Derek Taylor recommends $1.3300 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 €1.3300 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:

 

Sterling was a winner last week trading up to GBP/USD 1.3200 a level not seen for over two months.

The Dollar has been hit by a triple whammy:

Hurricane Irma, which is the most powerful storm ever in the Atlantic runs through the Caribbean causing massive destruction. On Friday and over the weekend the storm ravages the US, with the resulting impact on the Dollar.

Thursday the 7th saw US Jobless Claims increase dramatically.

On the same day the Vice Chairman of the US Federal Reserve, Stanley Fischer resigns amid speculation that he was not happy with Trump’s US policy.

Events for the coming week to watch out for:

Tuesday 12th 9.30am, UK inflation data (CPI and RPI).

Wednesday 13th. UK jobs data at 9.30am and US producer prices at 1.30pm

Thursday 14th, Bank of England interest rate decision at 12.00pm (expected unchanged)

Thursday at 1.30pm – US Jobless claims.

Friday September 15th at 1.30pm – US Retail Sales.

Suggested level to buy holiday US Dollars.

GBP/USD at 1.3200 and above. We have not seen this level for over two months. It is a year since we saw GBP/USD at 1.3300. Our expected range is 1.3000- 1.3300.

Remember, breaking news 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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