Derek Taylor recommends $1.4200 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 $1.4200 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:

The Pound had a good week overall, and seems to be resilient. The UK Purchasing Managers Index released on Thursday was worse than expected, with Sterling dipping below GBP/USD 1.4000. But this was reversed on the following day with the Pound ending on a high for the week above GBP/USD 1.4100. Halifax house prices, published this morning, are better than expected, and Sterling starts off the week on a firm footing. Some pundits point out that Sterling often rises in April, although I prefer the facts, which are more concerned with the reduction of uncertainty around Brexit, at least in the short term.

Breaking news over the weekend centered around the use of chemical weapons by the Assad regime in Syria. This morning we see reports of a missile attack on a Syrian Airbase. However the US administration denies involvement.

Last week, we anticipated 1.3900-1.4200, and are happy to stick with the same range in the near term.

Events for the coming week to watch out for.

Monday 9th April 8.30am Halifax House price index.

Tuesday 10th April – 1.30pm US Producer Prices

Wednesday 11th April  – 9.30am UK Trade Balance and Manufacturing output.

Thursday 12th April – 1.30pm. US Jobless claims.

Friday 13th April – always a day to watch out for!!

Suggested level to buy holiday US Dollars.

We are sticking with our suggested range, GBP/USD 1.3900-1.4200.  1.4000 has held up well, so holiday dollars at 1.4100 or even 1.4200 are possible.

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.

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