moving euros to sterling and USdollar

monkey8

I have approx €30,000 savings in an irish bank.
I am looking at the greek elections on 17th june with great interest.
If a few days before the election the anti bailout party are ahead in the opinion polls or if its still 50/50 I am thinking about putting €15,000 into my sterling account in belfast and €15,000 into my US dollar account in NYC.
What do you think of this plan?
I know there is potential for losses but i would be more worried about my money being potentially devalued by up to 80% if we revert to the punt.

What sort of losses, due to exchange rates, conversion charges could i be looking at if i go down this route?

euroboom13

e15,000 @rate $1.23/e1 = $18,450
if dollar weakens back to recent levels $1.48/e1
Your $18450 will be worth something like e12,450

which is about 15% loss
sterling wouldnt be as bad

stick with euro

cant see $ getting any stronger so its an expansive buy now
Punt gone forever...

turbobaby

monkey8 wrote: »

If a few days before the election the anti bailout party are ahead in the opinion polls

No opinion polls can be published anymore. The last ones allowed to be published before the election were released on Friday.

If your research wasn't sufficient to realise this, I don't think you should be speculating with your savings!

Going from Euro to USD or GBP is like going from the frying pan into the fire in my opinion.

Drexl Spivey

If Greece leaves the euro, isn't the euro gonna be worth less than 1.23$?

I am also thinking it could be a good gamble (still a gamble) to buy dollars now before the euro reaches 1EUR=1USD.

euroboom13 wrote: »

e15,000 @rate $1.23/e1 = $18,450
if dollar weakens back to recent levels $1.48/e1
Your $18450 will be worth something like e12,450

which is about 15% loss
sterling wouldnt be as bad

stick with euro

cant see $ getting any stronger so its an expansive buy now
Punt gone forever...

turbobaby

If Greece leaves the Euro, the Euro will more than likely strengthen.

Just wondering why you think the Euro could fall to near parity with the Dollar?

euroboom13

it might have been a good gamble to buy $ at 1.48/1
and if i did i`d be buying euros now

cant see $=euro

think euro can only get stronger

maybe $1 = 2euro within 1yr seems more likely to me

cheap vegas trips

euroboom13

even with everything pointing to greek exit i cant imagine it will happen.Dosent suit anyone for it to leave.

I believe germany will give in to a growth policy that will give hope to all debt riddin countries including ireland!Only solution

euroboom13

http://www.marketwatch.com/story/europe-has-3-months-to-address-crisis-soros-2012-06-03?link=MW_popular

drunkmonkey

euroboom13 wrote: »

maybe $1 = 2euro within 1yr seems more likely to me

cheap vegas trips

Don`t you mean the other way round?

Side question, I need to exchange €2000 euro to dollars by firday, do it tomorrow or Friday? Euro seems to have risen a little today against the dollar.

euroboom13

drunkmonkey wrote: »

Don`t you mean the other way round?

Side question, I need to exchange €2000 euro to dollars by firday, do it tomorrow or Friday? Euro seems to have risen a little today against the dollar.

00ps yes $2=1euro thanks

hold out for $1.25
But the most u will save is $100 for every 5cent decrease in dollar value!
Therefore if u bought at best last week u would only have saved $40(E30) off worst.

nino1

euroboom13 wrote: »

00ps yes $2=1euro thanks

hold out for $1.25
.

today €1 = $1.2494

Holding out for $1.25 will save him €1.20!!

euroboom13

nino1 wrote: »

today €1 = $1.2494

Holding out for $1.25 will save him €1.20!!

Buy tomorrow so

(should av checked,thought it was sunday)