Good morning
I am wondering if there are any reasonable, conservative ways to invest in foreign currencies, for the purpose of hedging expenses for a future trip to the uk. For example, opening a uk-based CD or savings account with the amount of money that the trip may cost. The trip is far enough in the future where we can't quite consider pre paying lodging and other expenses now. I know the ship has sailed where the pound was dang close to being at parity with the dollar back in September but it's still not bad at $1.24.
Obviously I don't want to eat up my hopeful profit with fees, but maybe a British pound-based currency ETF would be the simplest bet?
Thanks!
I am wondering if there are any reasonable, conservative ways to invest in foreign currencies, for the purpose of hedging expenses for a future trip to the uk. For example, opening a uk-based CD or savings account with the amount of money that the trip may cost. The trip is far enough in the future where we can't quite consider pre paying lodging and other expenses now. I know the ship has sailed where the pound was dang close to being at parity with the dollar back in September but it's still not bad at $1.24.
Obviously I don't want to eat up my hopeful profit with fees, but maybe a British pound-based currency ETF would be the simplest bet?
Thanks!