Weak US Dollar Will 'Benefit UK Tourists'
The weakness of the US dollar will continue to attract "money-saving holidaymakers" to the States, says one industry expert.Currency UK, a currency exchange service, claims that although the US is "much cheaper" than the UK anyway, favourable exchange rates have made it an even more appealing destination for tourists seeking out good shopping bargains whilst on vacation.
Adrian Jacob, trading director for Currency UK, said: "When the currency hits the news, and people know that the dollar is going to go to two dollars to the pound, then people think it's a great trip.
"The reality is that [the exchange rate has] been at 1.90 for the last year."
In November last year the US dollar fell to a 26-year-low against the sterling (2.1053 dollars to the pound) and the euro (1.4703 dollars to the euro), due to the impact of the subprime crisis.
On 22nd January 2008 the US Federal Reserve slashed interest rates from 4.25 to 3.5 per cent in an attempt to prevent the country from falling into recession.
Although bad news for US economists, holidaymakers have been taking advantage of this situation, which enables them to get more for their money when abroad.
Travel Industry news posted on 30 January 2008
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