Dollar Advice

Shawty84

Hi

I am going to America in October and I was wondering if I should buy dollars now or hold out? I've been affected by the recent Brexit drop in the dollar value and I have noticed it keeps on dropping further. A lot of speculations says the dollar may drop down to the $1.15 range in the near future, with it being near $1.30 currently is it worth buying now? The other issue is I wouldn't want it all in cash, I would need some cash but also have the security of a pre-paid card. Is it worth holding out for a couple of weeks to see the results of the conservative party votes or could this cause the rate to drop further.

Any help would be greatly appreciated

Thanks

richardw

How many dollars do you want to buy?

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eDicky

Realistically, tossing a coin will give you as reliable an answer as anyone can give you about exchange rate movements.

In your situation, hedging by buying half now and the other half later is often suggested.

phatbear

Shawty84 wrote: »

A lot of speculations says the dollar may drop down to the $1.15 range in the near future, with it being near $1.30 currently is it worth buying now?

Well $1.30 is more than $1.15 so buy dollars now!!!!!!

Voyager2002

If it matters that much to you, then you really can't afford to go to the USA. Go to Spain instead, and you are guaranteed a much better time.

Alan_Bowen

This is probably the most frequent question asked, and the answer is always the same. None of us are currency speculators, if we were we would be billionaires like George Soros and probably not on a website like this. By waiting until today you have lost even more money as the rate fell to its lowest level overnight and you won't even get $1.30 to the £ now.

There is no correct answer to your question, personally with the country drifting without a rudder, attempting to leave the EU and yet possibly to have a PM who wants to stay but might feel democratically that she has to follow the will of the people (although when did politicians ever do that) and no opposition at all, I don't think things will get better anytime soon, but as others have said, I may be wrong.