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 €1.2050 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 has retreated down towards 1.1900, away from recent highs above 1.2000.
The markets are focussing on the coronavirus pandemic, which is causing stock markets to crash, boosting the price of gold, and firming up the US Dollar.
We anticipated that the rise above 1.2000 may be a little overdone, and expected some consolidation. Therefore we are looking for a range of GBP/EUR 1.1850-1.2050.
Events for the remainder of the week to watch out for:
Monday 24th February – 1.30pm US National Activity Index
Tuesday 25th February – 15.00 pm US Consumer Confidence
Wednesday 26th February – 15.00 pm US New Home Sales
Thursday 27th February – 7.00am UK Nationwide House Prices 1.30pm US Durable Goods & Jobless claims
Friday 28th February – 10.00am EU Inflation.
Suggested level to buy holiday Euros.
Our anticipated range for GBP/EUR is now 1.1850-1.2050. A good target to lock in your holiday Euros would be anywhere to GBP/EUR 1.2000. 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 €1.1500 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 $1.3300 for a great deal.