Hi
I am new to this, I am not interested per se in active trading of currencies. However, I am interested in hedging against dollar decline via purchase of Euros, Yen and Swiss Franks and possibly Australian Dollar. Either a basked of these or possibly only Euros.
My business has presence in Eastern Europe where Dollar is king but Euro is gaining. My fear is that with what's happening to USD daily, the Euro will overtake USD position. I want to hedge against this.
My question is this, should I simply purchase Euros in the forex market and just hold them as a hedge or should I purchase FXE fund or something of that sort? Sorry, I am just not familiar with this and that's why I would appreciate any expert advice.
Holding period would be about 1 year roughly and sum about $50-$75K.
Also, which broker would you recommend for this type of setup?
Thanks in advance.
I am new to this, I am not interested per se in active trading of currencies. However, I am interested in hedging against dollar decline via purchase of Euros, Yen and Swiss Franks and possibly Australian Dollar. Either a basked of these or possibly only Euros.
My business has presence in Eastern Europe where Dollar is king but Euro is gaining. My fear is that with what's happening to USD daily, the Euro will overtake USD position. I want to hedge against this.
My question is this, should I simply purchase Euros in the forex market and just hold them as a hedge or should I purchase FXE fund or something of that sort? Sorry, I am just not familiar with this and that's why I would appreciate any expert advice.
Holding period would be about 1 year roughly and sum about $50-$75K.
Also, which broker would you recommend for this type of setup?
Thanks in advance.