Derek Taylor, our very own foreign exchange expert, is recommending that Travel Money Club members buying US Dollars this week should target their “Forward Orders” at $1.2650 for a great deal.
The “Forward Order” feature is exclusive to Travel Money Club and allows members to automatically buy currency when their target exchange rate is reached. They simply tell the us what currency to buy, what exchange rate to buy at, and the payment card to use. Then if and when the target exchange rate is reached, we automatically execute the order and deliver next business day* (for orders completed by 1pm). As it all happens in the blink of an eye, even if your target rate is only achieved for a couple of minutes, we will still execute your order! Here we explain the latest news about buying US Dollars.
Derek told us:
European foreign ministers are meeting today in Brussels to discuss Iran’s non-compliance with the 2015 nuclear deal, and to try to find a way forward that will de-escalate the situation. Oil, which rallied last week on the back of increasing Iran tensions, as well as storm Barry in the Gulf of Mexico and falling U.S. stockpiles, is managing to hold onto its gains this morning.
In the UK the Pound has weakened, ahead of a raft of economic numbers published this week, expected to show our economy slowing down.
We are dropping our current range to GBP/USD 1.2450-1.2650 to reflect the stronger Dollar.
Events for the remainder of the week to watch out for:
Tuesday 16th July – 9.30am UK Unemployment data. 1.30pm US Retail Sales.
Wednesday 17th July – 9.30am UK Inflation CPI, RPI and PPI, 10am EU inflation, 1.30pm US Housing starts.
Thursday 18th July 9.30am UK Retail Sales. 1.30pm US Jobless claims.
Friday 19th July 9.30am UK Public Sector Borrowing.
Suggested level to buy holiday US Dollars.
We are anticipating a range for GBP/USD of 1.2450-2650. Buying holiday dollars above 1.2600 looks good. With Sterling volatility, it makes sense to take advantage of rate spikes, so try our rate tracker and forward order facilities to be sure of not missing out.
Remember, breaking news moves markets!
ABOUT DEREK TAYLOR
Derek is Director and Co-Founder of the Travel Money Club, as well as CEO of Taylor Associates (International) Ltd, one of the City of London’s foremost financial and market training organisations. Taylor Associates was established in 1993, specializing in derivatives, capital markets, risk and treasury training. He has personally trained in banks, brokers, asset managers, hedge funds and corporations both in the UK and overseas.
Derek’s career started in Midland Bank Group Treasury working across a broad product range including Money Markets, Foreign Exchange, Equity and Fixed income. He rose to the level of senior Director, before moving to Lehman Brothers, and then Bank of America working both in London and NY.
Derek has primarily worked as a trader, both inter-bank and proprietary, but has also spent some years as an inter-bank broker, running desks at two of the world’s leading brokerage houses, Tullett Prebon and Harlow Butler Savage (now part of the ICAP group).
Derek is a frequent speaker on Financial Markets subjects all over the World, and is an Associate of the Chartered Institute of Bankers (ACIB), a member of the Forex Association (ACI), and a member of the Society of Technical Analysts (MSTA).
* Please note that a small number of currencies are not available for next business day delivery. The actual delivery date will be clearly displayed in your order acknowledgement.
Derek Taylor, our very own foreign exchange expert, is recommending that Travel Money Club members buying Euros this week should target their “Forward Orders” at €1.1300 for a great deal.
If you want your foreign currency delivered before Xmas, last orders for Standard accounts are 1pm Friday 20 December 2019 and for Premium accounts 3pm on Monday 23 December 2019. Here are the details of order deadlines and delivery dates over the holiday period: If you have a free Standard account and would like to […]