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Currency Online Group foreign exchange market update
Some of the UK’s largest Banks including Lloyds and Barclays
have now forecast a rally in the Pound through 2017, they expect the recently
oversold currency to retrace and improve against a basket of currencies.
The British pound has slightly edged off of recent lows
against the Euro and US Dollar, aided by UK services, PMI data and some large
Forex trading house taking profit. As we expected here at Currency Online
Group, the Great British Pound is set to avoid parity versus the EURO. Much
speculation has been cast due to the UK’s Brexit decision however, it is clear
from yesterdays strong UK construction data that the pound is hugely
undervalued and we fully expect it to strengthen in 2017.
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The Chinese stock market
crash in the
summer of 2015 also raised concerns about the slowdown in the country’s
economy, but it remains a fast-growing market. With Chinese visitors expected to
double spending from Chinese visitors to £1bn by 2020, said they were already
among the highest spenders – ringing up £2,688 a head. Chinese visitors already
account for almost a quarter of tourist spending in the UK.
Higher incomes have allowed millions of Chinese to start taking holidays
outside their country. The World Tourism Organisation estimates 100 million
Chinese will leave their country on holiday this year. While Asian countries
make up the top five destinations, France, Italy Switzerland and Germany are
also in the top 10.