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:
My last forecast saw the Pound heading towards GBP/USD 1.2700. But we thought that the strong dollar trend would reverse, and suggested a range of 1.2700-1.3000. Without blowing one’s own trumpet, that is exactly what happened, and the Pound traded slightly over 1.3000 against the Dollar.
Now the holiday season draws to a close, the spectre of Brexit looms large and brings with it the normal jitters. Negative comments over the weekend from Boris Johnson and others are contributing to a Sterling sell off this morning. This was compounded by the worst UK manufacturing figures for 25 months.
I would have to stick with an anticipated range of GBP/USD 1.2700- 1.3000 again.
Events for the coming week to watch out for:
Monday 3rd September. 9.30am. UK Manufacturing PMI, expected 54.0, actual 52.8. Not a good number.
Tuesday 4th September. 3pm. US Manufacturing PMI.
Wednesday 5th September. 10.00am. EU Retail Sales.
Thursday 6th September. 1.15pm US Employment. 1.30pm US Jobless Claims.
Friday 7th September. 8.30am UK Halifax House Prices. 1.30pm US Non-farm payrolls and Unemployment. Plus EU employment data.
Suggested level to buy holiday US Dollars.
Renewed Brexit fears are driving the Pound down. We are suggesting a range of GBP/USD 1.2700-1.3000, and recommending buying Dollars anywhere close to 1.3000.
To take advantage of rate spikes, please 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 $1.3700 for a great deal.
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 €1.1500 for a great deal.