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 $1.3450 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!
Derek told us:
The real news last week was all was all centred around the EU, with rising political tensions combining, turning the Euro around completely. A weaker Euro boosted the Pound and even the soft US inflation data on Friday failed to impact. All change from last week and if one had waited until Friday to change pounds into dollars, you would have been rewarded by our target at GBP/USD 1.3300 being achieved.
Events for the coming week to watch out for:
Tuesday 17th October 9.30am UK Inflation data (CPI and RPI), and producer prices.
Tuesday 17th October 11.00am – EU inflation data. The inflation numbers are key to interest rate expectations, both in the UK and the EU.
Wednesday 18th. UK unemployment statistics and US Housing Starts.
Thursday 19th October UK Retail Sales and US Jobless claims.
Suggested level to buy holiday US Dollars.
It is quite a big week for UK and EU inflation data, but also softer US inflation has clouded the expectations of a US rate rise in December.
Our anticipated range has moved up to GBP/USD 1.3150-1.3450.
GBP/USD at 1.3500 proved to be a great level to buy holiday Dollars. Positive UK news could see GBP/USD 1.3400 or even back to 1.3500.
Remember, breaking news moves markets!
Disclaimer: Opinions expressed are solely those of Derek Taylor and do not necessarily express the views or opinions of TravelMoneyClub.co.uk or any other organisation mentioned herein. These opinions are not intended to be a source of advice and any action taken as a result of this information is entirely at the reader’s own risk.
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 €1.3150 for a great deal.
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