Will holidaymakers benefit from a pound recovery?
Will holidaymakers benefit from a pound recovery?
15 June 2009Eurozone destinations have recently suffered due to a relatively week British pound in relation to the euro, but this may be about to change.
That is according to statistics released by the European Central bank which showed the pound recovering slightly, rising 0.36 per cent against the euro on June 12th.
Currency strategist at HiFX, Marc Cogliatti, believes that the tentative signs of recovery for the pound are great news for those going abroad this summer.
He said: "In the grand scheme of things the pound is now 15 per cent higher now, compared to where we were at the start of the year. That is obviously good news for holidaymakers."
However, he mentioned that during a recent trip to a eurozone destination, the prices do seem to be expensive because "the sterling is so weak".
Spain, one of the most popular eurozone countries for British travellers, has seen a 23.4 per cent decline in bookings year-on-year in 2009, according to the Co-operative Travel.
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