Smart Weekly Currency Note - 30th October 2009

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates 30th October 2009

Currency Rate Last Week Rate This Week  EURO 1.088 1.116 US$ 1.631 1.645 CAN$ 1.716 1.777 AUS$ 1.768 1.824 NZD 2.162 2.284 AED 5.990 6.041 CHF 1.645 1.686 ZAR(Rand) 12.201 12.888 Charles's Thoughts: Another volatile week on the foreign exchange market ended better overall for Sterling with the GBP moving to more sensible levels of €1.11/£1 and $1.65/£1. The gain was mainly down to negative data from the US and Euro Zone; The US Dollar weakened over further fears that China will diversify its reserves away from a weakening dollar and the euro moved to its worst level all month against Sterling due to figures out from several of Europe’s biggest economies. Most significantly, Germany released unemployment figures and consumer price report figures, hinting that the European Central Bank will delay any increase in interest rates for longer then originally expected. The Norwegian Krone out performed other commodity linked currencies this week as the Central Bank of Norway became the first European country to increase interest rates. The Australian consumer price index was lower on Wednesday than analysts had expected suggesting that the reserve Bank of Australia would increase interest rates by 0.25% or 0.50% at its next policy meeting this week. The Canadian Dollar declined this week due to a drop in crude oil prices and quarterly Gross Domestic Product. 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 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 (+44 0207 898 0541) 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 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 Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here: 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 Smart Currency Exchange Limited

email: Charles@SmartCurrencyExchange.com free phone: 0808 163 0102 (if calling from outside the UK, please use +44 0207 898 0541) web: http://www.SmartCurrencyExchange.com

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 the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. 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 suggest 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 trouble!

 

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