Derek Taylor recommends $1.3250 target rate on US Dollar “Forward Orders”

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 €1.13250 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!

Derek told us:

 

“It’s still all about the Dollar!

“The whole week has been about the weakening USD, which is making Sterling look good. We are in the midst of a 6 year slide for the greenback. Trump appears to be good for stocks, but not for the currency. Leaving interest rates to one side, it’s the political drama in Washington that is taking centre stage. There was a time when if Russia expelled over 700 American diplomats, it would have an impact on the Dollar, but the World looks on with almost mild amusement!!

“On Wednesday, the Federal Open Market Committee (FOMC), chaired by Janet Yellen, announced NO Change on US interest rates, which brings to a halt US rate rises, at least for now. Immediately the Dollar was sold off across the board, boosting the Pound to the highest rate we have seen for 10 months, GBP/USD 1.3150.

“Our range last week was GBP/USD 1.2850 – 1.3150, and so with continued USD weakness, we have to adjust the range to GBP/USD 1.2950 – 1.3250.

“Important Economic Data to watch out for this week: Nothing much to look out for until Thursday the 3rd of August, when the Bank of England announces its decision on UK interest rates at noon.

“Thursday also sees US Jobless Claims at 1.30pm, and on Friday we have US Non-farm payrolls. It’s still all about the Dollar, and the sentiment is increasingly anti USD. So any shocks will be about better than expected US economic data, as poor data is anticipated and therefore already factored in.

Remember, it is breaking news that moves markets!!”

Disclaimer: Opinions expressed are solely those of Derek Taylor and do not necessarily express the views or opinions of the Travel Money Club or any other organisation mentioned herein. These opinions are not intended to be a source of advice and any action taken as a result of this information is entirely at the reader’s own risk.

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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