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buying dollars

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  • 27-01-2008 2:55pm
    #1
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭


    i'm going to the states in December but would it be wise to start buying dollars now with the way the dollar is at the moment?


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Very hard to call what's going to happen in the next year.

    By next December, the States could be in a full blown recession or it could have stabilised. Will the Fed be forced to cut rates more over the next year? What about the ECB? Their rates could be the same, possibly higher, or, as a lot of people are predicting, slightly lower.

    How much money are we talking about? You must remember, that, rather than buying dollars now, you could leave the euro on deposit and be up 5% by next December, and that is guaranteed!


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    #3
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    it's only about 6k euro


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    #4
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    To be honest, I'd leave that money on deposit for the moment. I don't see the dollar strengthening any time soon! Keep an eye on the markets, and if it looks like the Euro is beginning to weaken (or if the ECB begins to cut rates), then maybe snap up the dollars.


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    #5
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    Take a look at some of the main banks web sites. Look for their treasury section. And then take a look at predictions for EUR-USD rates for the next 12 months. Although they allow themselves a wide margin of error, it might give you some idea.
    I generally start converting money about 9 months before going to the US, that way it does not seem to cost so much just before the holidays. However, sometimes the rate gets better. But it might get worse.
    At a rate close to 1.50, I'd say that's as far as it will go. If it goes above that for any length of time, our exporters and tourist industry will take a major hit, and I'd say we'll all feel the consequences of that....


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