Smart Daily Currency Note - 24th September 2009

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates 24th September 2009

Currency Rate EURO 1.110 US$ 1.638 CHF 1.679 CAN$ 1.757 AUS$ 1.872 Comments: Following the release of the Bank of England minutes from their last meeting sterling gained ground against most currencies. I suppose its all relative as sterling is still in a downward trend with any news that could be treated as negative for sterling being taken as such. The minutes showed that all members had agreed to wait and see regarding quantitative easing and the effect of the recent increase in the programme to £175bn. There was also no mention in the minutes about reducing the interest rate paid by the central bank on the funds held by the banks with them. This has been viewed by the banks as quantitative easing by the back door. But an interesting article in the FT highlighted that the BoE may well be using sterling weakness as a tool, in the absence of them being able to increase UK interest rates for the foreseeable future, to hit the inflation target of 2%. In the US the Federal reserve kept interest rates on hold which was as expected and made positive noise on progress in the economy with the caveat that you have to be ever vigilant as the road to recovery will be long and hard. 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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