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:

GBP/EUR 19/06/18 Euro smacked on interest rates.

The big event over the last week was the announcement last Thursday the 14th June, from the ECB President Mario Draghi, that Eurozone inflation was expected to remain low for the next 3 years, meaning no interest rate rises. The negative impact on the Euro was immediate, as can be seen, with the Pound gaining against the Euro from GBP/EUR 1.1340 to 1.1460 within hours.

The really big gainer was the US Dollar. Sterling looks good on this chart, but the reality is that our interest rates will probably not rise either, so although the Pound gained against the Euro, it lost heavily against the Dollar.

Events for the coming week to watch out for.

Tuesday 19th June – 1.30pm US Housing Starts.

Wednesday 20th June – 11.00am UK Industrial trends.9.30am UK inflation data. 10.00am EU Industrial production and employment data.

Thursday 21st June – 12.00 Bank of England interest rate decision. Expected unchanged. 13.30 US Jobless Claims.

Suggested level to buy holiday Euros.

The GBP/EUR currency pair is still within the 1.1200-1.1500 range.

We suggested buying Euros above GBP/EUR 1.1400, which now looks a good level to purchase your holiday Euros. Please try our rate tracker and forward order facilities, and let us watch the markets for you.

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.

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