Thursday, December 18, 2008

Smart Daily Currency note - 18th December 2008

 
Smart Currency Exchange - Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 18th December 2008

Currency

Rate

EURO

1.053

US$

1.554

CHF

1.619

CAN$

1.829

AUS$

2.179

Comments: What more can anyone say about sterling? The seemingly constant fall against the euro has brought an air of inevitability about going to price parity with the euro and perhaps even lower. The tangible effects of the credit crunch in the UK are setting in. Areas such as unemployment, some due to the closure of established high street names have impacted consumer confidence and due to increasingly poor economic forecasts sterling's demise is very much a home rooted problem. Euro-zone data continues to be weak along with that of the US and as described in the minutes of the Bank of England's meeting on monetary policy this month suggested that "The slowdown in the international economy had appeared to be remarkably synchronised in the United States, Europe and Asia". However, the impact on the UK is still expected to be much greater "In the United Kingdom, many business surveys were at historically low levels, consistent with a recession". We will only truly know when we have reached the bottom of the market for sterling when the worst is over.

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.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 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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Disclaimer
Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.

© 2005-2010 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).