Exchange Rates

[BigVig]

I am travelling to U.S.A at the start of June for 10 days. One of the guys here at work thinks I am better off buying $2000.00USD now so I don't get hit by a big exchange rate fluctuation over the next 4 weeks.

I really don't mind if the market fluctuates a few cents either way of the 91c that it is currently, but I do not want to go over there and have to pay $100 for only 70 of their dollars(which is what he thinks will happen to me). I would rather keep money in the bank and worry about buying USD when I get over there. Am I selling myself short by wanting to wait for another 2 months, or should I listen to his advice and buy up now?

Any help would be greatly appreciated

 

[RoK]

I am travelling to U.S.A at the start of June for 10 days. One of the guys here at work thinks I am better off buying $2000.00USD now so I don't get hit by a big exchange rate fluctuation over the next 4 weeks.

I really don't mind if the market fluctuates a few cents either way of the 91c that it is currently, but I do not want to go over there and have to pay $100 for only 70 of their dollars(which is what he thinks will happen to me). I would rather keep money in the bank and worry about buying USD when I get over there. Am I selling myself short by wanting to wait for another 2 months, or should I listen to his advice and buy up now?

Any help would be greatly appreciated

tha USD is only going to get weaker.Other $$ world wide will get stronger,the RMB is getting to high and will only deal in EURO if they can help it.

 

[nokiacasio]

If anyone really knew which way exchange rates would go, they'd become billionaires from currency trading, so I wouldn't take your friend too seriously.

If you're worried, maybe you can convert Aussie dollars into US dollars gradually, e.g. half now and half when you arrive.

 

[BigVig]

Thanks NC, thats exactly what I was thinking. I even asked him if it was such a sure thing, why isnt everyone out buying US currency now?

I am actually starting to warm to the idea of buying a bit of money now, at least to lock in a very favourable exchange rate. Ill see how the rates go over the next few weeks, and will make my decision in the next 2-4 weeks

 

[nokiacasio]

If your friend does decide to do some currency trading, be warned he might end up like Debt Kid

 

[red+black]

I'm off to the US in October, and I just might buy 5k USD today:

http://au.finance.yahoo.com/currency/convert?from=AUD&to=USD&amt=1&t=3m

Currently 0.9450

 

[hardcore_hawk]

Should I exchange my cash in Oz or in the US? Which way will work out more economical?