| Currency | Rate Last
Week | Rate This
Week | | EURO | 1.266 | 1.268 | | US$ | 1.990 | 1.974 | | CAN$ | 2.021 | 2.030 | | AUS$ | 2.078 | 2.120 | | NZD | 2.681 | 2.714 | | AED | 7.313 | 7.256 | | CHF | 2.064 | 2.070 | | ZAR(Rand) | 15.084 | 14.373 | Charles's Thoughts: It has been another week of mediocrity on the markets for Sterling as the onus has been shifted to achieving some stability in the economy. For all of the unflattering economic data that has been released over the last week, it has been the consistency of equally poor data from the Eurozone that has helped keep the pound with its head above the water. Energy prices soared from some of the UK's largest suppliers and further inflationary issues are keeping the Bank of England's hands tied over making a much needed cut in interest rates to boost growth. The Federal Reserve meets on Tuesday and it is widely expected that rates will be kept on hold. The US$ has been supported by a drop in the price of oil and reports that the economy picked up during the second quarter of this year. With the US dollar still substantially weakened from the fall-out of the last year, it has been US exports that have helped contribute to it's recent performance and prop up its improved GDP figures. Europe is showing more, clear signs of slowing growth and pulled back from its record highs against the US dollar in the previous week. The spectre of high inflation is now no-longer a concern for the UK alone, as reports from July showed inflation to have reached 4.1% in the Eurozone in the last quarter. Consumer confidence has decreased substantially and a hike in interest rates will be even less likely this year. The recent stability from sterling against the high yield and/or commodity backed currencies has meant there has been little movement on prices. However slow but steady gains have been made against the New Zealand dollar as growth and unemployment issues point towards an imminent recession. 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: "Thank you for making our currency transactions go so smoothly. As promised, our account was opened within hours. Your traders were pleasant and efficient, and each transaction was very much at the exchange rate I expected...ie not a million miles away from the inter-bank rates and certainly much better than my high street bank could quote. All in all, an easy experience and we will have absolutely no hesitation in recommending your services to any of our friends buying property abroad." Ian Pritchard 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
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
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