Need advice (Hedging)

H

hlpsg

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Hi,
I'm an absolute newbie on forex, hope someone can give me some good advice. I reside in Singapore, and wish to open an Australian bank account (higher interest rates) to deposit my funds there.

However I'd like to hedge my deposit against currency fluctuations (Sing dollars and Australian dollars). I am not aware that there is any futures contract that I can short for Sing/AUD for an outright hedge.

Can someone advise me on what are my options in this case?

Thanks!
 
crystalo said:
options are risky

the better to do is to trade on the forex market.


regards
Click to expand...

I dont think he's talking about options?

Any way, why do you think/say options are risky?
 
bulldozer said:
I dont think he's talking about options?

Any way, why do you think/say options are risky?
Click to expand...

Hi,
Bulldozer is right, I wasn't looking to trade options.

In order not to get sidetracked, my initial question was what *methods* do I have to hedge against fluctuating currency rates.

I'm earning/spending Singapore dollars, but I wish to put my savings in an Australian bank, in Australian dollars.

I want to guard against losses in the case when :-

1) Australian currency weakens against the Singapore dollar
2) Singapore dollar strengthens against the Australian dollar

Thanks
HL
 
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