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 €1.1800 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 conservatives have lost 1199 local council seats in last week’s elections. This has boosted the Pound because Mrs. May will now be forced to make Brexit concessions, while Labour’s Jeremy Corbyn has indicated that he would be willing to compromise.
The BoE voted to leave interest rate unchanged at 0.75% at 12:00 Thursday but to reiterate its commitment to raising the official Bank Rate “at a gradual pace and to a limited extent” over the coming years in order to keep the consumer price index in line with the 2% inflation target. Inflation is creeping up, mainly due to higher oil prices, which will lead to a tightening of interest rates.
We are going to raise our anticipated range to GBP/EUR 1.1600-1.1800 for the near term. A break above 1.1800 is seen as ;positive for Sterling.
Events for the remainder of the week to watch out for:
Tuesday 7th May – 8.30am UK Halifax house prices.
Thursday 9th May – 1.30pm US Jobless claims and producer prices.
Friday 10th May – 9.30am UK Trade balance, manufacturing output and GDP. 1.30pm US Consumer price index (CPI)
Suggested level to buy holiday Euros.
Our anticipated range for GBP/EUR is now 1.1600- 1.1800. GBP/EUR 1.1700 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 US Dollars this week should target their “Forward Orders” at $1.3000 for a great deal.
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.