Thursday, March 19, 2009

Smart Daily Currency Note - 19th March 2009

 
Smart Currency Exchange - Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 19th March 2009

Currency

Rate

EURO

1.058

US$

1.429

CHF

1.626

CAN$

1.776

AUS$

2.102

Comments: Rather predictably, sterling suffered further losses following the release of poor unemployment data on Wednesday morning. The data estimates UK unemployment to have broken the 2 million mark with a record monthly total of over 150,000 UK jobs lost in the in the month of February. Compounding matters for sterling were the minutes from the Bank of England's (BoE) last meeting on interest rates. The 'dovish' stance from the BoE which suggests that there is a willingness to continue their 'unconventional' monetary policy and potentially paves the way for further quantitive easing and perhaps even another cut in UK interest rates. Late in the day the Fed announced that the US was going to adopt quantitative easing similar to the BoE, which somewhat surprised the market, and acted as a fillip for the US stock market and leading to the US$ losing value against most currencies including sterling. Sterling is however edging closer to parity with the euro with little on the horizon to suggest we can expect improvement soon especially with the IMF stating that they expect the UK to be the last out of recession.

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 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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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).