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 $1.4250 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:
Last week’s World Economic Forum ended with the Dollar being trashed amidst infighting amongst the US delegates around Trade Wars and the US Treasury Secretary’s comments about a weaker dollar being good for the US.
This week, we go back to worrying about Brexit and the state of Theresa May’s premiership.
Having seen the Pound, boosted by the weaker US Dollar, climb from GBP/USD 1.3800 to above 1.4300, we have retraced back to 1.4075. Still good news for travellers to the USA.
Events for the coming week to watch out for.
Tuesday 30th January 3pm US Consumer confidence
Wednesday 31st 7pm US FOMC Interest rate announcement – important
Thursday 1st February 1.30pm US Jobless Claims
Friday 2nd 1.30pm US Nonfarm payrolls.
Suggested level to buy holiday US Dollars.
Having seen a rapid move up for the Pound (1.38-1.43), we would expect some consolidation. Our expected range is therefore GBP/USD 1.4000- 1.4250. These are the best levels for 20 months, and should ensure your holiday dollars go further.
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 US Dollars this week should target their “Forward Orders” at $1.4300 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.