Corporate foreign exchange news

Eurozone rising again on pound strength

Wednesday, 22 July 2009 09:14:24 GMT

There is has been a resurgence in the number of UK tourists visiting the eurozone as the pound has pulled up from its weakest position against the euro since the launch of the single currency in 1999.
Such is the claim of Bob Atkinson, tourism expert at travelsupermarket.com, who has said that while destinations such as Turkey and Egypt have seen a rise in tourism revenues because of the pound's weakness against the euro in earlier months, places like Spain and France are coming back into favour with holidaymakers.
He proclaimed: "Spain has not died; it is not the end of Spain and the eurozone. The euro is back at 1.16 [euros to the pound] anyway so it is climbing back."
Meanwhile, countries such as Iceland, which has seen its currency nosedive since the collapse of its banking system in October 2008, have seen visitor numbers climb steadily in recent months, he said.
Mr Atkinson's comments follow a statement from Buyabroad.com's managing director John Reilly claiming that foreign property investors are currently setting their sights on their Algarve to capitalise on the heavily discounted real estate market in Portugal.ADNFCR-2522-ID-19275820-ADNFCR
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