Derek Taylor targets the “Forward Order” this week at €1.1500 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 €1.1500 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:

We are going to look at a longer term view for GBP/EUR, instead of the usual one week horizon. This is a weekly chart stretching back to Brexit in June 2016.

Last week, I mentioned that Theresa May’s Brexit bill defeat did NOT hurt the Pound, and in fact it closed higher. This was significant, because for the first time in a year, the bad news, which should send the Pound down, was already discounted and absorbed by the market.

Looking at the longer term chart it is very clear that after Brexit the range for GBP/EUR was 1.1000-1.2000, and in fact for the last year it has been 1.1000-1.1500. Everyone has been talking the Pound down, especially against the Euro, with the exchange rate dropping below parity (1 Pound buying 1 Euro) as being almost a “given”. But it is not, and in fact is climbing above 1.1500, for the first time in 9 months.

The Brexit situation is still dire, but the situation is no longer about a soft (good) or hard (bad) deal for the UK. It is now about whether we get a deal at all, or the March 29th deadline being pushed back, or even about a 2nd referendum……

I am not going to get involved in a political diatribe here, but one thing to consider – just what do they actually want in Brussels??

Suggested level to buy holiday Euros.

Last week I thought that 1.1400 was a good level to buy Euro’s, and we have seen 1.1500 and above. These are the best Euro buying rates we have seen since April 2018. We may yet enjoy better rates for the Euro than we did in summer 2018. So why not buy half now and wait? You will either lock in half your holiday Euro’s at the best rate for a long time, or if the rate gets even better, it will truly be a much cheaper holiday experience.

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.

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