| Currency | Rate Last
Week | Rate This
Week | | EURO | 1.426 | 1.438 | | CY£ | 0.830 | 0.836 | | US$ | 2.052 | 2.083 | | CAN$ | 1.975 | 1.948 | | AUS$ | 2.240 | 2.260 | | NZD | 2.683 | 2.733 | | CHF | 2.400 | 2.406 | | ZAR(Rand) | 13.333 | 13.716 | Charles's Thoughts: Sterling did okay this week. Various members of the Bank of England made comments that the UK was suffering a slowdown rather than anything worse [at this time] and this has led the market to believe that any UK interest rate cuts are unlikely until next year. This has lent some support to sterling which has gained against nearly every currency apart from the all conquering Canadian $. Although the UK housing market is less robust than it was, house prices "apparently" increased in September. I am slightly sceptical about these figures but it does indicate that we are not in the same dire straights that the US finds itself in. The US$ has lost a lot of ground this week. Economic data has been poor with consumer confidence beginning to slip. The Fed cut interest rates by 0.25% but did state that inflation continues to be of concern. As such further US interest rate cuts are considered unlikely short term. We are also hearing rumours about further possible and significant write offs relating to housing loans which is making the market nervous. Listed US financial institutions have seen significant reductions in their values. Until we see interest rate cuts elsewhere the US$ is unlikely to make gains short term. The Euro lost a bit of ground. Euro land interest rates are unlikely to be reduced any time soon especially as inflation is sitting at 2.6%. However, the Euro land economy is being squeezed and we are unlikely to see any increases in Euro land interest rates. Euro land was slowest to increase interest rates and is likely to be the slowest to reduce them! Still a good time to repatriate your US$'s The Canadian $ is hitting all time highs against the US$ and sterling. People don't realise how rich a country Canada is with incredible mineral wealth. Exports are growing and ports on the west coast are being expanded to cut 1 or 2 day off shipping times to China! Who knows where the Canadian $ will stop... 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: "Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again" John Derek Thompson 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
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
| 
