Derek Taylor recommends $1.3500 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 $1.3500 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:

 

Last week saw Cable (GBP/USD) easing against a stronger US Dollar. On Tuesday the Fed chair, Janet Yellen signalled that the Fed is likely to stay the course and raise interest rates in December, even as inflation remains below the central bank’s objective.

UK consumer confidence looked uncertain, while house prices weakened. When you combine this with the Rating’s agencies downgrading the UK to Aa2, the net result was Cable coming off to below GBP/USD 1.3400.

Events for the coming week to watch out for:

The Conservative Party conference.

Thursday 5th October 1.30pm US Jobless claims

Friday 6th October 1.30pm US Non-farm Payrolls

Watch for news about a possible change at the Fed. President Donald Trump could opt for a Fed boss who might pursue more aggressive policy tightening, not to mention details of the administration’s tax plans.

Suggested level to buy holiday US Dollars.

We are anticipating a continued stronger US Dollar and therefore adjusting our expected range down to GBP/USD 1.3200-1.3500.

GBP/USD  at 1.3500 proved to be a great level to buy holiday Dollars. Sadly passed for the time being, but  1.3300-1.3400 looks good.

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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