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:
The World Economic forum in Davos last week saw some extraordinary comments from both the US Treasury Secretary, who talked down the dollar and the US Commerce Secretary, who highlighted fears of Trade Wars on the back of Trumps protectionist policies. The Dollar dumped, but rallied somewhat when the Donald himself spoke on Friday and actually brought some calm to the proceedings.
Eyes back on the UK and Theresa May is struggling to get Brexit transition laws through the House of Lords, which of course leads to murmurs of no confidence. Against the Euro, the Pound reverted to levels from a week ago, pre-Davos.
Keep an eye out for more Brexit news.
Events for the coming week to watch out for. Not much European news-yet!
Tuesday 30th January 3pm US Consumer confidence
Wednesday 31st 7pm US FOMC Interest rate announcement – important
Thursday 1st February 1.30pm US Jobless Claims
Friday 2nd 1.30pm US Nonfarm payrolls.
Suggested level to buy holiday Euros.
We are adjusting our range up slightly to GBP/EUR 1.1200-1.1400. Buying holiday Euro’s at 1.1200 did look good, but then we saw currency swings that gave opportunities to lock in Euro’s at GBP/EUR 1.1400 and higher.
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.
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 €1.1500 for a great deal.
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 $1.2900 for a great deal.