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 $1.3500 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! Here we explain the latest news about buying US Dollars.
Derek told us:
The weekend saw a reversal by Donald Trump, who cited comments by Justin Trudeau, the Canadian PM. So Trade Wars are firmly back on the agenda, and the G7 meeting ended with some animosity.
Cable had nearly touched GBP/USD 1.3500, but reversed down to 1.3350.
Monday morning saw UK factory orders unexpectedly dropping at the fastest pace since 2012, due to weak demand and Brexit uncertainty. The impact on the Pound was immediate, with Sterling again falling from GBP/USD 1.3450 to 1.3350.
Events for the coming week to watch out for. It’s a big week for economic data, especially Wednesday, plus a US interest rate announcement.
Monday 11th June – 9.30am UK Industrial output, and Trade Balance. Both showed unexpected falls.
Tuesday 12th June – 9.30am UK Unemployment data.
Wednesday 13th June – 9.30am UK inflation data. 10.00am EU Industrial production and employment data.
Wednesday 13th June – 1.30pm US Producer prices. 7pm FOMC rate announcement.
Thursday 14th June – 9.30am UK Retail Sales. 1.30pm US Jobless claims.
Friday 15th June – EU Inflation data. 2.15pm US Manufacturing and Industrial output.
Suggested level to buy holiday US Dollars.
We are sticking with our range at GBP/USD 1.3200-1.3500. And once again 1.3400 seems a good level to lock in holiday dollars.
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 US Dollars this week should target their “Forward Orders” at $1.3200 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 €1.1500 for a great deal.