Derek Taylor targets the “Forward Order” this week at €1.1400 on the Euro

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:

 

This chart really shows how, even after last weeks Brexit Deal announcement, and a spike above GBP/EUR 1.1500, the market quickly returned to the same old levels in the GBP/EUR currency pair. If this sounds like last week’s comment, that is because it is! So, no change really.

Markets are range trading, and looking like we are heading into Christmas without seeing any clear or breaking news. It should be noted that market activity slows down considerably in the run up to Christmas. This means less liquidity and therefore if there is any important breaking news then movements can be exaggerated.

Keep an eye out for Brexit news – Round Two.

Events for the coming week to watch out for. The potential breaking news would most likely come from the States, especially around the Tax reforms.

Tuesday 19th December – 1.30pm US Housing starts- always an important number.

Thursday 21st –  1.30pm US Jobless Claims

Friday 22nd – 9.30am UK GDP figures. 1.30pm US Durable goods and Home sales.

Suggested level to buy holiday Euros.

Plenty of time to buy holiday Euros above 1.1300 last week.

We would still suggest a range of GBP/EUR 1.1200-1.1400, with 1.1400 looking like a good opportunity to buy Euros.

Remember, breaking news moves markets!

Disclaimer: Opinions expressed are solely those of Derek Taylor and do not necessarily express the views or opinions of the Travel Money Club 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.

Fill 1Fill 10iOpenPath 12locationi copy 2Path 12Path 25Fill 8CloseRectangle Copy 5arrow-rightarrow-leftRectangle Copy 5Path Copy 7Path Copy 7BurgerGroup 3arrow-rightarrow-leftAccount Icon Copy