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 €1.1700 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:
Absolute turmoil in Parliament over the last few days has resulted in a lot of volatility. This gives people good opportunities to lock in some great currency deals. Brexit voting has been against the Government, but the currency markets have favoured the Pound?
Parliament have firmly rejected Theresa May’s deal, but have also rejected a no-Brexit deal under any circumstances. So the UK will have to negotiate an extension to the March 29th deadline. This is likely to be a short term extension because of EU Parliamentary elections in May. So more uncertainty and volatility.
Our anticipated trading range was GBP/EUR 1.1500- 1.1700. We are going to push up the anticipated range a shade to 1.1550-1.1750.
Events for the remainder of the week to watch out for:
Thursday 14th March UK – Parliament vote on whether to ask the EU for a Brexit extension past the 29th March deadline.
Thursday 14h March – 12.30pm US Jobless claims and new home sales.
Friday 15th March – 10.00am EU Inflation. 1.15pm US Industrial output.
Next week Theresa May will make a 3rd attempt to pass her Brexit Bill, despite her 2nd attempt failing.
Suggested level to buy holiday Euros.
Our anticipated range for GBP/EUR is 1.1550- 1.1750. Anything above GBP/EUR 1.1600 is a level that we have not seen for a year. Personally, I am advising friends to buy half their Euro’s now and the other half closer to their travel date.
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 €1.1600 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 $1.3200 for a great deal.