| Currency | Rate Last
Week | Rate This
Week | | EURO | 1.307 | 1.309 | | US$ | 1.985 | 2.017 | | CAN$ | 1.991 | 1.979 | | AUS$ | 2.112 | 2.166 | | NZD | 2.469 | 2.541 | | AED | 7.292 | 7.410 | | CHF | 2.074 | 2.054 | | ZAR(Rand) | 15.344 | 16.247 | Charles's Thoughts: Sterling gained some ground against most currencies. The Bank of England kept UK interest rates on hold. This was very much as the market expected. In February UK consumer confidence continued to fall but the UK services sector did better than expected. This conflicting data highlights how difficult a job the BOE has. Cuts in UK interest rates are expected but timing will be the issue. The US$ continues to fall especially against the Euro hitting ever greater lows. Unemployment in the US is rising and as Warren Buffet says on any sensible measure the US is in recession. US interest rates are expected to be cut this coming week. The interest differential with the UK and Euro land will become even greater and yet further loses for the US$ are likely. The Euro is benefiting from the "benign" economic conditions in Euro land. Economic conditions are probably not that benign just a lot better than elsewhere. The European Central Bank kept Euro interest rates on hold this week which was as expected. The ECB also raised its forecast for inflation and trimmed those for economic growth. The ECB is mandated to ensure price stability which was stressed by the ECB and which has in effect ruled out any short or medium term Euro interest rate cut. Commodity backed currencies such as the Australian $ and Canadian $ are still close to recent highs. The only currency losing ground is the South African rand which has huge political problems to overcome. 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
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http://www.SmartCurrencyExchange.com/downloads/ThreeMistakes.pdf Currency Quotation
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