Derek Taylor recommends $1.3850 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 $1.3850 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 Pound has broken through the previous highs against the Dollar at 1.3650, and traded briefly above 1.3800 this morning. Its not good news about the Pound, in fact rather the absence of any more bad news! This move is all about the weakness of the US Dollar. The Dollar Index, which is a trade-weighted basket of 6 major currencies fell as far down as 90.39, which is the lowest since December 2014.

President Trump continues to dominate headlines, but the real story is actually the Strength of the Euro, which has recently been boosted by the ECB, hinting at starting to wind down their bond buying stimulus as soon as “early 2018”.

Remember, breaking news moves markets! And this constitutes a major policy shift. The impact can clearly be seen, last Thursday the 11th January, even on the GBP/USD currency pair, with a major Dollar sell off.

Events for the coming week to watch out for.

Tuesday 16th January 9.30am – UK Inflation, CPI and RPI. 15.00 – Eurozone inflation.

Thursday 18th January 1.30pm US Jobless claims and Housing starts.

Friday 12th. 9.30am – UK Retail Sales.

Suggested level to buy holiday US Dollars.

We have adjusted our range to reflect US Dollar weakness. So GBP/USD 1.3600-1.3850 is suggested.

Please note we are posting new highs for the Pound vs the Dollar. Levels not seen since Brexit in June 2016. GBP/USD at 1.3800 means happy holidays for US bound Brits.

Remember, breaking news moves markets!


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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