Currency Matters For Overseas Property Buyers

Smarts Weekly Currency Note - 13th November 2009

2009-11-13T18:25:00.000Z

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates

13th November 2009

Currency	Rate Last Week	Rate This Week
EURO	1.117	1.117
US$	1.660	1.669
CAN$	1.780	1.750
AUS$	1.810	1.789
NZD	2.292	2.244
AED	6.100	6.133
CHF	1.688	1.688
ZAR(Rand)	12.478	12.345

Charles's Thoughts: Sterling had a mixed week, holding its own against the €, gaining against the US$ and losing ground against the commodity backed currencies. Mid week the Bank of England released its quarterly inflation report which showed that inflation was unlikely to reach the target rate of 2% for a number of years. The report did show that the BoE was expecting an improved growth in the UK economy over the coming years than previously forecast. The overall reaction of the market was sterling negative especially when the Governor of the BoE decided to comment. He highlighted that the major concern remained the spare capacity that exits in industry and the labour markets. But by the end of the week sterling had managed to reclaim lost ground against the € and the US$

No significant economic data released in the US and the US$ seemed to track the equity markets and therefore risk appetite/aversion. At one stage the US$ hit a 15 month low against a basket of currencies. The US weekly jobless claims showed that the US economy was slowly moving forward as last weeks growth figures had shown but the Fed continues to shout from the hilltops that it is a slow road to recovery.

This week we had the release of growth figures for the euro zone. Overall there was growth which was the first quarters growth after 5 quarters of decline. Germany, France and Italy showed growth whereas Spain continues to decline. And I would bet we see the same trend in the quarter we are in as we all know how Spain became very dependent on the building industry which has ground to a halt. The European Central Bank still views the strong euro as a worry and as such will be keeping interest rates low for a while.

With increased risk appetite the commodity back currencies had a good week. Australian unemployment figures released this week surprised on the positive side which supported the Australian $ and the belief that we will see further increases in Australian interest rates in the New Year.

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
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© 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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Smart Daily Currency Note - 13th November 2009

2009-11-13T08:26:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

13th November 2009

Currency	Rate
EURO	1.119
US$	1.665
CHF	1.691
CAN$	1.752
AUS$	1.795

Comments: A quiet day yesterday with no major UK economic news. In spite of this we saw sterling strengthen slightly against the euro and the US$. Sterling seems to have a bit of stability at the moment. Today we have the release of euro zone economic data which is expected to show growth after 5 quarters of contraction. Another small step forward in a long process of recovery. We have also seen demand in oil worldwide increase for the first time for quite a while which is again positive.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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! Smart Currency Exchange Ltd is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services.

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Smart Daily Currency Note - 12th November 2009

2009-11-12T09:40:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

11th November 2009

Currency	Rate
EURO	1.106
US$	1.654
CHF	1.673
CAN$	1.733
AUS$	1.776

Comments: Mervyn King did it again. He opened his mouth and sterling went down. The Bank of England released their quarterly inflation report which continued the theme of tough times ahead with inflation unlikely to hit the 2% target anytime soon. However the BoE was more upbeat on growth targets in the next couple of years than previously which was a positive. Where Mervyn King came in was to say that this was off a very low base. There was some good news on the unemployment front where it showed that the increase was less than forecast and the hope is that unemployment is close to its peak. But I suspect we have to wait to see if we can avoid a double dip recession. Elsewhere we saw the US$ hit a 15th month low against a basket of major currencies as risk appetite increased.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 11th November 2009

2009-11-11T08:32:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

11th November 2009

Currency	Rate
EURO	1.114
US$	1.674
CHF	1.683
CAN$	1.751
AUS$	1.796

Comments: Sterling had a bad start to yesterday. Fitch, a company who rates government debt, stated that of those countries with a AAA sovereign date rating [this lists includes the US, Germany and France], the UK was at most risk in losing this status. To be honest this is old news and even then Fitch said the outlook for UK debt looked stable but it still led to a wobble for sterling early on. We also had a widening of the UK trade deficit which was a surprise as the expectation was with sterling weakening our exports should be growing and our imports shrinking. Just shows how little economics can at times bear to the real world. But overall sterling continues to hold its own.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 10th November 2009

2009-11-10T10:02:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

10th November 2009

Currency	Rate
EURO	1.112
US$	1.664
CHF	1.680
CAN$	1.763
AUS$	1.797

Comments: Interesting day yesterday. Following the Federal Reserves meeting in the US last week and the meeting of the G20 finance ministers over the weekend there has been an increase in risk appetite. Although both highlighted that economic conditions were likely to stay poor for a while and that governments would need to maintain liquidity and keep interest rates low no mention was made of exchange rates. The market took this to mean that they were happy with the recent depreciation of the dollar. Yesterday we saw the € hit €1.50/£1 for a briefly following the release of German industrial production and exports data for September which exceeded expectations. This seems to show the incredible resilience of [or reliance on] German exports to a strong euro. Sterling managed to hold on to its recent gains which given what was happening elsewhere should be taken as a positive sign.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smarts Weekly Currency Note - 6th November 2009

2009-11-06T18:20:00.000Z

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates

6th November 2009

Currency	Rate Last Week	Rate This Week
EURO	1.116	1.117
US$	1.645	1.660
CAN$	1.777	1.780
AUS$	1.824	1.810
NZD	2.162	2.292
AED	6.041	6.100
CHF	1.686	1.688
ZAR(Rand)	12.888	12.478

Charles's Thoughts: Sterling held its own this week. The week revolved around the meetings of the various central banks. In the UK the Bank of England kept interest rates on hold which was as expected. But the BoE did increase their programme of quantitative easing by £25bn to £200bn. From past experience this should have led to sterling weakening across the board. But two factors seemed to benefit sterling. The first one was the increase was less than some had forecast which the market took as a positive. The second factor was the BoE emphasised that the funds would be made available at a slower rate than those previously. This again was viewed as a positive. So has sterling turned the corner? That may be wishful thinking but at least the last two weeks have on balance been positi ve which is a start.

The meeting of the Federal Reserve highlighted for the 100th time that interest rates will be kept at the current low levels for quite a while. But at the same time they detailed the factors which necessitated such a course of action; spare production capacity, low inflation/deflation and low inflation expectations. All fairly obvious but good to see detailed. Unemployment figures released on Friday show that US unemployment has doubled since December 2007 and is now over 10%. I think this highlights why US interest rates are going to be hold for quite a while.

The European Central Bank kept the euro interest rates on hold which was expected. There sentiments were very similar to the other central banks in that it was going to be a long road to recovery. The ECB also stated that they would keep there emergency liquidity provisions going but were very conscious that they had to be curtailed on a timely basis once the recovery was gathering pace. The strength of the euro is still causing problems for exports and this is something the ECB is particularly worried about as they see it as potentially hoking any recovery before it really gets going.

The commodity back currencies had a mixed week. The Australian $ continues to benefit from increasing interest rates although the rate of increase is likely to be slow and steady rather than rapid. The New Zealand dollar fell back on fears that recovery was not going as well as hoped.

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

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

© 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).

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Smart Daily Currency Note - 6th November 2009

2009-11-06T08:14:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

6th November 2009

Currency	Rate
EURO	1.117
US$	1.662
CHF	1.689
CAN$	1.768
AUS$	1.815

Comments: The Bank of England increased is quantitative easing programme by £25bn to £200bn but in stark contrast to previous times when the BoE has done this sterling held its own. In fact it gained slightly against a lot of currencies. The reason to this was two fold. Firstly the market was worried that the BoE may increase the programme by £50bn and secondly the BoE indicated that the rate at which these additional funds would be fed into the market would be much slower than earlier tranches. UK interest rates were also kept on hold. Likewise the European Central Bank held euro interest rates. So no major surprises from any of the central banks with interest rates on hold across the board.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 5th November 2009

2009-11-05T08:29:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

5th November 2009

Currency	Rate
EURO	1.112
US$	1.649
CHF	1.679
CAN$	1.759
AUS$	1.824

Comments: Today we have the Bank of England announcement on interest rates and quantitative easing. With regards to interest rates it is expected that they will be kept on hold. Anything else will be a complete surprise. With regard to quantitative easing no one is quite sure what to expect. Economic data has been contrasting with gross domestic product for the September quarter surprising on the downside but the indices for industrial production and the services sector continue to increase. So today could be a volatile day for sterling. The same is expected from the European Central Bank who also meet today. The Federal Reserve met yesterday and emphasised for probably the 100th time that US interest rates will stay low for a significant time. So we will all be a bit the wiser come the end of today.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 4th November 2009

2009-11-04T08:23:00.001Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

4th November 2009

Currency	Rate
EURO	1.116
US$	1.646
CHF	1.687
CAN$	1.750
AUS$	1.820

Comments: Markets are still nervous at the outcome this weeks meetings of the central banks in the UK, the US and the euro zone. But surprisingly sterling has gained a bit of ground against the € and the US$. The reason I am surprised at this is that prior to the last two meetings of the Bank of England sterling lost ground and it is unclear if we are seeing a reversal in sterlings standing or a short term improvement. In Australia the Reserve Bank increased their interest rates by 0.25%. This was as expected. At the same time the Governor of the Australian Reserve Bank added a note of caution saying that the increase in interest rates would be a slow process especially as they were worried about how a strong Aus$ could impact exports unfavourably.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 3rd November 2009

2009-11-03T08:41:00.000Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

3rd November 2009

Currency	Rate
EURO	1.105
US$	1.631
CHF	1.669
CAN$	1.760
AUS$	1.820

Comments: Good news all round with the release of positive manufacturing data here in the UK, the US, the euro zone and in China. This led to a rise in the stock markets as risk appetite went up. The net result was sterling lost a bit of ground against the US$ and the euro. Tomorrow we have the Federal Reserve meeting and on Thursday we have the Bank of England and the European Central Bank meetings. The markets will be looking to see there stances on their programmes of quantitative easing. These programmes have been key drivers in getting the economies going world wide but they have to be reduced and/or stopped sometime and the markets are looking for clear indications as to when this will be from the three central banks. The logic being applied to currencies is that the sooner the programme s are being curtailed the more beneficial it will be for the currency. The Bank of England is expected to be the most cautious which doesn't bode well for sterling in the short term. It will be an interesting few days.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Weekly Currency Note - 30th October 2009

2009-10-30T19:12:00.000Z

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.

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

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

© 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).

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Smart Daily Currency Note - 29th October 2009

2009-10-29T10:25:00.000Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

29th October 2009

Currency	Rate
EURO	1.114
US$	1.642
CHF	1.683
CAN$	1.768
AUS$	1.820

Comments: Sterling continued its recovery from last Fridays fall. Again it seemed to be news form elsewhere which supported it. Unemployment in Germany for September has increased following a surprise increase in reduction in August. Commodity prices fell as fears over the recovery grew and this had a knock on effect on commodity backed currencies such as the Australian $. The US$ has gained against the euro on the back of its safe haven status.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 28th October 2009

2009-10-28T09:39:00.000Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

27th October 2009

Currency	Rate
EURO	1.104
US$	1.635
CHF	1.670
CAN$	1.749
AUS$	1.798

Comments: Sterling had a better day. Two main reasons. Firstly a rebound following Fridays rapid sell off following the poor gross domestic product figures and secondly the results of the survey carried out by the Confederation of British Business which showed that the balance of retailers showing that sales were up on a year by year basis and had risen to a 22 month high in October. The US$ also had a good day against the €. The trigger for this was the US$'s safe haven status on the belief that upside momentum in equity markets was limited given that countries around the world were beginning to tighten monetary policy especially through increasing interest rates.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 27th October 2009

2009-10-27T09:48:00.000Z

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

27th October 2009

Currency	Rate
EURO	1.098
US$	1.635
CHF	1.664
CAN$	1.750
AUS$	1.783

Comments: Better day for sterling. No obvious economic news was released to support this. Seemed to be a case of profit taking by investors following the rapid weakening of sterling on Friday. Difficult to assess where to next for sterling. Certainly the UK economy is lagging behind when compared to the rest of the world and the pace of economic recovery. But the rest of the world seems to be suffering given the strength of their currencies against the US$ [the US$ went above US$1.50/€1 for a prolonged period yesterday] as their exports are becoming too expensive. So as ever, no one way bet either way.

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.

Free phone: 0808 163 0102
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email: Charles@SmartCurrencyExchange.com
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Smarts Weekly Currency Note - 23rd October 2009

2009-10-23T21:33:00.000+01:00

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates

23rd October 2009

Currency	Rate Last Week	Rate This Week
EURO	1.098	1.088
US$	1.635	1.631
CAN$	1.700	1.716
AUS$	1.786	1.768
NZD	2.213	2.162
AED	6.008	5.990
CHF	1.666	1.645
ZAR(Rand)	12.002	12.201

Charles's Thoughts: A difficult week for sterling. It started well when the minutes of the last meeting of the Bank of England’s monetary policy meeting showed a unanimous vote to keep their quantitative easing programme at current levels. This helped sterling gain against most currencies and at one stage sterling hit €1.11/£1. However there was a sting in the tail this Friday when the data showed that the UK economy had shrunk by 0.4% in the third quarter. This is the sixth quarter of contraction and highlights why the Governor of the BoE has been so cautious in his statements on the UK economy. Sterling went into immediate freefall although its net movement over the course of the week was limited. Still a long way for the UK economy to turn the corner and until then sterling will have few friends.

The US$ lost ground against the € passing through US$1.50/€1. There is a lot of concern in the rest of the world regarding the US$’s weakness. Take for example the Brazilian real which has shown an appreciation of 30% plus against the US$ this year which clearly makes its exports less competitive. The concern is that the US$’s weakness may delay the recovery in countries where the currency has appreciated and even possibly causing the return of recession. So we wait next weeks US gross domestic product figures to see if the US is in growth as opposed to continuing contraction as we are here in the UK.

In Euro land economic data was positive with positive figures for both the Purchasing Managers and Service indices. This supports the view that we will have seen positive growth in the last quarter from the economy. Still plenty of spare capacity which will mean that we are unlikely to see inflation in the near term and as such we will see interest rates kept low for some time.

Commodity prices continue to rise with oil passing US$80. Also risk appetite continues to increase which is supportive to the high yield and commodity backed currencies.

Charles Purdy

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Smart Daily Currency Note - 23rd October 2009

2009-10-23T09:19:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

23rd October 2009

Currency	Rate
EURO	1.108
US$	1.663
CHF	1.676
CAN$	1.748
AUS$	1.796

Comments: Sterling maintained its level above €1.10/£1 inter bank and US$1.65/£1 during the course of yesterday. There seemed to be a slight increase in risk appetite on the back of solid results from US companies which helped support sterling. Elsewhere we saw Sweden hold interest rates which was as expected but the Central Bank also stated that they were going to keep interest rates at this level for a while which was a surprise as the market had priced in increases over the next twelve months. I think this continues to highlight how cautious Central Banks are worldwide.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 22nd October 2009

2009-10-22T09:30:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

22nd October 2009

Currency	Rate
EURO	1.108
US$	1.658
CHF	1.673
CAN$	1.742
AUS$	1.800

Comments: Sterling had a good day yesterday following the release of the minutes from the last meeting of the Bank of England's monetary policy meeting. No mention of increasing their quantitative easing programme which was welcomed by the market so sterling strengthened across the board. The US$ continues to lose ground hitting a 14 month low against a basket of currencies and at one stage pushing through US$1.50/€1. Market commentary is beginning to highlight the risk of US$ weakness derailing the recovery as many countries exports continue to increase in price. And the problem for these countries is that they may also need to start increasing interest rates before the US which would more than likely strengthen their currency and thereby exacerbate the problem further.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

© 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).

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Smart Daily Currency Note - 21st October 2009

2009-10-21T10:58:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

21st October 2009

Currency	Rate
EURO	1.099
US$	1.642
CHF	1.660
CAN$	1.723
AUS$	1.776

Comments: An interesting day yesterday. No major movements from sterling which continues to suffer against most currencies. However it is the weakness of the US$ that is beginning to worry policy makers throughout the world. Brazil introduced a 2% tax on foreign portfolio investments as the Brazilian real has advanced 36% against the US$ this year. The Bank of Canada stated that they thought the strength of the Canadian dollar was going to "more than fully offset" the recovery in economic activity. In France the French President has stated that US$1.5/€1 will be an "disaster" [we currently sit at US$1.485/€1]. What does this mean? It means that countries such as the USA and the UK are benefiting from their weak currencies at the expense of say Euro land which longer term must be of b enefit to the US$ and sterling.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smart Daily Currency Note - 20th October 2009

2009-10-20T09:23:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

20th October 2009

Currency	Rate
EURO	1.095
US$	1.640
CHF	1.657
CAN$	1.687
AUS$	1.768

Comments: More a case of news elsewhere rather than any major market or economic news here in the UK. Positive corporate results out of the US continue to increase risk appetite which is US$ negative. We also had commentary from the Australian Central Bank saying that the Australian economy was perfuming better than expected and as such they would be constantly reviewing the state of their interest rates. This was positive for the Australian $. Sterling held its own against the euro even gaining a little bit of ground.

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.

Free phone: 0808 163 0102
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email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smart Weekly Currency Note - 16th October 2009

2009-10-16T18:57:00.000+01:00

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates

16th October 2009

Currency	Rate Last Week	Rate This Week
EURO	1.081	1.098
US$	1.587	1.635
CAN$	1.659	1.700
AUS$	1.759	1.786
NZD	2.170	2.213
AED	5.832	6.008
CHF	1.642	1.666
ZAR(Rand)	11.778	12.002

Charles's Thoughts: A better week for sterling. It started off badly with sterling hitting a six month low against the euro. This was on the back of the rate of inflation for September being under expectations at 1.1% [August 1.6%]. I must admit I do wonder why there is inflation rather than deflation but I suspect sterling’s weakness is a significant factor increasing the cost of energy and food imports. But then sterling started to strengthen as members of the Bank of England’s monetary policy committee talked up the success of their programme of quantitative easing. Firstly the impression was given that the BoE would not increase the programme in the short term and then it was highlighted that the programme had been effective in getting the economy moving. They also acknowledged the need to remove this huge stimulus before it leads to inflation exceeding the 2% target. Also economic data on house prices and unemployment were better than expected and sterling had a strong end to the week.

The US$ did the reverse to sterling losing ground throughout the week getting close to US$1.50/€1. Good US corporate results from Intel and JP Morgan increased risk appetite. We also had the minutes of the last Federal Reserve meeting released which highlighted [again] that although the economy was moving forward with retails sales and manufacturing output being better than expected the improvement was slow and subject to possible set backs and as such interest rates would be kept at their current levels for quite a while. So no change in sentiment.

The euro continued to advance against the US$ but as noted above lost ground against sterling. Nothing new to report. The European Central Bank still view the current euro interest rate as appropriate but are conscious that the euros strength is having a negative effect on exports and as such will be detrimental to euro lands ongoing recovery.

Commodity prices continue to rise and as noted above risk appetite is increasing. This continues to be supportive to the high yield and commodity backed currencies.

Charles Purdy

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Smart Daily Currency Note - 16th October 2009

2009-10-16T09:38:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

16th October 2009

Currency	Rate
EURO	1.091
US$	1.628
CHF	1.655
CAN$	1.682
AUS$	1.767

Comments: A better day for sterling. Recent comments from members of the Bank of England monetary policy committee have been positive towards the effectiveness of their quantitative easing programme. They also acknowledged the need to remove this huge stimulus before it leads to inflation exceeding the 2% target. In the US the consumer price index showed neither inflation of deflation were current risks - all things being equal neutral result at this stage is a "good" result.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smart Daily Currency Note - 15th Ocotber 2009

2009-10-15T09:28:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

15th October 2009

Currency	Rate
EURO	1.078
US$	1.611
CHF	1.633
CAN$	1.647
AUS$	1.749

Comments: Unemployment in the UK fell for the first time in eighteen months. This was a surprise and clearly positive. One of the factors that has helped in keeping joblessness from rising too quickly is the Bank of England's action in pumping billions into the UK economy. In the US we had positive company results from Intel and JP Morgan. In the world of commodities we had increasing imports into China and the report of increasing commodity prices. This was negative for the US$ as in times of positive news it loses its safe haven status. We also had the minutes of the last Federal Reserve meeting released which confirmed that interest rates will be kept low for a while.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smart Daily Currency Note - 14th October 2009

2009-10-14T09:28:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

14th October 2009

Currency	Rate
EURO	1.071
US$	1.595
CHF	1.626
CAN$	1.640
AUS$	1.744

Comments: Due to lower than expected utility and food costs, UK inflation came in at 1.1% for September which was slightly lower than expected. I must admit I am still surprised it is in positive territory but sterling's weakness means that the cost of imports have gone up and as we import so much this is sure to have an affect. But given the huge amount of spare production capacity and rising unemployment I cannot see there being much upward pressure on UK costs for quite a while. Therefore the expectation is for UK interest rates to be kept at there current low levels for quite a while and quite possibly into 2011. In Germany there was a surprise when the investor sentiment index fell especially as it had risen for the last three months and given the recent election of the conservative-liber al alliance. This highlights how any recovery is not going to be in a straight line.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smart Daily Currency Note - 13th October 2009

2009-10-13T10:35:00.000+01:00

Smart Currency Exchange - Daily Currency Rates

Daily Inter Bank Currency Exchange Rates

13th October 2009

Currency	Rate
EURO	1.065
US$	1.575
CHF	1.616
CAN$	1.630
AUS$	1.739

Comments: Sterling lost ground following the report from the Centre for Economics and Business Research which forecast that UK interest rates would stay at current levels until 2011 and below 2% until 2014. This would mean that sterling was the lowest yielding major currency at a time when interest rates are more than likely rising elsewhere. I think their view is supported by the fact that the Bank of England is still using quantitative easing to help liquidity while other states are reducing their stimulus packages. Does this mean further weakness for sterling and perhaps even parity with the euro? It certainly isn't helpful and the trend is downwards for sterling so we will have to wait and see.

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.

Free phone: 0808 163 0102
(Outside the UK +44 0207 898 0541)

email: Charles@SmartCurrencyExchange.com
web: http://www.SmartCurrencyExchange.com

To get a live Better-than-Bank exchange rate go to: http://www.smartCurrencyExchange.com/smartquotation.htm
or call Smart on 08081 630 102 or from overseas, please call +44 0207 898 0541.

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

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Smarts Weekly Currency Note - 9th October 2009

2009-10-09T19:30:00.000+01:00

Smart Currency Exchange - Weekly Currency Rates

Weekly Currency Interbank Exchange Rates

9th October 2009

Currency	Rate Last Week	Rate This Week
EURO	1.088	1.081
US$	1.589	1.587
CAN$	1.722	1.659
AUS$	1.836	1.759
NZD	2.216	2.170
AED	5.835	5.832
CHF	1.643	1.642
ZAR(Rand)	12.174	11.778

Charles's Thoughts: One of those weeks where a lot seemed to be happening but sterling marked time against the US$ and the €. But not when compared to the commodity backed currencies against which sterling lost significant ground. The Bank of England met on Thursday. This was against the background of poor industrial data for August and disappointing purchasing managers index for September, although the corresponding service managers index was positive. In the event they kept UK interest rates on hold and made no announcement on increasing the quantitative easing programme from its current level of £175bn [they have used £162bn so far]. The moment of truth will be their next meeting in early November when they will have further information on the UK economy and its recovery an d whether or not they will need to increase the quantitative easing programme. I suspect they will have to and this will more than likely to be sterling negative.

In the US we had improving retail sales, a stronger than expected fall in jobless claims and good trading results from Alcoa, the US aluminium company. All positive, but by default, given the US$’s safe haven status, US$ negative which has slipped to a 14 month low on a trade weighted basis against a basket of the major currencies. During the week the Chairman of the Federal Reserve confirmed that low interest will be here for a while. No real surprise there. The results season for US corporates has now started and will set the scene for how the recovery is progressing in the US.

The euro is still top of the pile. The European Central Bank met this week and kept interest rates on hold. However the ECB would like the euro to weaken as its strength is making exports too expensive. And as a consequence they expect the current deflation to take a while to turn to inflation. Will sterling hit parity against the euro? Very difficult to tell but there seems little UK news to turn the current trend around.

The Australian Reserve Bank increased their interest rate this week which was earlier than expected and also acted as a trigger for the re rating of most commodity/high yield currencies.

Charles Purdy

Smart Resources

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