about currency speculation?
filipino_learning_french asked:
Hi… I need expertise’s advice… I am a college student here in Manila, Philippines. And I start discovering about currency speculation, a year ago. I know that it can deliver you profits but also to have great losses.
I started speculating the US dollar by exchanging my philippine peso savings into it. However, since i fall in love with Canada and the U.K., i shifted to Canadian Dollar “loonie” and British Pound Sterling. Until this financial crisis battered and devaluate my pesos.
I don’t wanna lose my bills, but I’m in doubt because of the declining value of those currencies.
About a year a go… 1 pound is 94 pesos; now it is 71.5; and it reached as low as 64!!!
for the loonie, they are almost the same with value the USD, with little centavos difference (when converted to pesos) and it reached one time that Canadian dollar surges and worth a little with the USD.
Last year it is 1 LOONIE is 44.60 pesos
now it is 40.14 and it bottom upto 36.10 for the past few months.
I KNOW that loonie is a commodity currency, and it depends on the price of gold,silver, copper and of course OIL!
how about the british pounds? aside from the foreign trade of Britain of pounds, where? in the financial sector of the banks?
If i were you, what we’ll you do? Last year, i do not mind the little changes because of the very little fluctuation. Only now that i realized that even 0.0001 fluctuation in the currency rate affects much on the value. Especially when it deals with larger quantity of foreign currency..
for now, i have Canadian: $200
and 100 pounds.
do i need to stop this, shift to other currency? or what?
i am in a long term speculation, since this is my savings.
please enlighten me…
as of now, i have
$200; (Canadian dollar)
£100; (U.K. Pound)
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Filed Under Other - Business & Finance | 1 Comment
Tagged With Currency Rate, Financial Sector, Losses
Comments
One Response to “about currency speculation?”
Currency speculation is a very volatile enterprise! Naturally,along those lines, it would be best to stop it all.
From a risk-taker’s perspective, in light of the current recession, it’s best to buy US dollars, and when it rises (if it ever will), you can change it back at a profit.
Pounds is a good idea too.