Dear Charles,
We’re always working to improve the service provided by
Smart Currency Exchange, so if I can produce information in
a better format or make it easier to understand, of if you
want me to clarify what a particular term means, please send
me your questions, suggestions and/or comments
to Charles@SmartCurrencyExchange.com
On to this weeks currency note…
Currency note: 2nd September 2005
An extraordinary week for the US$. When sentiment changes,
currencies move very quickly. 3% in just under 3 days for
the US$. If you were looking to repatriate US$180,000 from
the US into sterling you would have “lost” £3,000 in those
three days. That is why it is so important to be in a
position to secure your position by simply making a phone
call.
The Euro vs. the £
The Euro ended the week where it started at 1.465ish. Again,
no hard news to affect the exchange rate significantly.
Sterling seems to have a slight edge but it has to be noted
that there is no clear trend just a trading range of 1.44 to
1.50. I suspect that we are not going to see any dramatic
moves unless there is a major economic or other type of event
to affect matters.
Just to remind you, the Cypriot £ and the Hungarian Forint are
closely aligned to the Euro as it is planned that they will be
replaced by the Euro in due course. Therefore they tend to
“track” the Euro.
If you need to BUY EUROS, now may be the time to get yourself
in a position to be able to secure a rate quickly by simply
making a telephone call. In other words, don’t risk losing out
on a great rate due to the fact that you’re not registered and
can’t have access to buying at market rates.
To secure a rate by making one phone call, simply register and
call Smart Currency Exchange on 0870 285 0364 to request your
Smart Application Pack or if you’re already registered, just
pick up the phone and call me to discuss your exact
requirements.
The US$ vs. the £
As noted above an extraordinary week for the US$. Over the
holiday weekend the US$ strengthened to 1.785. However the
knock on affect of Hurricane Katrina and the resultant
terrible situation in New Orleans on the US$ have been swift.
This morning it stands at 1.835.
Interest rate sentiment has changed. Instead of looking
for/expecting further increases in US interest rates the
expectation has changed to minimal increases in the next
few months.
However this sentiment could change if inflation is considered
to be the greater risk as the main tool to combat this seems
to be higher interest rates.
Where to now? What was already a highly complex situation has
become even more complex. As always I think the key is to work
to a realistic budget price and when this budget rate presents
itself secure it either through an immediate purchase of the
currency or through a forward contract [please call to discuss
this option if you are unclear as to what this means].
The Dirham and the US$ are closely tied. Therefore as the US$
moves so does the Dirham.
If you need to BUY USD, now may be the time to get yourself in
a position to be able to secure a rate quickly by simply making
a telephone call. In other words, don’t risk losing out because
the USD strengthens while you spend time to register and can’t
have access to buying instantly.
To secure a rate by making one phone call, simply register and
call Smart Currency Exchange on 0870 285 0364 to request your
Smart Application Pack or if you’re already registered, just pick
up the phone and call me to discuss your exact requirements.
The Aus $ vs. the £
The Aus$ has been affected by the US$. The rate is just under
the 2.40 level. The weakening in the last week has not been as
significant as the US$ move, being less than 1%.
However, it does show that the Aus$ is affected by the US$.
Therefore short term the movement in the Aus$ may be governed
by what happens to the US$.
However, we still have to be wary as the change may be a breather
prior to further strengthening. The commodity boom continues
apace with Australia benefiting accordingly and therefore its
economic fundamentals are a lot different to those of the US.
If you need to BUY or SELL Australian Dollars, get yourself in
a position to be able to secure a rate quickly by simply making
a telephone call. In other words, don’t risk losing out because
the AUS$ moves rapidly and you are spending time to register
and can’t have access to exchange instantly.
To secure a rate by making one phone call, simply register and
call Smart Currency Exchange on 0870 285 0364 to request your
Smart Application Pack or if you’re already registered, just
pick up the phone and call me to discuss your exact requirements.
The Can$ vs. the £
The Can$ is moved from 2.145 at the start of the week to 2.175.
A 1.4% weakening. Again, not as significant as the US’s weakening
but still material.
Over the last few months the Can$ has strengthened significantly.
At the end of April it was 2.35ish. Early July it hit 2.11.
A 10% appreciation in just over 3 months! This level of 2.10
is very significant and for the Can$ to strengthen further
will take some effort.
Expectation would favour a return in the Can$ to 2.20 plus.
If you need to BUY or SELL Canadian Dollars, get yourself in a
position to be able to secure a rate quickly by simply making
a telephone call. In other words, don’t risk losing out
because the CAN$ moves rapidly and you are spending time to
register and can’t have access to exchange instantly.
To secure a rate by making one phone call, simply register and
call Smart Currency Exchange on 0870 285 0364 to request your
Smart Application Pack or if you’re already registered, just
pick up the phone and call me to discuss your exact requirements
If you like to discuss a currency not mentioned in this note,
the latest movements, secure an exchange rate or discuss your
particular situation, please feel free to contact me
on 0870 285 0364
Think Smart,
Charles Purdy
Director
Phone: 0870 285 0364
Fax: 0870 285 0365
http://www.SmartCurrencyExchange.com
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Disclaimer
As ever these are my musing as to how I see the various
markets going. They should not be taken as fact. The market
does what it wants to do. I have no crystal ball and as
ever I 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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