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 $1.4150 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 is higher despite a small selloff last week after disappointing UK economic data. UK Q4 GDP slowed while unemployment ticked up. This led to a lower Pound which quickly recovered, and is now trading higher. The positive performance of Sterling is attributed to a combination of a better tone to Brexit negotiations, coupled with the MPC’s Ramsden looking for higher UK interest rates. Monday morning also saw, mortgage approvals beating expectations.
The press continue to talk Sterling down which does not reflect the underlying positive performance in the currency.
Events for the coming week to watch out for.
Monday 26th February. US Home sales at 3pm.
Tuesday 27th 1.30pm US Durable goods and Consumer confidence
Thursday 1st March 1.30pm US Jobless claims.
Friday 2nd March Teresa May – “Road to Brexit” speech
Suggested level to buy holiday US Dollars.
Our suggested range last week was GBP/USD 1.3850-1.4150. We have seen the low and may possibly test the high. It should be possible to secure holiday Dollars at 1.4100 to the Pound. 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 €1.1500 for a great deal.
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 $1.2400 for a great deal.