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.
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:
In the absence of any new Brexit news, The GBP/EUR rate has reverted into the range that we have seen all year – GBP/EUR 1.1200-1.1500.
There are still interesting shenanigans going on over in Italy, where the populist coalition, which is anti-Europe, is about to name a prime minister with no political experience. The markets worry about Italy’s debt levels, so no change there then.
Events for the coming week to watch out for.
Tuesday 22nd May – 11.00am Industrial trends.
Wednesday 23rd May – 9.30am UK Inflation and producer prices. 1.30pm US Home Sales.
Thursday 24th May – 9.30am UK Retail Sales.
Friday 25th May – 9.30am UK Gross Domestic Product (GDP). 1.30pm US Durable Goods Orders.
Suggested level to buy holiday Euros.
The GBP/EUR currency pair has quickly reverted back to the old trading range of 1.1200-1.1500.
Buying Euros above GBP/EUR 1.1400 still looks good, with a very outside chance of seeing 1.1500 again. Which is a very good reason to try our rate tracker and forward order facilities, and let us watch the markets for you.
Remember, breaking news moves markets!
Disclaimer: Opinions expressed are solely those of Derek Taylor and do not necessarily express the views or opinions of the Travel Money Club or any other organisation mentioned herein. These opinions are not intended to be a source of advice and any action taken as a result of this information is entirely at the reader’s own risk.
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 €1.1700 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 $1.3600 for a great deal.