Derek Taylor recommends $1.2900 target rate on US Dollar “Forward Orders”

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 $1.2900 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:

Like all other major currency pairs, GBP/USD has seen the greenback decline across the board, pulling back from lows near to GBP/USD 1.2500, back up to 1.2750.

The markets have moved away from the US Dollar (USD) amid the US trade tension with China and political tussle with Iran.

The news in the UK is around the 2 horse race for a new British Prime Minister, with Boris Johnson embroiled in controversy over his domestic life.

We are leaving our current range of GBP/USD 1.2600-1.2900 unchanged.

Events for the remainder of the week to watch out for:

Monday 24th June – 1.30 pm US National Activity Index.

Tuesday 25th June – 15.00pm US New home sales and consumer confidence.

Wednesday 26th June – 1.30pm US Durable goods.

Thursday 27th June – 10.00am EU Business confidence. 1.30pm US Jobless claims

Friday 28th June – 7.00am UK Nationwide house prices. 9.30am UK Current account and GDP figures.

Suggested level to buy holiday US Dollars.

We are anticipating a range for GBP/USD of 1.2600-2900.  Buying holiday dollars above 1.2800 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.

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