| Currency | Rate Last
Week | Rate This
Week | | EURO | 1.471 | 1.474 | | CY£ | 0.855 | 0.856 | | US$ | 1.988 | 2.010 | | CAN$ | 2.108 | 2.110 | | AUS$ | 2.508 | 2.444 | | NZD | 2.883 | 2.808 | | CHF | 2.391 | 2.412 | | ZAR(Rand) | 14.758 | 14.530 | Charles's Thoughts: Sterling had a better week. The markets have regained some equilibrium following the Feds move to reduce their lending rate to financial institutions. Also the ECB and the Fed continue to make available liquidity as and when required and in whatever size required. Any economic data released recently seems to have ignored. Sterling will continue to be under pressure while the liquidity crisis continues and safe haven such as US treasury bills are preferred. The US$ has lost a bit of ground in the last week. Even though US treasury bonds are considered as safe haven assets the US economy still has some major p roblems so any short term and significant improvement in the US$ is unlikely. No real change for the Euro. Less than a month ago the Euro pushed up towards Euro 1.50. Then it pulled back close to Euro 1.465. It now stands at Euro 1.471/£1 inter bank. The ECB had made it clear that interest rates would be increased next month by 0.25%. However given the volatility in the market place and the need for the ECB to supply liquidity, the market is beginning to wonder if the expected increase in Euor interest rates will happen in the short term. However, we have to remember economically that Euro land continues to leave the UK in its wake. So if you see any respite for sterling against the Euro then it may make senses to look at it as a short term buying opportunity. The high yielding currencies, such as the Australian dollar, New Zealand dollar and South African rand, which have been most effected by the current market unease and as such the major losers staged a significant rebound during the week. However, I wouldn't assume that these improvements will continue as the assets are still considered risky and as such will be suffer at the first sign of trouble. 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: "I thought the service provided by Smart to be helpful and efficient. It also offered competitive rates of exchange in addition to information on current trends of currency rates. I will certainly continue to use Smart's services for future transactions" C.P. Mortimer, Lymington If you haven't opened a Smart account yet, call me on freephone 0808 163 0102 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 currency rate noted above. But note this is based on the inter bank rate so the actual cost will be sli ghtly more. 
Charles Purdy
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