Derek Taylor recommends $1.3100 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 $1.3100 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 pressure on Sterling appears to have eased, at least for the moment, as hopes for a passable Brexit deal emerge. This is despite Boris Johnson’s attack on the PM’s Chequers Brexit plan.

On Friday the Pound broke above GBP/USD 1.3000, but then stronger US employment data boosted the Dollar and the Pound fell back towards 1.2900.

I have adjusted the anticipated range to up a shade to GBP/USD 1.2800- 1.3100.

Events for the coming week to watch out for:

Monday 10thd September. 9.30am. UK Manufacturing output and UK Trade Balance.

Tuesday 11th September. 9.30am. UK Earning and unemployment.

Wednesday 12th September. 10.00am. EU Employment and Industrial Production. 1.30pm US Inflation and producer prices.

Thursday 13th September. 12.00 UK Interest rates decision (expected unchanged). 1.30pm US Jobless Claims.

Friday 14th September. 1.30pm US Retail Sales.

Suggested level to buy holiday US Dollars.

We are suggesting a range of GBP/USD 1.2800-1.3100, and still recommending buying Dollars above 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.

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