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John Davies

With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.

Currency fluctuations great for Brits travelling to Europe

The number of Brits visiting Europe grew in 2011 thanks to the Pound Sterling's strength over the Euro.

The number of Europe visits by the Brits grew in 2011, this was due to the Pound Sterling's strength over the Euro.

The findings formed part of the latest Currency Index released by American Express Global Foreign Exchange Services.

The Index looked at the 25 most popular currencies bought by UK outbound travellers. It found that the there was a marked increase in the volume of Euros purchased during the last quarter of 2011 (October to December), compared to the same period in 2010.

"In 2011, European holiday destinations became more attractive to British travellers as the Pound strengthened against the Euro, allowing Britons to enjoy better exchange rates and get more value for their money,” said Terry Perrin, Director at American Express Global Foreign Exchange Services.

These conclusions are in line with the findings from the Office for National Statistics, which recently pointed out a boost in the number of Brits visiting Europe last year – with 43.3 million UK travellers visiting the continent in 2011.

US Dollar gains strength

Further figures revealed that the US Dollar gained strength against the Pound in 2011. Despite this fact, data showed that visits to the US from the UK still rose by 1% in 2011 to reach a figure of 3.6 million UK travellers.

"Although the strong Dollar is clearly not deterring people from visiting the US, it does appear that UK travellers are tightening their belts and reining in their spending, with the Dollar no longer offering the value for money that Britons have seen in previous years,” added Perrin.

Perrin went on to say that if the Pound continues to strengthen against the Euro, and decrease against the Dollar, it is likely the patterns outlined in the Index will continue and we will see increased visits to Europe and reduced spending on holidays to the US in the next year.

Getting ready for 2012 holidays

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