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 $1.4200 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:
This was our comment from last week – “The Pound has had a good run, so we would recommend buying dollars at current levels. GBP/USD at 1.4300 has not been seen since for quite some time.”
FX is about timing, which is why we offer our rate tracking and forward order facilities, to help clients effectively time their currency purchases to maximise value.
Lower inflation data published on Wednesday saw the Pound fall. Comments from the Bank of England governor Mark Carney, saw the pound fall even further.
The US dollar meanwhile, has been supported by the easing on tensions both in the middle east and also with the news that North Korea are toning down their nuclear programme.
The net result, with bad news for sterling and good news for the US dollar, has seen Cable (GBP/USD) fall from 1.4300, to under 1.4000.
Events for the coming week to watch out for.
Monday 23th April – 11.00 am UK Industrial trends. 1.30pm – US Home Sales.
Tuesday 24th April – 12.00pm UK Industrial orders. 3.00pm US Consumer confidence.
Thursday 26th April – 10.30am UK GDP. 12.45pm – EU Rate announcement. 1.30pm – US Durable goods.
Friday 27th April – 8.00am Nationwide house prices.
Suggested level to buy holiday US Dollars.
We are now adjusting our range back to 1.3900-1.4200, which is where it was 2 weeks ago. The opportunities to buy holiday dollars at 1.4200 and 1.4300 seem remote now. 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 Japanese Yen this week should target their “Forward Orders” at ¥150.00 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 €1.1300 for a great deal.