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If we were comparing the USD versus the Swiss franc, the British pound, the Euro or any other major currency you would have a huge amount of historical data to make sensible projections.
You would see clear points of support and resistance on long term charts however, the newly ‘liberated’ colones is not yet such a currency and I would encourage you to bear that in mind and remember that trying to capitalize on short term fluctuations in any currency market is extremely difficult for the best traders in the world who have people devoted to spending 24 hours per day analyzing those markets never mind you and I who clearly have more exciting things to do …
If you are thinking long term and wish to be more diversified, there are banks here who will gladly open up Euro accounts for you …
Scott Oliver – Founder
WeLoveCostaRica.comGood point, Scott. I do have more exciting things to do than speculate on the fluctuations
of a minor currency only recently liberated from being tied to the dollar. And I am not really interested in currency speculation. I have my hands full just watching my stock portfolio and the recent 4% change in favor of the Colon is not really a big concern since I have very little money in my CR account.However little that amount is, though, if it is an easy matter of converting my account to Colones, why not? If this is a trend, the 4% could well swell into a 2 digit difference and anyone who is holding a few hundred thousand dollars in a CR account for Residency purposes have already their value shrink by as much as $8,000. I don;t think the dollar is going to rebound significantly over the next several years, if ever. Do you see any large holders of dollars betting that it will?
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