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Is this a good time to buy American dollars?
The exchange rate for the £ has gone from $1.77 down to $1.71 in the last seven days. Think the exchange rate will continue falling?
I'm going to NY early next year, maybe I should stock up my $'s now?
3 Answers
- Charles SLv 51 decade agoFavorite Answer
Traditionally at times of internation crisis the dollar appreciates. It has done so during this period of financial uncertainty. However, it seems to me a little perverse because the United States has the economy most affected by the crisis. So the question to ask is, what will happen next? If you think that the $700 billion injection into the banking system will work, you might be wise to buy dollars before the pound falls further. If you think that the financial hole is just getting bigger and bigger, hold off because the dollar will crash sooner or later.
My view is that it's too close to call. I would be inclined to hedge my bets by buying some dollars now but most when there, using ATMs. You get the best rates from ATMs provided that you withdraw $400 or more with each transaction.
- Edg1Lv 71 decade ago
No. Wait until after the election. If Obama wins forget it altogether. If McCain wins wait until the spring to invest. It will take at least that long for him to straighten things out.
- miss vLv 51 decade ago
the post office has a offer on for a few week but you have to spend £500 or over x
Source(s): i read about it the other day