Tuesday, November 14, 2006

Smarts Daily Currency Note - 14th November 2006

Smart Currency Exchange - Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates14th November 2006

Currency

Rate

EURO

1.484

CY£

0.851

US$

1.904

CHF

2.366

CAN$

2.165

AUS$

2.488

Comments: Sterling is hovering just over the 1.48 [inter bank]. A pull back of about 1.5 cents from its peak for this year. Will it recover lost ground. Very difficult to say. Three months ago sentiment was for sterling to head towards 1.40 rather than 1.50. The average for the year is around the 1.45 mark and my feeling is that downside risk for sterling vs. the Euro is greater than upside potential. Therefore if the rate works for you buy now and remove the currency risk. The US$ is still under pressure and there is talk of China diversifying its reserves out of US$. However, it is proving very difficult for the US$ to make a decisive break over 1.90 [inter bank]. Therefore, again makes sense to buy if it works for your budget.

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.


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

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