Should I buy Dollars now?
Should I buy Dollars now?
Author
Discussion

milfordkong

Original Poster:

1,307 posts

262 months

Sunday 26th October 2008
quotequote all
Simple one this, wanted to get the opinion of the great PH... full of people far more in the know about this sort of thing than I ever expect to be...

I'm going to the states for 3 months in January, a 3 month holiday basically so this big slump the pound has just suffered affects me a great deal, making all the money i've worked very hard to save up worth a whole lot less in a very short space of time indeed.

Should I buy a whole bunch of dollars now before the pound weakens any more?

Or do people expect it to improve again by January?

I realise nobody knows for sure, but what would you do?

V8mate

45,899 posts

219 months

Sunday 26th October 2008
quotequote all
The forecasts are now for $1.40 by Christmas.

But the outcome of the Presidential election is a real wild card, which may cause an upward blip in that trend.


scratchchin

Ordinary Bloke

4,559 posts

228 months

Sunday 26th October 2008
quotequote all
We were planning a holiday in the US and had this discussion at 1.95 - and normally I have an opinion on everything, but in this case I don't know what I'd do. Probably wait until January... but I'm not sure.

Olf

11,978 posts

248 months

Sunday 26th October 2008
quotequote all
You might just have missed the boat. But yes it might be worth getting some in now.

schmalex

13,616 posts

236 months

Sunday 26th October 2008
quotequote all
Bookmarked, as I have to settle the balance of a holiday in Feb / Mar time

Animal

5,669 posts

298 months

Sunday 26th October 2008
quotequote all
What about NZ dollars? I'm going there in Feb - do I buy now or wait?

SimonV8ster

13,010 posts

258 months

Sunday 26th October 2008
quotequote all
How do people know the answer to this ??

Shaolin

2,955 posts

219 months

Sunday 26th October 2008
quotequote all
SimonV8ster said:
How do people know the answer to this ??
As you get older, you will develop the ability to bullst convincingly, others will interpret this as "wisdom" and act upon it. It will therefore become a self-fulfilling prophecy.

Fittster

20,120 posts

243 months

Sunday 26th October 2008
quotequote all
Gut feeling would be to wait, the dollar is being treated as a safe haven, yet the US economy is in a mess.

As an old shyster once said:

"The market can stay irrational longer than you can stay solvent."

So don't listen to anything I say.

b2dan

699 posts

230 months

Sunday 26th October 2008
quotequote all
I'm off to the US in Novemeber, decided in July to buy my dollars then at $1.82 which was a gamble at the time but it looks like it's paid off.

b2

jazzybee

3,056 posts

279 months

Sunday 26th October 2008
quotequote all
Shaolin said:
As you get older, you will develop the ability to bullst convincingly, others will interpret this as "wisdom" and act upon it. It will therefore become a self-fulfilling prophecy.
Ahh... someone else who thinks like me. I would normally offer my experience as a former trader - but you know what? The last few months has proven that no one really knows what is going on, and all you can do is think carefully about how best to protect yourself based on objectives.

mybrainhurts

90,809 posts

285 months

Sunday 26th October 2008
quotequote all
I'm off to Zimbabwe in February...

Will I need a barrow...?


eharding

14,648 posts

314 months

Sunday 26th October 2008
quotequote all
mybrainhurts said:
I'm off to Zimbabwe in February...

Will I need a barrow...?
The way things are going down there at the moment, I'd invest in body armour and air support - forget the cash.

mybrainhurts

90,809 posts

285 months

Sunday 26th October 2008
quotequote all
eharding said:
mybrainhurts said:
I'm off to Zimbabwe in February...

Will I need a barrow...?
The way things are going down there at the moment, I'd invest in body armour and air support - forget the cash.
Nah, I'm bullet proof...smile

Stamp

3,609 posts

266 months

Monday 27th October 2008
quotequote all
I'm off to the Ukraine, Should they be paying me to spend money with them?

milfordkong

Original Poster:

1,307 posts

262 months

Monday 27th October 2008
quotequote all
Like I said, I realise nobody can possibly know for sure, but i'm asking for the opinion of people far more informed and knowledgable about global finance than I am.

What would you do in my situation?

Olf

11,978 posts

248 months

Monday 27th October 2008
quotequote all
milfordkong said:
Like I said, I realise nobody can possibly know for sure, but i'm asking for the opinion of people far more informed and knowledgable about global finance than I am.

What would you do in my situation?
How much muny are we talkign here?

thehawk

9,335 posts

237 months

Monday 27th October 2008
quotequote all
Animal said:
What about NZ dollars? I'm going there in Feb - do I buy now or wait?
Now does seem like a good time based on the history (5 years)

http://au.finance.yahoo.com/q/bc?s=GBPNZD=X&t=...

milfordkong

Original Poster:

1,307 posts

262 months

Monday 27th October 2008
quotequote all
Olf said:
milfordkong said:
Like I said, I realise nobody can possibly know for sure, but i'm asking for the opinion of people far more informed and knowledgable about global finance than I am.

What would you do in my situation?
How much muny are we talkign here?
Let's say £2k

Mr Fenix

863 posts

235 months

Monday 27th October 2008
quotequote all
Hey Milford Kong,

I've just emigrated to the USA and when I left the exchange rate was 1.98 to the pound. I'm due to receive a settlement from court today (11,000) which 3 months ago would've paid for the wedding, honeymoon and other insane fkin ste women manage to pish money on for their big day.

Now its not looking good but I'd rather take 1.50 to the pound now than 1.40 or less when Xmas hits.

As a man in the trenches over here I can honestly say the economy is fked, so why the dollar is doing so well is completely beyond me.

If I were you I would change out 1,250 - 1,500 quid and gamble that the rest will move in a better direction for you. Worse case scenario is that you've secured over half the money at present rate and if it falls another 10-15% you wouldn't have lost out too much.

Best case, you secure over half the money and your "punt" gives you a nice little bonus when the dollar takes a nose dive back towards 1.80+ to the pound.

Personally I'm pulling out 6k and leaving 5k to accumulate a little interest whilst waiting to see what happens February/March.