Sterling Plunge Provides Tourism Silver Lining

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

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.