Derek Taylor recommends $1.3400 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 $1.3400 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:

The tit-for-tat escalation of the Trade Wars has impacted the markets, with the Chinese responding to President Trump in kind, and then Trump threatening retaliation.

The ECB’s Mario Draghi made some important announcements last thursday the 14th, which have impacted the markets.

Basically he has called an end net asset purchases by end 2018. They will phase out bond purchases. Good for stocks (except banks).

BUT- he also says that expected inflation will be c 1.7%  2018/19/20  – which is a big surprise. No higher EU rates for 3 more years, and that signals longer low rates in the UK as well!!! Very poor for the Euro!!! But also bad news for the Pound against the US Dollar.

Cable had nearly touched GBP/USD 1.3500, but reversed down to 1.3350 very quickly. This morning it is trading below 1.3200.

Events for the coming week to watch out for.

Tuesday 19th June – 1.30pm US Housing Starts.

Wednesday 20th June – 11.00am UK Industrial trends.9.30am UK inflation data. 10.00am EU Industrial production and employment data.

Thursday 21st June – 12.00 Bank of England interest rate decision. Expected unchanged. 13.30 US Jobless Claims.

Suggested level to buy holiday US Dollars.

Sterling is testing the low side at GBP/USD 1.3200. WE are lowering our expected range to 1.3100 – 1.3400, and recommending buying holiday dollars above 1.3300.

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.

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