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 €1.1400 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:
There is an interesting situation developing in the Courts. The High Court will make a ruling before Christmas as to whether Brexit should be declared legally “void”. The National Crime Agency (NCA) has been conducting a probe into suspicions of multiple criminal offences committed by Aaron Banks and the Leave EU campaign. The case looks to be heading to a full hearing in the High Courts in December. Ewan McGaughey, a senior law lecturer at Kings College London has written that “The order by the Prime Minister to trigger article 50 and negotiate to leave the EU could be declared void”.
The EU have given the go-ahead for Theresa May’s Brexit Bill, but the real test will be when she tries to get it through Parliament on December 12th. Some people say “no chance”.
The Italians appear to be reaching some compromise over the budget situation that has been causing concern around Europe- good for the Euro. But the Russians have snatched three Ukrainian warships near the annexed Crimea and the Ukrainians are threatening to introduce martial law. – bad for the Euro. So the net position is offsetting.
We are raising our anticipated range slightly to GBP/EUR 1.1200-1.1400. But watch out for the political manoeuvrings’ leading up to the parliamentary vote.
Events for the coming week to watch out for:
Monday 26th November 1.30pm US National Activity Index.
Tuesday 27th November 3.00pm US Consumer Confidence.
Wednesday 28th November 3.00pm US New home sales.
Thursday 29th November 10.00am EU Business confidence. 1.30pm US Jobless claims.
Friday 30th November 10.00am UK Nationwide house prices. 10.00am EU Inflation.
Suggested level to buy holiday Euros.
We are raising our anticipated range to GBP/EUR 1.1200-1.1400. We think that buying holiday Euros above 1.1300 looks good.
Try our rate tracker and forward order facilities, and let us watch the markets for you.
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 Euros this week should target their “Forward Orders” at €1.1300 for a great deal.