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:

Last Thursday saw a big about turn for Sterling. Although the Bank of England left rates unchanged, the governor, Mark Carney sent signals that UK rates would be moving higher. The Pound immediately rallied against all major currencies.

Our suggested range last week was GBP/USD 1.2700-1.3000, and it has hit both sides.

Tomorrow’s midterm elections will mark two years since Donald Trump’s shock election victory – the first test of how his Republican party is faring in the eyes of the American public.

The US are re-imposing sanctions against Iran, starting midnight tonight and the tit-for-tat trade wars between the US and China, may be heading for a conclusion when Donald meets the Chinese PM Xi Jinping next month.

Events for the coming week to watch out for:

Monday 5th November 12pm US sanctions against Iran come into force.

Tuesday 6th November30th 11am EU Producer Prices. US Midterm elections.

Wednesday 7th November 9.30am Halifax House Prices. 11am EU Retail Sales.

Thursday 8th November 14.30pm US Jobless claims and 20.00 FOMC Rate announcement.

Friday 9th November 10.30am UK Trade balance, manufacturing and GDP.  14.30pm US Inflation data and Producer prices.

Suggested level to buy holiday US Dollars.

We are adjusting up our suggested range to GBP/USD 1.2950-1.3150. Buying holiday dollars above 1.3000 is a distinct possibility again.

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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