Derek Taylor recommends $1.4400 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 $1.4400 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 markets last week were dominated by the situation in Syria. Following the use of chemical weapons by the Assad regime, the US, UK and France retaliated with targeted air strikes. This has now resulted in expected Russian cyber attacks. There is an escalation, and buildings tensions between the US and Russia.

From a currency perspective, the rouble has dropped, and the US dollars shows weakness. This has pushed up GBP/USD (cable) which has traded above 1.4300 this morning.

Last week, we anticipated 1.3900-1.4200. Travellers needing US Dollars should be pleased, with the Pound surging to new highs, and buying increasingly more dollars. Speculators are reported as backing the Pound with bets. However, when the speculators pile in, it is often a good time to get out. Therefore it is probably best to buy dollars now!

Events for the coming week to watch out for.

Monday 16th April 1.30pm – US Retail Sales – an important number.

Tuesday 17th April – 9.30am UK Unemployment. 1.30pm US Housing starts.

Wednesday 18th April  – 9.30am UK Inflation data (CPI). 10.00am EU Inflation.

Thursday 19th April – 9.30am UK Retail Sales1.30pm. US Jobless claims.

Suggested level to buy holiday US Dollars.

We are adjusting our range in favour of the Pound. Suggesting GBP/USD 1.4100-1.4400.  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.

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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