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.
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 UK Brexit Secretary Dominic Raab was in Brussels again on Sunday. The row over the Irish Border hots up!
Neither the UK or the EU want a hard (closed) Irish border with Northern Ireland. They want a soft border which is open. But the EU want a “backstop”, where Northern Ireland stays within the EU customs union, EU VAT system and largely within the single market. The UK say that this is constitutionally impossible and potentially damaging to the UK economy.
So Monday (15th) saw the Pound opening lower after the weekend, but during the morning we saw fresh, breaking news, that the EU may be prepared to keep the UK in the Customs Union, which was good news, so up went the Pound.
Within the Eurozone, German elections in Bavaria, went against Angela Merkel’s government. So the Euro suffered as European political risk mounted.
We are going to stay with our anticipated range of GBP/EUR 1.1250-1.1450, despite the volatility.
Events for the coming week to watch out for:
Monday 15h October 1.30pm US Retail Sales – closely watched and anticipated.
Tuesday 16th October 9.30am UK Unemployment.
Wednesday 17th October 9.30am UK Inflation (CPI). 1.30pm US Housing starts.
Thursday 18th October 9.30am UK Retail Sales 1.30pm US Jobless claims.
Suggested level to buy holiday Euros.
We are staying with our suggested range, to GBP/EUR 1.1250-1.1450. We think that buying Euros above 1.1300 is still good, with a chance of 1.1400.
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 €1.1500 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 $1.3500 for a great deal.