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After a couple of months of hovering in the 1.90 to 1.95 range, the dollar yesterday dipped to 1.89. It's 1.88 today. How low can it go?
[QUOTE=Chingon] How low can it go?[/QUOTE]
Argentina Peso is at 4.30 for the €.
If I had any desire to go back to South America (which is not the case), I'd go straight to BA, Cordoba, Mendoza or Rosario.
[QUOTE=Chingon]After a couple of months of hovering in the 1.90 to 1.95 range, the dollar yesterday dipped to 1.89. It's 1.88 today. How low can it go?[/QUOTE]
Today, it opened at 1.89, and dropped to 1.87 within hours. At the current rate, it would not surprise me if the dollar tanks to 1.70 before the end of the year. Many traders expected the dollar to tenaciously hold at the 2.0 mark, however, that line has been breached. Unfortunately, we have been losing significant ground to most currencies in the past several years.
[QUOTE=Amerioca]Today, it opened at 1.89, and dropped to 1.87 within hours. At the current rate, it would not surprise me if the dollar tanks to 1.70 before the end of the year. Many traders expected the dollar to tenaciously hold at the 2.0 mark, however, that line has been breached. Unfortunately, we have been losing significant ground to most currencies in the past several years.[/QUOTE]
Should go back up AFTER the Pan AM games. Everytime their is a major event in Brasil (IE Carnival) the exchange rates dip in their favor, its been that way for years.
Jackson - is there any merit perhaps in moving this discussion to a thread of its own?
a) It is only of interest to US members
b) it means visitors wanting to access information about mongering in Brasil have to trawl through such a vast amount of barely related material that they may well give up.
I know it is important to you American guys in deciding whether you want to go to Brasil or not but, with respect, this is a mongering forum not an economics chatroom.
Best wishes
[QUOTE=Christopherd]Jackson - is there any merit perhaps in moving this discussion to a thread of its own?
a) It is only of interest to US members
b) it means visitors wanting to access information about mongering in Brasil have to trawl through such a vast amount of barely related material that they may well give up.
I know it is important to you American guys in deciding whether you want to go to Brasil or not but, with respect, this is a mongering forum not an economics chatroom.
Best wishes[/QUOTE]
This is the General Info thread which means anything goes.
If this discussion was going on in the Rio Reports section then I can understand your point B which should only be about mongering in Rio not exchange rates but it's not perfect there either.
Why doesn't someone tell us how the Pound or Euro is doing these days compared to the Real, Im sure the Americans would be interested.
[QUOTE=Christopherd]Jackson - is there any merit perhaps in moving this discussion to a thread of its own?
a) It is only of interest to US members
b) it means visitors wanting to access information about mongering in Brasil have to trawl through such a vast amount of barely related material that they may well give up.
I know it is important to you American guys in deciding whether you want to go to Brasil or not but, with respect, this is a mongering forum not an economics chatroom.
Best wishes[/QUOTE]With all due respect money and economics are a very important part of mongering by definition. I am on the verge of dumping a few grand into Reais to pre-emptively cut my losses and appreciate all of the advice on the subject.
[quote=rio bob]this is the general info thread which means anything goes.
[/quote]
well you have posted many more times than i, and if you are expressing the wishes of a majority i bow to peer feelings on it. i'd argue the point but it would only invite further discussion that (imho) makes the purpose of the forum a side issue.
if anyone wants to know the exchange rate there are dozens of sites that provide it instantly.
[QUOTE=Christopherd]Jackson - is there any merit perhaps in moving this discussion to a thread of its own?
a) It is only of interest to US members
b) it means visitors wanting to access information about mongering in Brasil have to trawl through such a vast amount of barely related material that they may well give up.
I know it is important to you American guys in deciding whether you want to go to Brasil or not but, with respect, this is a mongering forum not an economics chatroom.
Best wishes[/QUOTE]
I agree with Rio Bob. This is the most appropriate forum for such a topic. As for economics not playing an important role in our hobby, I must disagree with you.
Your wish has been granted Christopherd.
1.00 GBP (British Pound) = 3.79630 BRL
1.00 EURO = 2.57403 BRL
1.00 US DOLLAR = 1.86740 BRL :(
Damn Yankee Dollar keeps dropping daily against the Real. If this keeps up, it will be worthless, and the GDP will have to start sending money to their "friends" in the US!!
I'm not sure how the other currencies are doing on a daily basis.
I made some calls today to see about buying some Reais for my next trip before my dollars become even more worthless. Citibank and HSBC do not sell Reais. American Express sells (and buys) at a loan-shark rate of 15%+$6. Anybody know of any better options?
[QUOTE=Bravo]Should go back up AFTER the Pan AM games. Everytime their is a major event in Brasil (IE Carnival) the exchange rates dip in their favor, its been that way for years.[/QUOTE]I wish it were true but it is not. I just looked at the Real:dollar for Carnival and 4 weeks later for the last 11 years and it went up 6 and down 5. It took a drastic drop of 0.2383 in 2003 and averaged a 0.0166 loss over these 11 years not to mention an overall gain into Carnival with some big gains of 0.3248 in 1999 and 6 other years with gains as well vs only 4 with losses. See data below:
"4 weeks prior","Carnival","4 weeks after","4 weeks prior","Carnival","4 weeks after"
1/14/1997,2/11/1997,3/11/1997,1.0418,1.0466,1.0532
1/27/1998,2/24/1998,3/24/1998,1.1274,1.1344,1.1395
1/19/1999,2/16/1999,3/16/1999,1.5702,1.8950,1.8575
2/8/2000,3/7/2000,4/4/2000,1.7633,1.7454,1.7433
1/30/2001,2/27/2001,3/27/2001,1.9691,2.0324,2.1224
1/15/2002,2/12/2002,3/12/2002,2.3569,2.4565,2.3430
2/4/2003,3/4/2003,4/1/2003,3.5547,3.5647,3.3264
1/27/2004,2/24/2004,3/23/2004,2.8641,2.9610,2.9180
1/11/2005,2/8/2005,3/8/2005,2.7114,2.6312,2.6940
1/31/2006,2/28/2006,3/28/2006,2.2109,2.1196,2.2244
1/23/2007,2/20/2007,3/20/2007,2.1344,2.0927,2.0754
[QUOTE=Edward M]I made some calls today to see about buying some Reais for my next trip before my dollars become even more worthless. Citibank and HSBC do not sell Reais. American Express sells (and buys) at a loan-shark rate of 15%+$6. Anybody know of any better options?[/QUOTE]
You might try buying some "call-option" contracts on Reais for the month you plan on going. These securities basically reserve your right to buy the Real at a given price regardless of how much the price goes up in the future.
But then, you'd have to expect the value of the Real to continue rising (because the reserved USD/BRL price is worse than today's)... and I don't know how many Reais a contract is worth in the currency-options market. So, you might have to buy contracts on more Reais than you have any plan of using. If you have a securities broker, talk to him about currency options and tell him about your travel plans. He might have some more proper advice.
Of course, you could buy Reais directly through a ForEx account, but you usually have to buy tens of thousands of them at a time, which is probably useless to you. The same might go for options, in which case this entire post would be entirely useless. But, hey. I tried...
I mentioned this before. I have invested in mutual fund EWR, a Brazil index fund. It has gone up 45% since March 1. I wish I had bought more.
This might be a bit safer than just buying Reias.. but then again, I am not a stock broker, just a lucky bastard who asked my broker to invest some of my portfolio in brazil, only because I live here.