| Currency | Rate Last
Week | Rate This
Week | | EURO | 1.348 | 1.329 | | US$ | 1.982 | 1.969 | | CAN$ | 1.998 | 1.958 | | AUS$ | 2.242 | 2.182 | | NZD | 2.565 | 2.483 | | AED | 7.275 | 7.225 | | CHF | 2.173 | 2.136 | | ZAR(Rand) | 14.086 | 14.589 | Charles's Thoughts: Sterling had been doing okay until today when it lost ground against most currencies. It seems to have been a culmination of the weeks woes; bad housing figures, inflation forecast to be over 3% [target is 2%] plus the fact that the market expects the Bank of England to cut UK interest rates next week. The BOE have a very difficult job with greater than expected inflation forecast and the fear of recession. We wait to see if this weakness continues next week as we approach the BOE meeting on Thursday and the announcement on interest rates. The Fed cut US interest rates by 0.5%. A total cut in US interest rates of 1.25% in just over a week. Avoiding recession in the US is top of the Fed's agenda. US unemployment rose in January. Inflation is "expected" to fall and therefore viewed as a sideshow. We wait to see if the Fed manages to avoid recession. Further cuts in US interest rates are a real possibility. The view on the euro is still positive. The European Central Bank is expected to keep Euro land interest rates on hold as it fights inflation and the economic position is viewed as being strong especially when compared to the UK and the US. I still have difficulty being convinced that this is the case for all of Euro land but for the short term I see very little to shake this widely held belief. Sterling lost ground against everything apart from the South African rand. South Africa has major problems in supplying electricity to industry and as such its economy will suffer especially the mining of commodities. 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
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