us dollars is it silly

woddle

Registered User
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46
I was thinking of buying 7000 euro worth of us dollars and just keeping it in a tin till hopefully the dollar recovers, is this a stupid idea and if someone knows of a better way to store it, don't know alot about dollar bank accounts, thanks
 
you can open a usd hold account with AIB and AFAIK its free, the exchange rate is also better than the branches...i am not sure how you withdraw the money though. ring aib customer service and ask for info on hold accounts
 
Set up a USD bank account, with someone like Anglo (they used to do USD accounts for regular punters, not sure anymore), at least they will pay you interest that you won't get from a tin.

As Calico says, there is more to buying and holding dollars that meets the eye.
 
The dollar has strengthened over 1.3% in the past week. Theres a lot moe news due out later from the US. Might be worth waiting to see what comes out today
 
I'd be very wary of that strategy. Having read up on this recently, the consensus is that during the current credit-crunch crisis, there has been a bit of a 'flight to quality' to the US dollar, while markets settle down. The reason for this is that it is the most traded currency, and thus represents stability and liquidity, which is what investors look for in times of crises.
Underlying fundamentals are not so rosy however, and in the Wall Street Journal today, they predict that once the current environment settles down, continued weakness in the dollar is to be expected.
In addition, it appears the actions of the ECB at the end of last week has had the desired effect on the credit markets, thus it is still a likelihood that there is at least one more interest rate rise in Europe this year, even if it is deferred until after September. This will lend further support to the Euro versus the dollar, so I think to be honest you would be very unwise pursuing the strategy outlined.
Perhaps a better risk might be to buy into the stock market now, as given the recent falls, there could be a significant bounce once confidence is restored, as the current indicators seem to suggest
 
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