US exchange rate

stuboy · **Posted:** 30 Jul 2011, 23:04

I need to transfer some money from my UK bank account into a US bank account. I want to try and get as many $ as possible, using as few £ as possible!

It seems it won't actually happen, but US have until Tuesday to come up with a new financial rescue package before the US "runs out of money". My question is to when I should transfer my GBP over to my US account for $. The closer we get to the US deadline, does it make the $ a rarer commodity and therefore become stronger against the £ and I should convert my money now - or is it possible that the US currency might become the new Zimbabwe $ and millions of it be worth £1 and I should hold off?

Anyone got any insight?
Thanks

Surprised · **Posted:** 30 Jul 2011, 23:17

Buy gold

Striker · **Joined:** Thu Oct 13 2005 **Posts:** 3709

If anyone knew the answer to your question, they'd make a fortune. The current rate reflects the overall view of where the currency is going. In other words if everyone expected any currency to fall that expectation would already be baked into the current rate. Of course the average view is often wrong.

Its still likely, but not certain that the US will cobble a deal together by the deadline. BTW its not Greece and a financial rescue package, its about providing a legal basis for the goverment to borrow even more than it already has.