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 $1.3300 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! Here we explain the latest news about buying US Dollars.
Derek told us:
Last week’s range of GBP/USD 1.2900-1.3200, broke briefly on the topside as renewed Brexit hopes saw Sterling trade at 1.3250.
Last week was a good week for Sterling as the Brexit news was looking positive. But this weekend saw the Brexit talks grind to a halt on the question of the Irish border. Both the UK and the EU want an open border but just cannot agree on the detail (see GBP/EUR for detail). The Pound therefore opened a lot lower against the USD but some lifelines thrown in by the EU about “possibly” allowing the UK to stay in the Customs Union, saw the Pound recover.
The wider picture in the global markets, shows investors rushing out of Far East stock markets, to the benefit of oil, gold and the US Dollar. The Chinese stock market is at a 4 year low.
Events for the coming week to watch out for:
Monday 15h October 1.30pm US Retail Sales – closely watched and anticipated.
Tuesday 16th October 9.30am UK Unemployment.
Wednesday 17th October 9.30am UK Inflation (CPI). 1.30pm US Housing starts.
Thursday 18th October 9.30am UK Retail Sales 1.30pm US Jobless claims.
Suggested level to buy holiday US Dollars.
We are moving up our suggested range to GBP/USD 1.3000-1.3300, with a good chance of buying Dollars at 1.3200.
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.
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 €1.1600 for a great deal.
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 $1.3650 for a great deal.