Smart Daily Currency Note - 22nd July 2009

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates 22nd July 2009

Currency Rate EURO 1.151 US$ 1.633 CHF 1.746 CAN$ 1.808 AUS$ 2.003 Comments: Sterling suffered as the enormity of the UK debt begins to hit home. US$13bn was the increase in June for public sector net borrowing. And the picture is not expected to improve in the coming months as tax revenue continues to fall and the government fails to cut costs. I think sterling will not be able to gain much ground until there is a credible plan of action to reduce this debt and the current government with an election looming seems to lack the political will power to do so. In the US the Chairman's statement to the US Congress made it clear that there were still very significant problems and risks ongoing and it was unlikely that US interest rates would be increased in the short to medium term. This raised risk aversion which is positive for the US$. So I think a bit or realism on the world economy was the order of the day yesterday. 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.

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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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