Derek Taylor targets the “Forward Order” this week at €1.1500 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 €1.1500 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:

“On Tuesday the 11th July the Bank of England Deputy Governor Ben Broadbent, speaking in Aberdeen, cited the damage that Brexit was inflicting upon the UK economy, especially around Trade. The Pound slipped dramatically to trade as far down as GBP/EUR 1.1175. But over the next couple of days recovered all the lost ground to the GBP/EUR 1.1350 level.
“Friday the 14th, saw US Retail Sales and Inflation data released which disappointed the market. The chance of another US interest rate rise this year receded dramatically. The Pound shot up to trade just short of GBP/EUR1.1450 before settling around the 1.1400 level.
“Last week we said “Buying your holiday Euros at 1.1400 seems a very good idea, should we see the rate again in the short term.” Well, we have. We indicated a range of GBP/EUR 1.1250 – 1.1450. We expect the topside to be tested, especially if the economic data from the states remains poor.
“On Wednesday last week when the Pound was trading around GBP/EUR 1.1200, a client opened an account, and left a forward order to buy Euros at 1.1500. At the time it looked hopeful, but now the chance of buying holiday Euros at 1.1500 seems a distinct possibility.
“Important Economic Data to watch out for this week:
Wednesday the 19th at 1.30pm, US Housing starts.
Thursday the 20th at 9.30am, UK Retail Sales, and at 1.30pm, US Jobless Claims.
“Remember, it is breaking news that 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.

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