How to hedge some US Dollars to pay for trip?

[rafiki]

I have to pay the balance of the cost of a trip mid-next year in US Dollars. I'd like to strike the deal now if poss. Is there a cheap, convenient way to hedge those dollars?

[Manchesteral]

Rafiki, I am rarely wrong when it comes to financial matters, if you don't have to pay till next year I would leave it for now. if Trump gets elected the dollar will go through the roof!

[gus]

Is that not what he is worried about?
He wants it to crash so he can get more for his euro ( or pound)

[flyeogh]

Is there a cheap, convenient way to hedge those dollars?

You say hedge which means reducing risk. If that is your aim just take half the money and buy dollars and leave the other half in whatever currency. You can trade currency for less than 1%. That would reduce risk of missing out big time but equally means any big gains will be reduced.

On the otherhand if you are saying you think the current rate is really good then buy lots of dollars .

Unless you are talking very large amounts the costs of hedging by buying futures or fixing rates is just not economical. I looked at it for £300,000 and couldn't even get a semi-sensible quote.

But hope you have a great trip. I assume if booked a year ahead it must be a bit special.

[Manchesteral]

Is that not what he is worried about?
He wants it to crash so he can get more for his euro ( or pound)

Sorry. totally misread the post, you*re right of course