Friday, May 08, 2009

Smart Daily Currency Note - 8th May 2009

 
Smart Currency Exchange - Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 8th May 2009

Currency

Rate

EURO

1.121

US$

1.504

CHF

1.697

CAN$

1.756

AUS$

1.988

Comments: An interesting day yesterday. We had the European Central Bank cutting € interest rates by 0.25% to 1% and announce a plan to buy €60bn of covered bonds in eurozone companies and lend banks unlimited funds for up to 12 months. We also had the Bank of England hold UK interest rates at 0.5% and expand the quantitative easing programme by £60bn. Then we had the results of the US banks stress tests with the net result that a number of banks have to add US$76.4bn in capital by November of this year. The net result was that the € gained ground against sterling and the US$ and sterling also lost a bit of ground against the US$. In essence the action of the ECB was viewed positively by the market as it was seen as a step forward in addressing economic problems in the eurozone and thereby supportive of the €. This was in contrast with the markets view of the BOE's action which was viewed as monetary easing and undermined sterlings recent support. We await today's US unemplo yment figures.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Lyric Square | Hammersmith | London | W6 0NB | UK

© 2005-2009 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don't try and wait for an even better exchange rate, as Murphy's Law says the rate will go against you and cause you maximum pain!



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Disclaimer
Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.

© 2005-2010 Copyright Smart Currency Exchange Ltd THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).