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Travel money experts FairFX has revealed the top 10 destinations to watch in 2016 for the best value holidays.
Russia, Zambia and South Africa are among the top long-haul destinations where the pound is set for a strong performance this year as is Brazil which will be good news for those planning to support Ireland in the Rio 2016 Olympics.
Holidaymakers looking to travel a bit closer to home will find the best value in Norway, Sweden and Turkey. Meanwhile, FairFX also predicts the Euro to deliver good value for holidaymakers in 2016 due to the potential raising of interest rates.
FAIRFX’s destinations to watch for best value in 2016:
• Euro countries (Ireland)
• South Africa
Holidaymakers looking to book now can take advantage of favourable exchange rates which can offer up to two thirds better value compared to this time last year.
Topping the list is Zambia which offers 65% more for every pound spent, followed by Brazil and Argentina which offer 43% and 42% better value.
Turkey, Malaysia and Canada also feature in top 12 best value destination list based on current exchange rates.
The Euro has fallen outside of the top 12 but is still offers 7% more for your pound compared to last year.
FairFX’s best value destination list:
Darren Kilner, currency expert for FairFX, said:
“In the first half of 2016, the Pound could continue to be under pressure as political uncertainty takes hold of the UK with the EU referendum due to take place before the year is out. However, there is scope for the Pound to strengthen in the second half as the Bank of England looks to raise interest rates, following the Fed at the end of 2015, making it the second major economy to raise rates. As a result, the Pound could strengthen against European and Scandinavian currencies including the Euro, Norwegian Krone and Swedish Krona, where interest rates look likely to be cut.
“As global oil and metal prices went into freefall, commodity currencies were hard hit in 2015 and are likely to continue falling against the Pound in 2016. The Pound is expected to strengthen against currencies such as the Canadian Dollar, Russian Ruble and Zambian Kwatcha, which has weakened considerably due to the country’s reliance on copper exports, accounting for more than 60% of Zambia’s exports. A 3% interest rate hike and a national day of devotion and fasting to the currency hasn’t helped. The Japanese Yen is also expected to suffer as a result of profound economic problems and the faltering economies of its neighbours.
“Emerging markets could well see fresh lows following a terrible run in 2015, as the Chinese slowdown continues and commodity prices sit at rock bottom. The Turkish Lira, Brazilian Real and South African Rand are likely to be one of the worst performers against the Pound making these destinations more affordable for travellers and with the Russian Ruble continuing its free fall as oil prices hit fresh lows.
“In summary, the Russian Ruble and Zambian Kwatcha are set to be the main losers against the pound, but as the year moves on and the Bank of England looks to increase interest rates the pound could outperform the Euro, Norwegian Krone, Swedish Krona, Turkish Lira, Brazilian Real, South African Rand and the Canadian dollar. So for travellers looking to make the most of their money in 2016, they should add Euro and Scandinavian countries as well as South Africa and Canada to their watch list for 2016, with Japan top of the list for anyone looking for snow this winter.”