16 October 2018
I'm traveling next month, should I change my money now? Will Japanese Yen go up or down tomorrow or next week? What about British Pound, Euro, etc.?
These are typical questions that we have heard of all too often from our customers. Don't get us wrong, these are all good questions that you should be asking. But unfortunately, your guess is probably as good as ours.
In fact, no one knows! Of course, there are some who may be able to forecast (more like 'guess' to us) but more often than not, actual exchange rates movements turn out to be very different from forecasts. Imagine…if it was that easy, a lot of people would be trading currencies for a living.
The money market is mind-boggling big and very liquid. FX trading runs 24 hours a day and it is highly reactive to events around the world. And there's no lack of events happening around the world right now that will make exchange rates go one way or the other (US-China trade war, US mid-term election, Brexit, the list goes on…).
So back to your question at the start….whilst we can't give you a direct answer, we can give you a few tips to help you with managing your currencies:
MoolahGo is a Fintech Startup based in Singapore offering online currency exchange and online money transfer services at highly competitive exchange rates, low cost while providing convenience and security to its users. MoolahGo is the First Fintech in Singapore to obtain a full money-changing license from MAS to offer an online currency exchange service and is a Stored Value Facility (SVF) holder. It is also believed to be the Largest online money changer in Singapore currently.
The contents of this article are purely for informational purposes only and should not in any way come across as a recommendation to buy or sell any currencies. You should do your own thorough research before making any decision to buy/sell currencies. MoolahGo does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.