Thursday, November 16, 2006

Smarts Daily Currency Note - 16th November 2006

Smart Currency Exchange - Daily Currency Rates for Overseas Property Buyers
Free Daily Inter Bank Currency Exchange Rates16th November 2006

Currency

Rate

EURO

1.473

CY£

0.845

US$

1.887

CHF

2.353

CAN$

2.150

AUS$

2.464

Comments: Sterling continued to suffer yesterday. The Bank of England minutes came out yesterday and stated that they expected inflation to return to 2%. Makes any increases in UK interest rates unlikely short term although there are concerns about possible wage inflation first quarter next year. Therefore some pundits are thinking we may still see a further 0.25% increase in interest rates sometime first quarter. Sterling is sliding. Rates are not as good as they were but possible downside is still three to four cents against the Euro. The US$ is more difficult as it has significant problems of its own. There may well be further buying opportunities over 1.90 but you should not prevaricate if such a rate presents itself.

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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