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.
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 events of the last 3 weeks have been much more about the strength of the US Dollar and not about Sterling weakness. The Euro has come off against the Dollar as well. The easing of tensions between the USA and China have boosted the Dollar, coupled with higher US interest rates.
The Pound traded down through GBP/USD 1.3400 this morning, although has bounced somewhat since.
Events for the coming week to watch out for.
Tuesday 22nd May – 11.00am Industrial trends.
Wednesday 23rd May – 9.30am UK Inflation and producer prices. 1.30pm US Home Sales.
Thursday 24th May – 9.30am UK Retail Sales.
Friday 25th May – 9.30am UK Gross Domestic Product (GDP). 1.30pm US Durable Goods Orders.
Suggested level to buy holiday US Dollars.
Our personal view is that all of the recent bad news has been priced into the exchange rate, and we feel that we are nearing a base for GBP/USD. Targets to buy holiday dollars would be 1.3500 and 1.3600 at a pinch. So, we are looking at a possible range of GBP/USD 1.3350-1.3650.
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.
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 €1.1400 for a great deal.
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 €1.1050 for a great deal.