US ($) Currency Thread 1 (closed - use thread 2)

alchemista

Steve_xx wrote: »

How do you know that there are not professional currency speculators who contribute their assessments and views to these forums?

Even if there are, my point still stands. A single individual's post means nothing but speculation.

The reason a currency future is a better guide is that it's the complete expected market value of the future value of a currency. It's not just one person's speculation, or even a handful of people. It's a market who is putting their money where their mouth is.

Steve_xx

alchemista wrote: »

Even if there are, my point still stands. A single individual's post means nothing but speculation.

The reason a currency future is a better guide is that it's the complete expected market value of the future value of a currency. It's not just one person's speculation, or even a handful of people. It's a market who is putting their money where their mouth is.

Many professionals speculate about these things, and often get it wrong. The truth of this is, that we can all speculate 'reasonably', and similarly we may or may not be right.

Donnie

alchemista wrote: »

Yes, everyone. If anyone on here was able to accurately predict the future, they would be billionaires.

I'll repeat what I said before, if you want to get some expert advice on probable direction, look to the futures markets. Those are still experts speculating, but at least its people who are professionals and who have much more data.

Where's the speculation in my post?

Forgetful

ive been selling the pound since last week..

and even the experts u get different opinions on whether it goes up or down

Just hope it goes down for my sake!!!

inmypocketnottheirs

I bank with https://www.citibank.co.uk and have a sterling and dollar current account with them. I can transfer funds instanty both ways, and also get a dollar cheque book. The real benefit is I can switch my Visa debit card from my sterling current account to my dollar current account and then use my card without cash advance fees.

Also I get a very good exchange rate. I transferred some sterling yesterday to dollars at got $2.045. Overall I pay £10 a month for the account, which includes travel insurance, mobile phone insurance, card protection plan and also £500 interest free overdraft.

In addition I also have a euro current account and can also switch my debit card to that account.

Therefore as a regular traveller both in the US and Europe I can now withdraw funds from cash machines in dollars or euros, without paying any transaction fees or 'bank' exchange rates.

HTH

Christa1

I am going next Easter with my daughter, to be honest carrying a lot of cash unnerves me, where do you leave it, in the hotel safe? I will be taking my Nationwide credit card and Nationwide flex account card,the best 2 bits of plastic for any trip to the State IMO. Why not play devils advocate and buy say £500.00 now whilst the rate is just over $2 to the £, however I bought my dollars( the few I took) this year from Travelex on line as the rate was better, but don't forget even with your debit card there is a charge for doing this so take this into consideration if you can go into the Post Office and pay cash- I think they too charge if you use a debit card? Might be wrong

trets77

i remember having this dilema when the £ finally broke the $2 mark. i hedged my bets and purcahsed half my holiday cash at $1.95 ish. bad move as it turned out as we got $2.04 on our Nationwide DC cash withdrawals.

all i can say is i Love George Bush for screwing his countries economy and making USA a bargain for us Brits !!! .

P.S i heard the Citi group is in going to have to be bailed out by the FED , much like Northern Rock here

Voyager2002

There is a standard answer to the original question: put half your holiday budget into dollars now, and the remainder at the beginning of your holiday.

However, there is a cost to buying cash dollars for sterling (commissions, and you only get the tourist exchange rate) and to holding cash for months (loss of interest), not to mention the worry of carrying lots of money in cash. So for actual spending there I would always use my Nationwide Flex account and credit card. In order to benefit from the current weakness of the dollar I would use a UK-based dollar account and simply invest half my holiday budget in a dollar-denominated form.

voyager7

Someone MUST be able to better this with the current all time high of sterling v dollars. Anyone know any better high street rates? (apart from Thomas Global Exchange - currently an excellent rate of $2.05 which you have to collect in London)

lofielectronic

Yes, would be interested in this myself. Forever hearing about the $2 pound yet whenever I look to exchange money its always 1.93 or something even in the 'free' exchange places, banks and the post office?