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Any currency futures experts here?

(12 Posts)
Janh Wed 02-Mar-05 20:40:39

DS1 is going on a school trip to New York and Washington in October. He just asked me if I thought the exchange rate would be better or worse by then <<hysterical laughter!!!>>

I just looked at aol's regular currency converter (xe.com) and the exchange rate is 1.91278. I find it hard to believe it will get much worse; will it, or would it be a good idea to buy his dollars now? (We're only talking about £300.)

SenoraPostrophe Wed 02-Mar-05 20:43:39

I've read a couple of times that it'll keep going till it hits 2$ to the pound.

Even currency expert types are wromg sometimes though.

gingerbear Wed 02-Mar-05 20:44:55

buy, buy, buy.
Frozen orange juice........

Janh Wed 02-Mar-05 20:46:11

I have sort of heard that too, SP. I suppose we can hang around watching the rate for a bit and if it starts looking less favourable we could buy his dollars then? (It's not that long ago the rate was 1.5 so it's a very significant change!)

gingerbear Wed 02-Mar-05 21:02:13

Ok, janH, just completely ignore my witty reference to Trading Places.
Humpfh, see if I care.
I would buy now - 1.90 vs 2.00 ain't much when it is only 300 quid.

gingerbear Wed 02-Mar-05 21:03:37

Oh, and if you search moneysavingexpert.com, there are good tips for the best places to change money.

Janh Wed 02-Mar-05 21:14:46

Oh, I am sorry, gb, I just didn't get it (and still don't !) Trading Places?

I can't imagine it'll get much better/worse than 1.9 either.

Gumdrop Wed 02-Mar-05 21:18:41

Trading Places - Eddy Murphy film, Jamie Lee Curtis in it as well and I can't remember the other chap.

Rich slick dealer is swapped with "street savvy" beggar as cruel nature/nuture experiment by wicked old capitalist brothers. the od guys get their come uppance, and everyone else lives happliy ever after.

Started with the music from the Marriage of Figaro as introduction..........

gingerbear Wed 02-Mar-05 21:23:16

sorry Janh. Just assumed you knew the film.
Other bloke in the film was Dan Ackroyd.
They were investing in Frozen Orange Juice and made millions.

Janh Wed 02-Mar-05 22:30:02

Oh I have seen Trading Places, the start of it at least

Would have to watch it with brain in gear to get frozen orange juice ref though.

Sorry!

Prufrock Thu 03-Mar-05 11:48:29

FWIW (which isn't much honestly - by definition 50% of traders are wrong at any one time) dh's currency desk are predicting a rise to $2 over the summer (particularly if MPC puts up rates here once more) but that once it goes over the barrier it will quickly come back to current levels. BUt tbh teh commission you pay will make more difference than any rate change on teh amopunt you are talking. BUt bear in mind taht if you buy USD now you won't earn any interest on them, so maybe better to keep teh cash ina bank account and wait

Janh Thu 03-Mar-05 13:35:44

Thanks, Pru

V good point about the interest - hadn't thought of that (5% on £300 for 6 months is only £7.50 but still better than a poke in the eye!) It sounds as if the rate's not going to get worse any time soon and may even get better so worth hanging on then.

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