Currency | Rate Last
Week | Rate This
Week | EURO | 1.466 | 1.466 | CY£ | 0.848 | 0.848 | US$ | 2.003 | 1.993 | CAN$ | 2.232 | 2.205 | AUS$ | 2.404 | 2.429 | NZD | 2.693 | 2.711 | CHF | 2.409 | 2.413 | ZAR(Rand) | 14.100 | 13.811 |
Charles's Thoughts: Apologies. A slight glitch with the rates in my first email. Sterling had a quiet week. Everyone seems to be waiting for the Bank of England's next meeting. The market is waiting to see if the increase [no one expects UK interest rates to be kept the same] in UK interest rates is the forecast 0.25%. If it is more then the market will be surprised and sterling will gain support. The market will also be expecting the BOE to give a feel as to whether or not further increases are likely. If so, then sterling will benefit in the short term. The US$ also had a better than expected week. Economic data was mixed but the US economy is not growing at the same rate it enjoyed in 2005 and 2006. New job creation was its lowest level in April for over two years. However, inflation is still a concern and therefore the market is not, on the whole, expecting a reduction in US interest rates any time soon. Overall still a tough time for the US$. Euro land continues to be flavour of the month holding its own against sterling and the US$. However I do wonder when the strength of the Euro is going to start hurting Euro land exports [they become more expensive as the Euro increases in value]. May be a while yet but it will happen. As I said last week, even though the Euro is flavour of the month, there may be a buying opportunity if the BOE looks as if it is going to increase UK interest rates significantly. The New Zealand dollar continued to slide gently. The South African rand and Canadian dollar did the opposite and strengthened slightly. However the movements weren't major. Why is Currency Management So Important? Exchange rates never do what you want them to do. The rate is moving in your direction, all economic information seems to indicate that this will continue for the foreseeable future but suddenly (and instantaneously) the market reverses on you. All you see flash before your eyes are £ signs. This is why it is vital to set a budget/target exchange rate which is realistic and grab it when it is available. The rate may continue in your direction but experience has taught me that although annoying for this to happen it is a lot less painful than an actual loss. Smart Client Testimonial: "Having just returned from Italy following the purchase of our property at Lake Maggiore, I thought it fitting to drop you a note to express our thanks to Smart Currency Exchange for the part your company and you personally played in making our long held dream of owning a lakeside property under a mountain, a reality. (Water skiing & snow skiing for the 'nifty fifties') When seeking to convert sterling to Euro to pay for the property, I naturally 'shopped around' and tracked exchange rates and 'conversion offers' over many weeks to exchange at the most favourable rates and terms. Also as a retired Police Officer I am used to relying on judgment and instinct, and would not normally have effected a currency transaction over the Internet. However, in choosing and using Smart Currency Exchange, I saved around £4K over the exchange rate offered by my Bank at that moment in time, which will permit the installation of a new kitchen in our property. Additionally, your personal customer 'one to one' contact provided me with the reassurance I needed to follow my instincts. In short, a professional service tailored to our needs, that eased our purchase considerably, and we will recommend your services to others. Well done and many thanks." Tony & Assia Green, Sheffield 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 currency rate noted above. But note this is based on the inter bank rate so the actual cost will be slightly more. 
Charles Purdy
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