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Sterling Plunge Provides Tourism Silver Lining

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When the pound plunged this month on new worries about Brexit, New Yorkers Derek Hotter and Ian Clark hopped on a plane for an impromptu holiday in Britain.

Record numbers of dollar-, yuan- and euro-rich tourists eager to snatch a bargain could be a silver lining after the sharp decline in sterling since Britain voted to leave the European Union on June 23.

The vote took many investors and chief executives by surprise, triggering the deepest political and financial turmoil in Britain since World War Two and the biggest ever one-day fall in sterling against the dollar.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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