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:
Another week and another change in fortune for the Pound. On Friday Boris Johnson’s brother Jo Johnson resigned, prompting fears that the whole “Brexit Deal” championed by Theresa May, was failing to find support and would be therefore impossible to push through Parliament.
Britain and the European Union have been edging toward an agreement after 16 months of talks, with the aim of getting a deal wrapped up at a summit in November. But as domestic opposition builds, momentum seems to be fading for getting a deal done quickly. The pound fell.
We are keeping our anticipated range up to GBP/EUR 1.1300-1.1500, even though Sterling is looking a bit weak.
Events for the coming week to watch out for:
Tuesday 13th November 10.30am UK Unemployment and earnings data.
Wednesday 14th November 10.30am IUK Inflation and PPI. 11.00am EU GDP and Industrial production. 14.30pm US Consumer Price Index.
Thursday 15th November 10.30am UK Retail Sales. 14.30pm US Jobless claims and Retail Sales.
Friday 16th November 11.00am EU Inflation. 15.15pm US Industrial output.
Suggested level to buy holiday Euros.
We are keeping our anticipated range at GBP/EUR 1.1300-1.1500. We think that buying holiday Euros above 1.1400 has been a good level all year.
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 €1.1450 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 €1.1750 for a great deal.