Just my opinion here:
The Euro has a close to a zero percent chance to replace the dollar as the reserve currency. Additionally, the whole EU is very likely to fall apart. Greece just lost it's voting rights. Greece is a part of the acronym PIIGS (Protugal, Ireland, Italy, Greece and Spain). All of those countries are in dire straights economically. Germany and France are not in any mood to bailout those countries. The only reason they have is due to the exposure that their banks have to defaults of those countries.
To the original question...
Currency trading is what you are doing. Ever hear of the carry-trade? That is what you are effectively engaging in. Borrowing a currency with low interest rates and investing in a currency with higher interest rates. When the unwind comes, there is hell to pay. It is explosive. I am not a currency trader via the Fx market. I do have a position where I bought an ETF that is bullish on the dollar. This is a speculative bet that the carry-trade would unwind and make the dollar stronger. It does seem that in the last two months that there is not as much of a carry-trade going on and my explosive prediction did not/is not going to happen. But, there is also a trillion dollars out there that the Federal Reserve is going to need to drain out of the economy. Higher interest rates will do this.
If I were you, I would get back into dollars (assuming that you are in the US) and look for assets here in the states. If you need the money, you have to have it in dollars. Thinking that you are going to earn the spread between interest rates here verses abroad and not taking into account the currency fluctuations is a mistake.
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