Derek Taylor targets the “Forward Order” this week at €1.1600 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 €1.1600 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 25.02.19. What, the Pound at a high?

Sterling at GBP/EUR 1.1500 is a surprise to most people. It is actually trading at the highest point since May 2017 and higher than it was in October 2016 after Brexit.

If one listens to the gloom and doom scenario painted by many, then why is the Pound so strong? Well, a lot of the reason is that it is not necessarily a strong Pound, but more a weak Euro. EU economic data has been poor. The Euro has dropped against the US Dollar from EUR/USD 1.2400 in January to below EUR/USD 1.1400 today. It is sometimes good to take a step back from Sterling and look at other currency perspectives.

Theresa May is in Sharm el-Sheikh at an EU-Arab summit this morning where she is said to have told German Chancellor Angela Merkel that she doesn’t want an extension beyond the current March 29 deadline. Whilst at home she is trying to push back the Parliamentary deadline until March the 12th!

Our anticipated trading range was GBP/EUR 1.1350- 1.1550, which has been touched on both sides. We are going to push up the anticipated range a shade to 1.1400-1.1600.

Events for the coming week to watch out for:

Tuesday 26th February – 1.30am US Housing starts and 3pm US Consumer confidence.

Wednesday 27th February – 10.00am EU Business confidence and economic sentiment. 1.30pm US Housing starts.

Thursday 28th February – 1.30pm US Jobless claims.

Friday 1st March –  10.00am UK Unemployment. 1.30pm US Retail Sales.

Suggested level to buy holiday Euros.

Our anticipated range for GBP/EUR is 1.1400- 1.1600. Anywhere close to 1.1500 looks a very good level to buy Euro’s. 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.

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