Taking Advantage of weak dollar$$$$$$

Passport

Hey, so I'm going stateside in the summer, and would like info on how to go about taking advantage of the current very weak state of the dollar
€1=$1.31 as I feel that by next June the rate won't be half as favourable what are my options?
I dont want to just change three grand intpo dollars now, 'cause I dont want to have to carry that much cash when I go out there,
Can I open a us bank account from here, or can I buy dollars on teh stock exchange and sell them over there, I don't want to sell them here and then have to change them back to dollars again

spacecoyote

not too sure on the bank account front. You wont be able to just trade the euro-dollar in the markets as such as you need a sh1t load of cash in order to do so (couple million at least). A way round it would be to open an account with someone like these guys http://www.gcitrading.com/ and trade the currency online. Haven't looked into it to much so not sure what kind of freedom is available through them. Just out of curiosity, what reasoning do you have to believe that its going to come off significantly?

5starpool

Passport wrote:

Hey, so I'm going stateside in the summer, and would like info on how to go about taking advantage of the current very weak state of the dollar
€1=$1.31 as I feel that by next June the rate won't be half as favourable what are my options?
I dont want to just change three grand intpo dollars now, 'cause I dont want to have to carry that much cash when I go out there,
Can I open a us bank account from here, or can I buy dollars on teh stock exchange and sell them over there, I don't want to sell them here and then have to change them back to dollars again

It's bloody hard enough to open a bank account when you are over there, never mind from here. I have no ideas for you I am afraid that don't get killed in the commission stakes.

colm_c

TBH, the US dollar has been floating around the 1.20 - 1.30 for quite a while now - 3+ years:

http://www.x-rates.com/d/USD/EUR/hist2004.html
http://www.x-rates.com/d/USD/EUR/hist2005.html
http://www.x-rates.com/d/USD/EUR/hist2006.html

so that's 0.10 x 3,000 = 300 quid if the exchange rate goes in your favour... what happens if the opposite takes effect?

Probably not worth it... better off keeping your cash...

Pighead

You make Pighead sick Passport, you are in the priveleged position of being able to head of stateside for the summer and instead of embracing this wonderful opportunity you're looking for advice on how to make a few extra crusty pennies.

Shame on you and your obsession with the $$$$$$. I bet you're in the 20-25 age bracket.

colm_c

And of the j1 variety...

Naked Lepper

to open us bank account you will need a social security number
sorry!

Ruu_Old

Moved. Post in the correct forum in future and posting in AH for traffic is not on, next time you'll be banned. You won't be able to open a US bank account with a social security number and/or a US address.

fintan

You wont be buying enough dollars to be really worried about exchange rate movements.

Commission will easily remove any advantage.

exCrumlinBoyo

Naked Lepper wrote:

to open us bank account you will need a social security number
sorry!

Not true... you can apply for a TIN. Tax ID Number and you can open a bank account....

exCrumlinBoyo

I'm in florida.... want me to mind it for you?

I am going home in March and I am getting screwed because of the rate and stuff is twice as expensive in Dublin as here in Florida...