Derek Taylor targets the “Forward Order” this week at €1.1700 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 €1.1700 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:

This is a longer term chart (daily and clearly shows that the Pound against the Euro has been trading in a tight range, which is basically GBP/EUR 1.1500-1.1700, with a few false breaks above 1.1700.

Although Brexit has been put back to 31st October, there are still the political considerations to thing about.

There are European elections at the end of May (closing 26th May) and we are still involved. Theresa May will almost certainly be replaced in the relatively near future, and there are a number of candidates jockeying for position. There may be a General Election or another referendum? But one thing is nearly certain, and that this tight range will be broken, it is just a case of when and in which direction.

Uncertainty has worked against the Pound, especially political uncertainty. Our economy is actually performing quite well. So a lot of bad news has been factored in, therefore when a clear path emerges, that should boost Sterling. HSBC says GBP/EUR 1.2000. But if there is a general election and Jeremy Corbyn is voted in then that will have a negative impact on Sterling.

We are going to stick with our anticipated range of GBP/EUR 1.1500-1.1700 for the near term.

Events for the remainder of the week to watch out for:

Tuesday 16th April – 9.30am UK Unemployment. 2.15pm US Industrial output.

Wednesday 17th April – 9.30am UK Inflation data. 10.00am EU Inflation.

Thursday 18th April – 9.30am UK Retail Sales. 1.30pm US Jobless claims.

Friday 12th April – 1.30pm US Housing starts.

Suggested level to buy holiday Euros.

Our anticipated range for GBP/EUR is 1.1500- 1.1700. 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!


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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