Derek Taylor recommends $1.3150 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 $1.3150 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:

Brexit never really went away, and despite good economic data the Pound has suffered because of the continued Brexit political impasse. The cross-party Brexit talks seem closer to collapse as pressures on both sides of parliament mount. UK PM Theresa May is under immense pressure not only to quit but also to ditch the talks with Labour.

The wider global scene is dominated by the Trade Wars between the US and China. Neither side giving way and hitting each other with tit-for-tat sanctions and tariffs.

GBP/USD had been trading at the lowest end of our range, 1.3000-1.3300, and in fact has now broken below 1.3000. We are adjusting our range to GBP/USD 1.2850-1.3150.

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

Tuesday 14th May – 9.30am UK Unemployment data. 10.00am EU Industrial production

Wednesday 15th May – 10.00am EU Gross Domestic Product (GDP).1.30pm US Retail Sales.

Thursday 16th May – 1.30pm US Housing starts and Jobless claims

Friday 17th May – 10.00am EU Inflation.

Suggested level to buy holiday US Dollars.

We are anticipating a range for GBP/USD of 1.2850-3150.  Buying holiday dollars above 1.3000 looks good. I have been recommending buying half your holiday money now and half when you travel.  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!


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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