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Posted October 30th, 2009 by Charles Purdy

Smart Weekly Currency Note – 30th October 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 30th October 2009
 


Currency
Rate Last
Week
Rate This
Week
 
EURO
1.088
1.116
US$
1.631
1.645
CAN$
1.716
1.777
AUS$
1.768
1.824
NZD
2.162
2.284
AED
5.990
6.041

CHF

1.645
1.686

ZAR(Rand)

12.201
12.888

Charles’s Thoughts: Another volatile week on the foreign exchange market ended better overall for Sterling with the GBP moving to more sensible levels of €1.11/£1 and $1.65/£1. The gain was mainly down to negative data from the US and Euro Zone; The US Dollar weakened over further fears that China will diversify its reserves away from a weakening dollar and the euro moved to its worst level all month against Sterling due to figures out from several of Europe’s biggest economies. Most significantly, Germany released unemployment figures and consumer price report figures, hinting that the European Central Bank will delay any increase in interest rates for longer then originally expected.

The Norwegian Krone out performed other commodity linked currencies this week as the Central Bank of Norway became the first European country to increase interest rates. The Australian consumer price index was lower on Wednesday than analysts had expected suggesting that the reserve Bank of Australia would increase interest rates by 0.25% or 0.50% at its next policy meeting this week. The Canadian Dollar declined this week due to a drop in crude oil prices and quarterly Gross Domestic Product.

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 October 29th, 2009 by Charles Purdy

Smart Daily Currency Note – 29th October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 29th October 2009
 

Currency

Rate

EURO

1.114

US$

1.642

CHF

1.683

CAN$

1.768

AUS$

1.820

Comments: Sterling continued its recovery from last Fridays fall. Again it seemed to be news form elsewhere which supported it. Unemployment in Germany for September has increased following a surprise increase in reduction in August. Commodity prices fell as fears over the recovery grew and this had a knock on effect on commodity backed currencies such as the Australian $. The US$ has gained against the euro on the back of its safe haven status.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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London, London
W6 0NB
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Posted October 28th, 2009 by Charles Purdy

Smart Daily Currency Note – 28th October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 27th October 2009
 

Currency

Rate

EURO

1.104

US$

1.635

CHF

1.670

CAN$

1.749

AUS$

1.798

Comments: Sterling had a better day. Two main reasons. Firstly a rebound following Fridays rapid sell off following the poor gross domestic product figures and secondly the results of the survey carried out by the Confederation of British Business which showed that the balance of retailers showing that sales were up on a year by year basis and had risen to a 22 month high in October. The US$ also had a good day against the €. The trigger for this was the US$’s safe haven status on the belief that upside momentum in equity markets was limited given that countries around the world were beginning to tighten monetary policy especially through increasing interest 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.

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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GB

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Posted October 27th, 2009 by Charles Purdy

Smart Daily Currency Note – 27th October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 27th October 2009
 

Currency

Rate

EURO

1.098

US$

1.635

CHF

1.664

CAN$

1.750

AUS$

1.783

Comments: Better day for sterling. No obvious economic news was released to support this. Seemed to be a case of profit taking by investors following the rapid weakening of sterling on Friday. Difficult to assess where to next for sterling. Certainly the UK economy is lagging behind when compared to the rest of the world and the pace of economic recovery. But the rest of the world seems to be suffering given the strength of their currencies against the US$ [the US$ went above US$1.50/€1 for a prolonged period yesterday] as their exports are becoming too expensive. So as ever, no one way bet either way.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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1 Lyric Square
London, London
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GB

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Posted October 23rd, 2009 by Charles Purdy

Smarts Weekly Currency Note – 23rd October 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 23rd October 2009
 

Currency
Rate Last
Week
Rate This
Week
 
EURO
1.098
1.088
US$
1.635
1.631
CAN$
1.700
1.716
AUS$
1.786
1.768
NZD
2.213
2.162
AED
6.008
5.990

CHF

1.666
1.645

ZAR(Rand)

12.002
12.201

Charles’s Thoughts: A difficult week for sterling. It started well when the minutes of the last meeting of the Bank of England’s monetary policy meeting showed a unanimous vote to keep their quantitative easing programme at current levels. This helped sterling gain against most currencies and at one stage sterling hit €1.11/£1. However there was a sting in the tail this Friday when the data showed that the UK economy had shrunk by 0.4% in the third quarter. This is the sixth quarter of contraction and highlights why the Governor of the BoE has been so cautious in his statements on the UK economy. Sterling went into immediate freefall although its net movement over the course of the week was limited. Still a long way for the UK economy to turn the corner and until then sterling will have few friends.

The US$ lost ground against the € passing through US$1.50/€1. There is a lot of concern in the rest of the world regarding the US$’s weakness. Take for example the Brazilian real which has shown an appreciation of 30% plus against the US$ this year which clearly makes its exports less competitive. The concern is that the US$’s weakness may delay the recovery in countries where the currency has appreciated and even possibly causing the return of recession. So we wait next weeks US gross domestic product figures to see if the US is in growth as opposed to continuing contraction as we are here in the UK.

In Euro land economic data was positive with positive figures for both the Purchasing Managers and Service indices. This supports the view that we will have seen positive growth in the last quarter from the economy. Still plenty of spare capacity which will mean that we are unlikely to see inflation in the near term and as such we will see interest rates kept low for some time.

Commodity prices continue to rise with oil passing US$80. Also risk appetite continues to increase which is supportive to the high yield and 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 (+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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London, London
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GB

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Posted October 23rd, 2009 by Charles Purdy

Smart Daily Currency Note – 23rd October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 23rd October 2009
 

Currency

Rate

EURO

1.108

US$

1.663

CHF

1.676

CAN$

1.748

AUS$

1.796

Comments: Sterling maintained its level above €1.10/£1 inter bank and US$1.65/£1 during the course of yesterday. There seemed to be a slight increase in risk appetite on the back of solid results from US companies which helped support sterling. Elsewhere we saw Sweden hold interest rates which was as expected but the Central Bank also stated that they were going to keep interest rates at this level for a while which was a surprise as the market had priced in increases over the next twelve months. I think this continues to highlight how cautious Central Banks are worldwide.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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London, London
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GB

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Posted October 22nd, 2009 by Charles Purdy

Smart Daily Currency Note – 22nd October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 22nd October 2009
 

Currency

Rate

EURO

1.108

US$

1.658

CHF

1.673

CAN$

1.742

AUS$

1.800

Comments: Sterling had a good day yesterday following the release of the minutes from the last meeting of the Bank of England’s monetary policy meeting. No mention of increasing their quantitative easing programme which was welcomed by the market so sterling strengthened across the board. The US$ continues to lose ground hitting a 14 month low against a basket of currencies and at one stage pushing through US$1.50/€1. Market commentary is beginning to highlight the risk of US$ weakness derailing the recovery as many countries exports continue to increase in price. And the problem for these countries is that they may also need to start increasing interest rates before the US which would more than likely strengthen their currency and thereby exacerbate the problem further.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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1 Lyric Square
London, London
W6 0NB
GB

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

Smart Daily Currency Note – 21st October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 21st October 2009
 

Currency

Rate

EURO

1.099

US$

1.642

CHF

1.660

CAN$

1.723

AUS$

1.776

Comments: An interesting day yesterday. No major movements from sterling which continues to suffer against most currencies. However it is the weakness of the US$ that is beginning to worry policy makers throughout the world. Brazil introduced a 2% tax on foreign portfolio investments as the Brazilian real has advanced 36% against the US$ this year. The Bank of Canada stated that they thought the strength of the Canadian dollar was going to “more than fully offset” the recovery in economic activity. In France the French President has stated that US$1.5/€1 will be an “disaster” [we currently sit at US$1.485/€1]. What does this mean? It means that countries such as the USA and the UK are benefiting from their weak currencies at the expense of say Euro land which longer term must be of b enefit to the US$ and sterling.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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 October 20th, 2009 by Charles Purdy

Smart Daily Currency Note – 20th October 2009

 

Smart Currency Exchange – Daily Currency Rates

 

 
Daily Inter Bank Currency Exchange Rates 20th October 2009
 

Currency

Rate

EURO

1.095

US$

1.640

CHF

1.657

CAN$

1.687

AUS$

1.768

Comments: More a case of news elsewhere rather than any major market or economic news here in the UK. Positive corporate results out of the US continue to increase risk appetite which is US$ negative. We also had commentary from the Australian Central Bank saying that the Australian economy was perfuming better than expected and as such they would be constantly reviewing the state of their interest rates. This was positive for the Australian $. Sterling held its own against the euro even gaining a little bit of ground.

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

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

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

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

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


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

 

© 2005-2009 Copyright  Smart Currency Exchange Ltd

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

Disclaimer

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

 


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 October 16th, 2009 by Charles Purdy

Smart Weekly Currency Note – 16th October 2009

 
  Smart Currency Exchange – Weekly Currency Rates  
Weekly Currency Interbank Exchange Rates 16th October 2009
 

Currency
Rate Last
Week
Rate This
Week
 
EURO
1.081
1.098
US$
1.587
1.635
CAN$
1.659
1.700
AUS$
1.759
1.786
NZD
2.170
2.213
AED
5.832
6.008

CHF

1.642
1.666

ZAR(Rand)

11.778
12.002

Charles’s Thoughts: A better week for sterling. It started off badly with sterling hitting a six month low against the euro. This was on the back of the rate of inflation for September being under expectations at 1.1% [August 1.6%]. I must admit I do wonder why there is inflation rather than deflation but I suspect sterling’s weakness is a significant factor increasing the cost of energy and food imports. But then sterling started to strengthen as members of the Bank of England’s monetary policy committee talked up the success of their programme of quantitative easing. Firstly the impression was given that the BoE would not increase the programme in the short term and then it was highlighted that the programme had been effective in getting the economy moving. They also acknowledged the need to remove this huge stimulus before it leads to inflation exceeding the 2% target. Also economic data on house prices and unemployment were better than expected and sterling had a strong end to the week.

The US$ did the reverse to sterling losing ground throughout the week getting close to US$1.50/€1. Good US corporate results from Intel and JP Morgan increased risk appetite. We also had the minutes of the last Federal Reserve meeting released which highlighted [again] that although the economy was moving forward with retails sales and manufacturing output being better than expected the improvement was slow and subject to possible set backs and as such interest rates would be kept at their current levels for quite a while. So no change in sentiment.

The euro continued to advance against the US$ but as noted above lost ground against sterling. Nothing new to report. The European Central Bank still view the current euro interest rate as appropriate but are conscious that the euros strength is having a negative effect on exports and as such will be detrimental to euro lands ongoing recovery.

Commodity prices continue to rise and as noted above risk appetite is increasing. This continues to be supportive to the high yield and 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 (+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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1 Lyric Square
London, London
W6 0NB
GB

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