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I am planning on buying a house this autumn. I have a fair sized deposit just sat in a bank account at the moment and am wondering if some of the more financially minded of you have a view on buying some dollars to store it until October or so?
Might as well try and make some hay in the midst of this Brexit fiasco eh?
Leave it in your bank. You could lose a sizeable chunk of your deposit.
Or the £ could recover.
think ye missed that boat by a couple of weeks, good luck guessing where it'll go.
Copy that.
Copy that.
Copy that.
Edit: Nice.
Are you buying the house in sterling? If you want a medium risk investment buy shares in uk banks,
The US dollar could increase in value with the pound hitting new lows to maybe 1.2 dollars to pounds, that's not even 10% to current rates.
As above not worth the risk. I would not advise taking a punt on UK banks either, imho just not worth the risk for such a short period and especially as you will be a "forced seller" when you need the money for the house purchase.
If you want buy max allowed in Premium Bonds, you never you know you may win big and average prize levels are set to match interest rates
I agree with jambalaya.
I think I need a [s]shower[/s] scour.
^^ Junky and I agree on things from time to time, it's not impossible 😉
Overnight money market?
think ye missed that boat by a couple of weeks, good luck guessing where it'll go.
Yep. I moved my SIPP to $ funds three weeks before the vote. Just waiting for the £ to reach parity with the $ before I buy back in...
You might want to change it back before the inauguration of President Trump.
You have £ asset (cash in deposit)
You will have a £ liability (assuming a mortgage)
And you want to take on FX risk after a major movement in one direction?
My advice would be to do nothing rather than paying away a spread and/or commission to your broker - does he need another yacht?
You might want to change it back before the inauguration of President Trump.
He might be good for the US economy, invade a few ME countries and/or Mexico, ramp up Defence spending etc....
Roulette: put the lot on black and double your money in one easy spin!
*(the value of your investment may go down as well as up)
How bothered are you about not being able to buy your house this autumn due to having a large hole in your 'fair sized deposit'?
If you're not bothered then crack on.
You have very much missed the boat surely. It would be madness to buy any foreign currency with £ at the moment. Sit tight, save more money and invest what you do have in decent but certain and protected ways with no way of losing value.
Sit tight it is then.
As ever STW, you keep me grounded. X