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Posted August 28th, 2009 by Charles Purdy

Smart Weekly Currency Note – 28th August 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 28th August 2009
 


Currency
Rate Last
Week
Rate This
Week
EURO
1.154
1.134
US$
1.650
1.631
CAN$
1.784
1.764
AUS$
1.978
1.929
NZD
2.420
2.368
AED
6.061
5.990

CHF

1.751
1.721

ZAR(Rand)

12.876
12.636

Charles’s Thoughts: Sterling’s poor week on the foreign exchange markets was influenced more by the previous week’s comments by the Bank of England (BoE), and their intention to expand quantitive easing, than any given news or events over the last 5 days. A very marginal improvement in UK GDP figures on Friday did nothing to support sterling having already lost roughly 4% against the euro and the US$ in the past 4 weeks. Given that the BoE are not due to meet again until the 10th of September and very little significant UK data due out next week, sterling may well find itself in this lower trading range until there is a new development or perhaps a change of strategy from the BoE. However, amongst all this gloom the expectation for the UK to return to growth during quarter 3 of 200 9 is positive and brave and unpopular decisions are often needed at times of crisis. In Mervin we trust?

A marginal improvement in US consumer confidence and estimated GDP figures brightened the outlook for the US economy this week but did little to strengthen the US$ due to the risk-appetite effect present over the last year. Most recent US data now points towards economic growth in the coming quarter and though spending and confidence seem to be on the up the improvements will be very gradual and unemployment will remain a big challenge.

Confidence within the Eurozone is definitely on the up for having seen France and Germany leave recession by reports released in recent days. Specific information this week regarding German inflation which was slightly better than expected helped the euro to extend the previous week’s gains against sterling and close the week up against the US$ also. However, as with the UK and the US, inflation is expected to remain under the target of 2% and so any chance of seeing a hike in interest rates from the European Central Bank seems very unlikely before the end of the year.

The high-yield and/or commodity backed currencies remain as the strongest currencies on the market at present. Still propped up by the Chinese demand for commodities and the greater return sought by investors who are leaving the safe-haven positions with little to no interest on offer. The upshot of all this being that sterling currently sits at multi-year lows against the New Zealand and Australian dollars.

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

Smart Client Testimonial: “Thank you for making our transactions go so smoothly. As promised, our account was opened within hours. Your traders were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

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

Charles Purdy
Charles Purdy


Smart Resources

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

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

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


Smart Currency Exchange Limited

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

   


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum trouble!

 



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Posted August 28th, 2009 by Charles Purdy

Smart Daily Currency Note – 28th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 28th August 2009
 

Currency

Rate

EURO

1.135

US$

1.628

CHF

1.727

CAN$

1.772

AUS$

1.936

Comments: Having made broad losses against most currencies last week and the week so far, sterling made only marginal losses during Thursday’s session after a mixed bag of economic data was released during the first half of the day. The Nationwide UK house price data for August was better than expected but figures relating to private business investment in the UK for the 2nd quarter of 2009 largely disappointed. The more significant UK GDP figures are released later today and may provide a bigger clue for what we may expect from sterling’s performance in the short/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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!

 


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London, London
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GB

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Posted August 26th, 2009 by Charles Purdy

Smart Daily Currency Note – 26th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 26th August 2009

Currency

Rate

EURO

1.140

US$

1.631

CHF

1.731

CAN$

1.771

AUS$

1.949

Comments: Sterling lost further ground on Tuesday, sinking to a ten-week-low against the euro. The UK’s enormous fiscal debt and last week’s comments from the Bank of England (BoE) regarding further quantitive-easing, continued to weigh on the beleaguered British pound as it has since the meeting minutes were released last week. German GDP figures, released in the morning, demonstrated their economy to have grown by a modest 0.3% in the second quarter of this year which upheld the suggestions form last week that they, with France, had now left 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.



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



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London, London
W6 0NB
GB

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

Smart Daily Currency Note – 25th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 25th August 2009

Currency

Rate

EURO

1.146

US$

1.636

CHF

1.739

CAN$

1.766

AUS$

1.956

Comments: With a lack of any significant economic data on Monday sterling’s downward momentum simply followed through from last week sending exchange rates down against the euro to their lowest value since early June of this year. Sterling’s performance against other major currencies was no better losing marginal ground against the US$ by close despite having kept a rather narrow trading range on these currencies in the weeks previous. Tough times for sterling investors

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

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



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

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London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted August 21st, 2009 by Charles Purdy

Smart Weekly Currency Note – 21st August 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 21st August 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.163
1.154
US$
1.653
1.650
CAN$
1.810
1.784
AUS$
1.987
1.978
NZD
2.440
2.420
AED
6.069
6.061

CHF

1.772
1.751

ZAR(Rand)

13.374
12.876

 

Charles’s Thoughts: With few significant economic data releases during the week and a tentative air in the markets at present sterling merely continued in its downward trajectory, making marginal losses against most major currencies. However, a slight increase in risk-appetite and business confidence globally led to gains against the US$ as investors fled their safe-haven assets. The main focus of the economic week for the UK was this month’s Bank of England’s meeting minutes released on Wednesday. In the report we learnt that Mervin King (the Bank’s governor) and two of the other eight members’ wishes to immediately expand the ‘asset purchase scheme’ and inject further liquidity into the UK economy. This news instantly devalued sterling on the markets and added speculation that the governor’s plans may well be supported by additional members next month as all have supported the notion. Next week will see second quarter UK GDP figures, another major indicator for the current health of the UK economy.

The US$ made broad losses against almost all major currencies this week as global risk appetite grew and investors sold-off their low-yield and low risk assets. With many of the nations hit by the ‘credit crunch’ in the last two years now seeing faintly positive, if inconsistent, productivity data the anticipation of the end of the global recession has generated enough confidence to see a sharp rise in commodity indices and a brightened outlook for business.

There was very little significant eurozone economic data this week but the euro, still buoyed by the suggestions in the previous week that France and Germany were essentially leaving recession, enjoyed a positive run against most currencies and neared a one month high against sterling on Friday. A positive trend in the results of the European PMI index since February, which is used as a strong indicator for future business activity, has been a major plus for the euro in recent months. If euro inflation figures due next week are as positive the euro may well improve on this weeks good performance.

There was no major news on the high-yield and/or commodity backed currencies this week.

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

Smart Client Testimonial: “Thank you for making our transactions go so smoothly. As promised, our account was opened within hours. Your traders were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

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

Charles Purdy
Charles Purdy


Smart Resources

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

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

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


Smart Currency Exchange Limited


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

   


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!



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GB

If you no longer wish to receive communication from us:
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Posted August 21st, 2009 by Charles Purdy

Smart Daily Currency Note – 21th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 21st August 2009

Currency

Rate

EURO

1.157

US$

1.647

CHF

1.752

CAN$

1.793

AUS$

1.987

Comments: There was little to report on in terms of significant market data domestically or abroad on Thursday, thus allowing sterling to settle back in to its familiar and narrow trading range against the euro and the US$. UK retail sales, released early in the day, were much in-line with expectation and made little impact on exchange rates. So with no major economic data for release tomorrow either, a quiet end to another frustrating week for sterling may well be on the cards.

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

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



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

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London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted August 20th, 2009 by Charles Purdy

Smart Daily Currency Note – 20th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 20th August 2009

Currency

Rate

EURO

1.165

US$

1.656

CHF

1.767

CAN$

1.815

AUS$

1.993

Comments: Having shown signs of improvement during Wednesday afternoon’s session, sterling was once more weakened by comments contained within the Bank of England’s (BoE) meeting minutes published in the morning. The prospect of further ‘quantitive-easing’ by the Bank immediately sent sterling lower against all major currencies and back to the bottom of its recent trading range against the euro. With the BoE having been candid in their support for a weaker pound in recent months, the votes to expand the asset purchases by Mervin King and two other members of the Monetary Policy Committee will have caused little surprise in the markets. However, this may well prove to be unpopular domestically as any improvement from sterling in the short-term will be somewhat limited.

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

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



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



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 August 19th, 2009 by Charles Purdy

Smart Daily Currency Note – 19th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 19th August 2009

Currency

Rate

EURO

1.168

US$

1.646

CHF

1.773

CAN$

1.823

AUS$

2.006

Comments: In a reversal of fortunes from Monday, a surge in global equity markets and risk appetite offered some support for sterling on Tuesday, leading to broad gains against most major currencies by close. Sterling also benefitted from the good news that UK inflation, which has been the main area of concern for the Bank of England (BoE) in recent months, maintained at an annualised 1.8% in July. US inflation figures released in the afternoon were less positive and so weighed on the US$ helping sterling make further, steady gains by close. Today we await the minutes from the BoE’s last meeting on interest rates and what could prove to be another tough test for sterling’s short-term value on the markets.

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

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



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



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 August 18th, 2009 by Charles Purdy

Smart Daily Currency Note – 18th August 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 18th August 2009

Currency

Rate

EURO

1.160

US$

1.641

CHF

1.764

CAN$

1.810

AUS$

1.984

Comments: Sterling opened trading on Monday morning on a downward trend and lost marginal ground against most major currencies early on. The main reason to sterling’s slide has been largely apportioned to a further increase in risk-aversion in the markets as confidence in the global economy and equity markets around the world fell. News that Japan has now left recession having seen GDP data show growth within the economy for the fist time since Q1 2008 was met with a mixed reception. The news contradicts rising unemployment and fears of deflation and is reminiscent of other inconsistent economic data seen domestically and elsewhere over the course of this year.

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

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



Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0571)

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

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


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



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 August 14th, 2009 by Charles Purdy

Smart Weekly Currency Note – 14th August 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 14th August 2009

Currency
Rate Last
Week
Rate This
Week
EURO
1.175
1.163
US$
1.669
1.653
CAN$
1.809
1.810
AUS$
1.990
1.987
NZD
2.479
2.440
AED
6.121
6.069

CHF

1.803
1.772

ZAR(Rand)

13.395
13.374

 

Charles’s Thoughts: Sterling lost ground against most currencies during the course of the week. On Wednesday we had the Bank of England’s Quarterly Information Report. This gave some background as to why the BoE had increased the amount of quantitative easing to £175bn, a major factor behind sterling’s recent fall. “The UK recession was deeper than originally thought which means that spare capacity is high. Even though a range of economic indicators are forecasting positive growth this spare capacity will be a drag resulting in UK interest rates being kept low for longer than the markets were expecting.” The BoE continues to proffer the long hard road to recovery for the UK economy. This point is backed up by the International Monetary Fund who has long said that of the major economies the UK will suffer the most given its dependence on the finance sector. Overall sterling is trading in a narrow range against the € and US$ and is likely to do so until there is some catalyst to push it one way or the other.

The US$ also had a mixed week. Even though retail sales disappointed and foreclosures are happening at record rates, the stock market continues to go up. The Federal Reserve met this week and painted a less gloomy picture than the BoE. But it did make it clear that interest rates were going to be kept at low levels for quite a while.

The Euro Zone had the best of it this week with better than forecast growth for the second quarter and two of its major economies, Germany and France, even managed to show positive growth. This was a surprise as business confidence in both the manufacturing and service sectors lags that in the UK. However the expectation is for positive growth from the Euro Zone as a whole in the third quarter.

The commodity backed currencies continued to benefit from buoyant commodity prices and expectations that they will lead the way when interest rates are started to be increased. The Australian $ continues to hold below the A$2/£1 mark.

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

Smart Client Testimonial: “Thank you for making our transactions go so smoothly. As promised, our account was opened within hours. Your traders were pleasant and efficient, and each transaction was very much at the exchange rate I expected…ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad.” Ian Pritchard If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

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

Charles Purdy
Charles Purdy


Smart Resources

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

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

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


Smart Currency Exchange Limited


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

   


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

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum trouble!



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