Okay, new question, or thought. Right now the dollar is at its lowest versus the Euro since the end of 2022. Today I believe (from Wise) it stands at 1.053.
Since I plan on moving over by end of June at the latest, might it be a good idea for me to convert some of my cash savings to Euros right now? and keep it stashed in that currency? Trying to get a bead on what’s coming the next few months given the incoming Prez #47 in the USA is tough. I’d like to mitigate that if possible. TIA for your thoughts!
If anyone could answer that with certainty they would make a fortune!
The exchange rate is volatile. Take a careful look at the way rates have moved over the last few years and make a prediction based on that. You’ve got a 50% chance of getting it correct, as with all currency speculation.
Trumps proposed tariffs are right now hitting the Euro. Nobody knows what he’ll do however commentary indicates his proposed cabinet picks indicate desire to follow through.
Try to obtain one of the latest amalgamated forecasts for 3, 6 and 12 month forwards. Preferably done post trump.
There’s been articles predicting euro parity to around 1.07 - so there’s scope for euro to fall (further) against the dollar. GS’s latest, post trump is 1.06 3 months, 1.05 6 months, and 1.03 12 months.
Look at articles on Pound sterling live - they do cover EUR / USD - as it affects GBP / EUR so much.
Thanks, all! The dollar right now is $1.049 versus the Euro, or conversely Euro is 0.954 to $1. So I will heed your suggestion to watch for possible further fall and pounce when it seems right.
I work on the principle that, if the rate works for me on the day, take it. If I decide to wait then it’s in the full knowledge that rates can, and will, move against me.
Yes, and also if one builds a stash of euro’s to cover say a year of expenses one can buy when the time seems right rather than when one has to - more flexibility.
Of course that also means all those euro’s I bought last year I could have bought at a better rate today!
If the rate is bumping up against the best you’ve seen for a while, get some FX done now. Keep checking. If still good, do some more. If slipping, stay your hand but be ready to get back in if a consistent fall looks to be happening.
There must have been many like me who were so stunned by the fact of Brexit we’d missed the point that this was going to drop GBP like a stone and failed to get in before the rate settled at +/- €1.15 and worse, from €1.50-odd.
