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Any Financial Guys Out There: Advice - US Dollar
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Professional Poster
Join Date: Mar 2005
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I have bought $1800 USD 1 week ago. At current exchange rates, I have lost about $100 CAD.
Any advice? Should I hold on to it or cash it in for CAD funds before the US Dollar crashes evven more?
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"Life is the crummiest book I ever read. There isn't a hook, just a lot of cheap shots, pictures to shock, and characters an amateur would never dream up." (Bad Religion)
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Clinically Insane
Join Date: Oct 2000
Location: Los Angeles
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The dollar will probably continue to decline for a while, given the aggressive easing by the Fed.
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"The natural progress of things is for liberty to yield and government to gain ground." TJ
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Mac Elite
Join Date: Nov 2002
Location: Ellicott City, MD
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How bad do you need that money? I'm not into speculation in the currency markets.. but my guess is that the US $ isn't gonna "CRASH" anytime soon. Chances are, it'll comeback at somepoint.....
Then again, the US dollar vs Taiwan Dollar used to be at 1 - 40..... I think its never been higher than around 33-35 since the late 80's .... so that's a drop of 13% or so for the last 20 years.....
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Clinically Insane
Join Date: Jul 2005
Location: Vacation.
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Keep it for a bit.
Last time I looked, the £ was over $2. Now it's back under. Whether it's the £ being weaker or the $ being stronger, I don't know. But it'll pick up again soon, for sure.
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Been inclined to wander... off the beaten track.
That's where there's thunder... and the wind shouts back.
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Professional Poster
Join Date: Jun 2001
Location: Northwest Ohio
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Originally Posted by Doofy 
Keep it for a bit.
Last time I looked, the £ was over $2. Now it's back under. Whether it's the £ being weaker or the $ being stronger, I don't know. But it'll pick up again soon, for sure.
Oh good. It just has to stay below $2 until October 1, when the Harry Potter adult boxed set I ordered from Amazon UK ships. Then it can go up again. 
Actually, playing the currency market is not a very good way to invest your money at all.
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Dedicated MacNNer
Join Date: Feb 2007
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Actually, playing the currency market is not a very good way to invest your money at all.
This is exactly right.
The market for currency is one of the "worst" you can invest in and also more risky than throwing your money at a random stock on the NY stock exchange.
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It is dreams that will survive, for a dream is immortal.
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Clinically Insane
Join Date: Jun 2001
Location: planning a comeback !
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Originally Posted by freudling
I have bought $1800 USD 1 week ago. At current exchange rates, I have lost about $100 CAD.
Any advice? Should I hold on to it or cash it in for CAD funds before the US Dollar crashes evven more?
Why did you buy it ? To speculate ? Good grief...
-t
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Clinically Insane
Join Date: Jul 2005
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Originally Posted by Person Man
Actually, playing the currency market is not a very good way to invest your money at all.
I wouldn't have said so either. Unless you have a Swiss banker making the plays for you or something.
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Been inclined to wander... off the beaten track.
That's where there's thunder... and the wind shouts back.
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Professional Poster
Join Date: Jun 2001
Location: Northwest Ohio
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Originally Posted by Doofy
Unless you have a Swiss banker making the plays for you or something.
Good old Hans. 
Though I'd actually buy Euros if I were a betting man. My father is griping and complaining about all the money he "lost" from 2003-2007 going from US$ to euros as he built his retirement house in Greece. When he built the house itself, it was $1.10/euro, now it's almost $1.40/euro and so that € 1250 solar water heater he wants costs him ~ $1750 instead of ~ $1375. Though, he does get a pension of € 160 a month for the 10 years he worked in Europe (2 in Greece, 8 in Germany). I think he should save that up for a year... no money lost that way.
Anyway, he's coming back to the United States again in November. Then I don't have to hear him gripe about "losing money" until he goes back to Greece in May. My father actually believes that eventually we'll reach $2/euro.
(Last edited by Person Man; Sep 19, 2007 at 05:34 PM.
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Professional Poster
Join Date: Apr 2001
Location: Hong Kong
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FX trading is a zero-sum game, not an investment.
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Professional Poster
Join Date: Jun 2001
Location: Northwest Ohio
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Originally Posted by Sealobo
FX trading is a zero-sum game, not an investment.
Regardless of what you call it, it's a good way to lose money.
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Clinically Insane
Join Date: Jun 2001
Location: planning a comeback !
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Originally Posted by Sealobo
FX trading is a zero-sum game, not an investment.
Yes, it looks like this:
YOU: LOSS
Banks: WIN
Balance: 0
-t
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Mac Elite
Join Date: Mar 2001
Location: München, Deutschland
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Originally Posted by Sealobo
FX trading is a zero-sum game, not an investment.
"It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another. - like 'magic'."
(Gordon Gekko, Wall Street)
PB.
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Aut Caesar aut nihil.
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Addicted to MacNN
Join Date: Sep 2001
Location: Toronto
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This is not as much about the US$ being weak, it's about the CAN$ being strong. I can't see any sign of that changing in the near future.
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Mac Enthusiast
Join Date: Sep 2005
Location: Canada... be nice, eh?
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One thing to note...There is usually a different exchange rate to buy and sell a currency. If you have no immediate needs for the money, keep it in US dollars and wait.
The worst case is that you never convert it back to Canadian, and you go down south for a weekend and spend exactly $1800...
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Baninated
Join Date: Oct 2002
Location: In yer threads
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Originally Posted by Mastrap
This is not as much about the US$ being weak, it's about the CAN$ being strong. I can't see any sign of that changing in the near future.
Oh these things rarely stay the same.
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Professional Poster
Join Date: Mar 2005
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I cashed out today and lost about $120 CAD. The US dollar yesterday for $100 CAD, 98.65 USD. I just changed it today and it is $100 CAD = 99.85 USD. I just checked about 5 minutes ago and now it is at 99.90. We are almost at 1:1.
My god.
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"Life is the crummiest book I ever read. There isn't a hook, just a lot of cheap shots, pictures to shock, and characters an amateur would never dream up." (Bad Religion)
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Professional Poster
Join Date: Feb 2001
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In the long run, the dollar is going to keep dropping. In the short run, nobody knows. Currency speculation by individuals is crazy.
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The 4 o'clock train will be a bus.
It will depart at 20 minutes to 5.
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Addicted to MacNN
Join Date: Sep 2001
Location: Toronto
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Originally Posted by Kevin
Oh these things rarely stay the same.
This is true. There is every indication that the US$ will slip further before recovering. CIBC's analysts predict a 91CAN/100US situation for most of next year.
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Grizzled Veteran
Join Date: Jul 2004
Location: Canada
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CAD is up against not only USD but also EUR, GBP and JPY right now. CAD is now above par versus USD in the markets.
I'm not sure if you should hold on to it as this is not just a case of the USD dropping but CAD continuing it's rise against all currencies.
Some are saying that USD will rebound on Tuesday if the Bank of Canada intervenes but nothing is a certainty.
Investing in EUR might be a safer strategy.
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--
Aristotle
24" iMac 2.8Ghz 2GB RAM, 320GB HD; 64GB iPhone 4 S⃣
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Professional Poster
Join Date: Jun 2005
Location: Yamanashi, Japan
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I'm just happy that my Yen is finally worth something. For the past TWO years its been at least 120 yen to $1. Now its 116 and dropping. Makes me happy when sending money home for student loans.
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Professional Poster
Join Date: Apr 2001
Location: Hong Kong
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There is a FX theory which supported that the value of a nation's currency (with respect to the others') is a direct effect in reverse to the laziness of its labors.
to depict this in an overly simplified linear fashion:
hardworking labors -> higher productivity/efficiency -> comparative advantage -> same good at lower cost produced -> higher export -> increased demand for domestic currency -> appreciation over foreign currencies of relatively lazy nations.
So to conclude, the Canadians have awaken and become not as lazy as before! They are now on par against their US counterpart!
(Last edited by Sealobo; Sep 21, 2007 at 05:53 AM.
(Reason:Spelling & Grammar))
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Baninated
Join Date: Oct 2002
Location: In yer threads
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Originally Posted by Mastrap
This is true. There is every indication that the US$ will slip further before recovering. CIBC's analysts predict a 91CAN/100US situation for most of next year.
I was referring to the comment you made about Canada. It's going to drop down soon as well. It's the way the economy works. There are dips, and there are fluctuations. I've never seen a country's economic status stay the same for a long period of time.
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