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 €1.1250 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:
Before the holiday period, we were suggesting a range of GBP/EUR 1.1100-1.1300, and we were trading near 1.1200. We did indeed see a fall in Sterling against the Euro to 1.1100, before climbing back towards 1.1200.
This morning has seen a sharp sell off in the Pound driven by renewed fears around a Brexit deal, with the EU’s chief negotiator Michel Barnier saying he “strictly opposes” the UK Brexit deal. Boris Johnson has also been rubbishing Teresa May’s deal in the newspapers. Then to cap if all off, the UK manufacturing data released today came in at the worst for over 2 years.
Events for the coming week to watch out for:
Monday 3rd September. 9.30am. UK Manufacturing PMI, expected 54.0, actual 52.8. Not a good number.
Tuesday 4th September. 3pm. US Manufacturing PMI.
Wednesday 5th September. 10.00am. EU Retail Sales.
Thursday 6th September. 1.15pm US Employment. 1.30pm US Jobless Claims.
Friday 7th September. 8.30am UK Halifax House Prices. 1.30pm US Non-farm payrolls and Unemployment. Plus EU employment data..
Suggested level to buy holiday Euros.
We are suggesting a trading range of GBP/EUR 1.1050-1.1250. Buying Euros above 1.1200 looks favourite, or even 1.1150.
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 $1.3300 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 $1.3050 for a great deal.