Buying foreign currency as an investment?
I'm an American working in Canada; with bank accounts in both countries. There's been lots of talk about the US dollar plummeting and how the economy could possibly tank, sooner rather than later... I've heard that buying foreign currency is a decent way to protect my money. Should I keep my money in my Canadian bank account instead of transfering it monthly, like I've been doing, into my US account?
Public Comments
- Hi, You can visit http://forex.checkouttoday.info for some useful info related to your query. Good luck!
- My opinion is that if you're going to buy non-US currency as an investment, the time to do it is when the dollar is at or near highs. That way you gain when the other currency increases in value relative to the dollar. The dollar is currently low. Could it go lower? Sure. But usually by the time everyone starts talking about something (market up, market down, gold up, dollar down, etc.), most of the move in that direction is already over. I personally would not be buying non-US currency now. In fact, I think the opposite is probably a better move since at some point the trend will reverse and the dollar will start rising again.
- Yes.
- United States has just cut their Interest Rate by 0.5% The Interest Rate was 5.25% and now its gone down to 4.75%. Whenever a country Raises its Interest Rate, Investers buy those currencies to get more income and if the Interest rate is dropped, Investors take away their money and invest in other currencies which will provide more income. Because United States cut its Interest rate by 0.5%, Investors are taking out their money and investing in British Pound and Euro. If you want to Buy and Hold then it is the best time to Buy US Dollars as the price is very low. If you want to Trade the Forex market then I suggest to buy ZRC Trading System from www.luckytips.co.uk
