Derek Taylor recommends $1.3000 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 $1.3000 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:

The Pound has dropped this morning as the chance of a Brexit deals seems to be slipping away. Boris Johnson’s brother Jo Johnson resigned as Transport Minister on Friday, and other M:P’s are expected to follow suit. The chance of the Conservatives getting any deal through Parliament starts to look slim. Bank of England Deputy Governor Ben Broadbent said this morning that it looked likely that Britain’s economy would slow somewhat in the fourth quarter, adding to Sterling’s woes.

Events for the coming week to watch out for:

Tuesday 13th November 10.30am UK Unemployment and earnings data.

Wednesday 14th November 10.30am IUK Inflation and PPI. 11.00am EU GDP and Industrial production. 14.30pm US Consumer Price Index.

Thursday 15th November 10.30am UK Retail Sales. 14.30pm US Jobless claims and Retail Sales.

Friday 16th November 11.00am EU Inflation. 15.15pm US Industrial output.

Suggested level to buy holiday US Dollars.

We are moving our anticipated range down to GBP/USD 1.2700-1.3000.  Buying holiday dollars above 1.2900 looks good, although last week you could have achieved 1.3000, which just shows the importance of timing!

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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