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Best Currency to buy at the moment?

Travel Forums General Talk Best Currency to buy at the moment?

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1. Posted by Paul3879 (Respected Member 212 posts) 9y

Well I could not think of a suitable heading for this post so I apologize in advance.
I'm currently working in China and I'm looking to start changing what money I have saved into foreign currency, my question what is the best currency to buy at the moment, which if I sit on for about 12 months won't loose me money?
I appreciate that it's maybe hard to predict the future but I'm just after some general advice.
I know the US Dollar is very low at the moment, should I buy that or is it likely to fall anymore?
Any suggestions would be appreciated.
Paul

2. Posted by selani (Budding Member 46 posts) 9y

US $. but wait for a while.

3. Posted by opospa (Travel Guru 1837 posts) 9y

EURO maybe??

4. Posted by vxmike (Budding Member 64 posts) 9y

Quoting selani

US $. but wait for a while.

Disagree. The USD is terminally ill - there's no fundamental reason for it to ever rise again.

Serious inflation has taken hold here in the US and the Federal Reserve wants to lower interest rates which will do nothing but exaggerate the decline of the currency.

I'm thinking about converting my $ to Pounds.

5. Posted by Sam I Am (Admin 5588 posts) 9y

I'm with vxmike. At least one country in the Middle East has said it wants to be paid for it's oil in anything BUT the USD (Iran and they are a big supplier). That kind of thing means HUGE shifts in USD holdings and it's likely not to get any better any time soon. EUR is a more stable currency in my opinion and it's also more politically neutral at the moment. You could also consider the yen. The interest rate there is still low so they are more likely to raise their interest rate (making the yen exchange rate improve against other currencies) than in numerous other countries.

6. Posted by james (Travel Guru 4136 posts) 9y

The Australian Dollar buys about 91 cents US at the moment. It's at the highest level since about 1983.

7. Posted by fuzzypuppy (Budding Member 62 posts) 9y

I would agree with vxmike and Sam I Am. If you're looking for a good bet, you're not looking for the US dollar.

I live in Canada so I'm a little biased in saying buy Canadian $. It's worth more than the USD for the first time since 76, I believe.

I would suggest looking at the trends in the financial websites:

USD in Canadian$ (google)
USD in Euro (yahoo)

[ Edit: Edited on Oct 28, 2007, at 1:22 PM by fuzzypuppy ]

8. Posted by vxmike (Budding Member 64 posts) 9y

Quoting Sam I Am

I'm with vxmike. At least one country in the Middle East has said it wants to be paid for it's oil in anything BUT the USD (Iran and they are a big supplier). That kind of thing means HUGE shifts in USD holdings and it's likely not to get any better any time soon. EUR is a more stable currency in my opinion and it's also more politically neutral at the moment. You could also consider the yen. The interest rate there is still low so they are more likely to raise their interest rate (making the yen exchange rate improve against other currencies) than in numerous other countries.

I think the Yen is stronger than the USD, but one can do a lot better. Japan is plagued with a lot of the same problems as the US primarily an aging population that is owed a huge amount of government entitlements and no good way to pay them. Also Japan is a very resource-poor nation with a relatively large population on small island with few natural resources.

I think a country like Canada is a great long term investment. They have a relatively small population and a tremendous amount of natural resources which has been reflected in the powerful rise of the CAD in recent years.

I'm actually quite disturbed about the trend in the USD, since I've been spending years accumulating USD and plan to take three years off to travel starting in 2009 and I'm witnessing my potential spending power being destroyed on a daily basis...I'm also not sure I want to live and work in the US anymore, but there aren't a lot of other countries that accept americans where I'd be able to work in my field.

9. Posted by Sam I Am (Admin 5588 posts) 9y

That's a real bummer vxmike! In the next few years I guess travel numbers from the US will drop slightly as it does become mighty expensive mighty quick with the US dollar going the way it is. On the other hand, it's now almost certainly cheaper for me to catch a plane to NY to buy myself a new laptop (not that I need one, but you get the picture). Hopefully the trend does not continue the way it does as it could have a pretty big knock on effect....

10. Posted by Paul3879 (Respected Member 212 posts) 9y

Dear all, thanks for the advice you have given me and please keep it coming, after a bit of playing around on Google and some advice I have been given you all seem to point to the same answer 'stay away from USD'. I think I may go for the Pound or the Euro I beleive they are both stable currencies. Someone did suggest in a PM to buy gold bars (how much money do you think I have lol) and I beleive customs would have a few questions about that!!!