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:
GBP/USD 02/07/18 – Trade Wars Trump (again).
Unless Trump backs down, the U.S. will impose tariffs on $34 billion of Chinese imports on July 6, and the Chinese will respond the same day. The UK and Europe are stuck in the middle, but the World actually buys Dollars as a “risk on”, safe haven response.
As we said, the range last week for GBP/USD was 1.3100- 1.3300. We hit both sides, and traded down at 1.3050 last Thursday the 28th. We are adjusting our expected range down a shade to GBP/USD 1.3050-1.3250, but in all honesty, watch out for currency volatility this week, so GBP/USD 1.3000-1.3300, would be more appropriate.
Events for the coming week to watch out for, and there are a few:
Talks in Berlin, it’s make-or-break week for Angela Merkel.
UK sees crunch Brexit negotiations nicknamed “The Body Bag Summit”
6th July- Trade Wars Trumps crunch day. Will he back down to the Chinese?
Monday 2nd July – 3.00pm US Purchasing Managers Index (PMI and Construction spending.
Tuesday 3rd July 10.00am – EU Producer Prices, 3.00pm US Factory Orders.
Wednesday 4th July – US Independence Day – in effect the markets take a break for the big US holiday.
Thursday 5th July – 8.30am UK Halifax House Prices. 1.30pm US Jobless claims.
Friday 6th July – 1.30pm EU Employment data. 1.30pm US Non-farm payrolls (important).
Suggested level to buy holiday US Dollars.
We are adjusting our range, to cover expected currency volatility, to 1.3000 – 1.3300, and recommending buying holiday dollars above 1.3200.
To take advantage of rate spikes, please 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.
Travellers cancel out 26% flight and accommodation savings with 35% currency overspend British travellers are cancelling out the savings made on last minute holiday deals with their relaxed attitude to travel money exchange, according to research. Holidaymakers save an average of 26% when booking hotels between one and three months in advance*, yet overspend by […]
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 $1.3400 for a great deal.