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 $1.4100 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:
There are a number of items of Breaking News, which ARE moving markets this morning, and certainly effecting the GBP/USD (Cable) currency pair:
Last week’s Spring Statement showed nothing new, and the markets were quiet. We are looking at a chart covering the last 3 weeks instead of the usual 1 week. The end of February saw Sterling slump against a stronger US Dollar, which had been gaining ground on the back of the “risk on” situation developing around the prospect of “Trade Wars”. This negatively impacted stock markets and boosted the Dollar. Since then the Pound has recovered with some better than expected UK economic data and expectations of interest rate rises, hinted at by the Bank of England.
Note that GBP/USD (Cable) had been trading relatively comfortably in the 1.3800- 1.4000 range. It has broken 1.4000 on the topside. There is plenty to watch out for this week, with data announcements and interest rate decisions. Plus we are awaiting news from the Brexit summit due this Friday.
Events for the coming week to watch out for.
Tuesday 20th March – 9.30am Inflation data. UK CPI and RPI.
Wednesday 21st March – 9.30am UK Earnings/unemployment data and Industrial trends. 6pm US FOMC Rate announcement.
Thursday 22nd March – 9.30am UK Retail Sales.12.30pm US Jobless claims. 12pm Bank of England Interest rate decision.
Thursday 22nd March – 12.30pm US Jobless claims.
Friday 23rd March 12.30pm US Durable Goods and at 2pm New Home Sales.
Friday 23rd March Brexit summit news announcements.
Suggested level to buy holiday US Dollars.
We have moved our suggested range up a shade to GBP/USD 1.3800-1.4100. We still feel that 1.4000 looks to be a good level to buy holiday dollars. 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 €1.1500 for a great deal.