786
1.786
AUS$
2.019
2.026
NZD
2.589
2.559
AED
5.597
5.842

CHF

1.689
1.725

ZAR(Rand)

12.255
13.195

Charles’s Thoughts: It was a positive week for sterling on the whole. Encouraging news regarding UK inflation and words from the Bank of England (BoE) suggesting that the economy is progressing towards the target rate of 2% helped brighten the outlook. There were also suggestions that the $50bn asset purchase plan to stimulate the UK economy may be increased to $75bn which was in some areas seen as a vote of confidence for the actions already taken by the UK government and the BoE. Gordon Brown even drew praise for leading by example in recession-proofing the stalling UK economy. On Thursday, the US credit agency S&P downgraded the outlook on the UK economy from stable to negative which in turn caused an instant fall in value for sterling falling approximately 1.4% against the euro and the US$ within minutes. However, sterling rallied back throughout the day and closed the week roughly 1% up on the euro and 4.5% up and the rece ntly impervious US$.

The US having kept abnormally strong in these risk-averse times had a terrible week falling across the board as risk-appetite increased across most markets. There were many contributing factors to the US$’s fall including, a weaker outlook from the FED on GDP contraction and unemployment in 2009, a positive performance on global equity markets which encouraged investors away from the safe-haven assets and speculation that the US may also be downgraded by S&P in their outlook and credit rating. Though this is not necessarily the end to the US$’s days as a safe-haven asset, it is the first time in a long time that the poor US economic data has had a detrimental effect to the US$’s value on the markets.

Euro-zone economic data was very sparse this week and so the euro had a rather uneventful time on the markets thanks to this. Losing ground against sterling but making large gains against the US$, on the whole the euro closed the week marginally down against most currencies. The euro is also under pressure thanks speculation that the US credit agency S&P may well look to downgrade the outlook on the Euro-zone as they have for the UK.

No major developments this week from 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:
Cancel

To update your contact information:
Update

Posted May 22nd, 2009 by Charles Purdy

Smart Daily Currency Note – 22nd May 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 22nd May 2009

Currency

Rate

EURO

1.135

US$

1.583

CHF

1.726

CAN$

1.793

AUS$

2.029

Comments: Volatile day for sterling as the initial reaction to Standard & Poors, the credit rating agency, cut in the outlook for the UK from “stable” to “negative” was for a fall of 1.4% against both the US$ and the €. However, during the next few hours sterling regained its value against these two currencies. Shows how vulnerable sterling is to the massive debt the UK government has to fund over the next few years/decades. This is a significant drag on sterling being able to strengthen in the short term,especially against the €, as the market doesn’t like this uncertainty. But at least sterling did regain its ground which shows some resilience to bad news.

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:
Cancel

To update your contact information:
Update

Posted May 21st, 2009 by Charles Purdy

Smart Daily Currency Note – 21st May 2009

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 21st May 2009

Currency

Rate

EURO

1.144

US$

1.577

CHF

1.736

CAN$

1.795

AUS$

2.036

Comments: Another good day for sterling as it strengthened against the € and the US$. This was on the back of comments from the US Treasury secretary that the financial system was beginning to heal and hence risk appetite was to the fore. This was further supported by the Bank of Americas aim to pay back government loans early and the fall in the bank lending rate between banks to “normal” levels which were last seen 18 months ago [pre Northern Rock]. Commodity backed currencies also benefited from this renewed confidence. Will be interesting to see where sterling gets to over the next few days/weeks.

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:
Cancel

To update your contact information:
Update

Posted May 20th, 2009 by Charles Purdy

Smart Daily Currency Note – 20th May 2009

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

Currency

Rate

EURO

1.137

US$

1.547

CHF

1.720

CAN$

1.791

AUS$

2.007

Comments: Sterling had a good day as risk appetite was to the fore. German investor confidence was reported as being at a three year high which has given hope to the market that the worst may be over for Europe’s largest economy. UK inflation continues to fall but is the highest of the “big” nations which is a result of the fall in value of sterling over the last 12 months. So can sterling sustain its upward momentum. The great difficulty is the amount that the government has to borrow and a lot of this borrowing will have to come form overseas. Therefore sterling will have to counter this headwind if it is going to make real progress.

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:
Cancel

To update your contact information:
Update

Posted May 19th, 2009 by Charles Purdy

Smart Daily Currency Note – 19th May 2009

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

Currency

Rate

EURO

1.134

US$

1.543

CHF

1.719

CAN$

1.791

AUS$

2.006

Comments: Sterling ended the day at the top of its recent range against both the US$ and the € as a positive UK housing survey and gains on worldwide stock markets on recovery hopes increased risk appetite. Today we have inflation figures which I am sure will show a lack of inflation given the state of the UK economy. Sterling has been trading in a fairly tight range for the last few weeks and until we make a sustained break from this range one way or the other I would think buying at the top or selling at the bottom would be a sensible short term strategy.

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:
Cancel

To update your contact information:
Update

Posted May 15th, 2009 by Charles Purdy

Smart Weekly Currency Note – 15th May 2009

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 15th May 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.118
1.124
US$
1.509
1.525
CAN$
1.748
1.786
AUS$
1.984
2.019
NZD
2.529
2.589
AED
5.546
5.597

CHF

1.690
1.689

ZAR(Rand)

12.605
13.255

Charles’s Thoughts: Even though the Bank of England pulled no punches on Wednesday in describing how difficult the next 18 months were going to be and that the UK economy was far from being out of the wood sterling gained against most currencies during the course of the week. Sterling gained support from better than expected retails sales for April, better than expected manufacturing output for March and a UK housing market survey that came in stronger than expected. However, it is still difficult to know how the government is going to fund their massive debts over the coming year(s) especially given the increase in taxes announced in the last budget which seemed to be counter productive in encouraging inward investment and as such I would suggest looking at any strength in sterling as a buying opportunity rather than the start of a prolonged move up.

The US$ had a mixed week benefiting rather perversely from poor US retail figures and export figures which in theory encourages the buying of US$’s on safe haven status. All very strange to think of the US$ as a safe haven but people do probably because the rest of the world holds so many of them and can’t afford for them to depreciate too far. The stock markets have made great gains over the last two months and as such the market expects a pull back which may well make the US$ more attractive.

The € held its own even on the back of the most appalling GDP figures released on Friday. The figures showed that euro land had contracted by 2.5% in the first quarter of this year on the back of a 1.6% contraction in the last quarter of last year. Germany leads the way with a fall in GDP in the first quarter of 4% which represents a fall of almost 7% in the last twelve months. I suspect more bad news is on the way but with so little good news elsewhere I can’t see sterling making great strides against the € short term.

Commodity prices seem to be having a good run and as such this has buoyed the Canadian and Australian economies. However further cuts in interest rates are being mooted which could lead to short term weakness against sterling.

Why is Currency Management So Important? Using a bank could cost you £3-4,000 per £100,000 transferred. Buying at the “wrong” time could cost you many £’000′s more as rates can move as much as 3% in a very short period of time. Then add in transfer costs that the banks charge for sending and receiving funds and you could be looking at additional costs of £10,000 per £100,000 transferred. By developing a currency strategy and by working with a specialist currency broker these losses could be minimised if not eliminated.

Smart Client Testimonial: “Thank you for making our transactions go so smoothly. As promised, our account was opened within hours. Your traders were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard

If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

How much will a Property Cost? To estimate the cost of a property simply DIVIDE the price of the property by the appropriate rate noted above. But note this is based on the inter bank rate so the actual cost will be slightly more.

Charles Purdy
Charles Purdy


Smart Resources

Currency Strategy Worksheet
Need help creating a Currency Strategy? Download our Currency Strategy Worksheet:
http://www.smartcurrencyexchange.com/downloads/CurrencyStrategyWorksheet.pdf

Currency Report
Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here:
http://www.SmartCurrencyExchange.com/downloads/ThreeMistakes.pdf

Currency Quotation
Are you interested in a currency rate for Euros, US$’s, CYP, NZD, or any other currency, please fill out our Smart quotation form at: http://www.SmartCurrencyExchange.com/smartquotation.htm


Smart Currency Exchange Limited

   


Smart Currency Exchange | 1 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:
Cancel

To update your contact information:
Update

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus