{"id":9426,"date":"2024-08-20T10:50:28","date_gmt":"2024-08-20T09:50:28","guid":{"rendered":"https:\/\/hamiltoncourtfx.com\/?p=9426"},"modified":"2024-08-20T10:50:31","modified_gmt":"2024-08-20T09:50:31","slug":"uk-tourism-pboc-and-dxy-in-focus","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/es\/uk-tourism-pboc-and-dxy-in-focus\/","title":{"rendered":"UK Tourism, PBoC, and DXY in Focus"},"content":{"rendered":"
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Travel Tuesday: Romania<\/strong><\/h5>\n
Romania has one of the highest densities of salt mines in Europe, these underground wonders offer stunning landscapes, and some have even been transformed into underground lakes, spas, or even concert halls!<\/h5>\n
GDP <\/strong>$369 billion<\/h5>\n
Biggest Export<\/strong> Electrical machinery and equipment<\/h5>\n
Biggest Trading Partners<\/strong> Germany, Italy, Hungary, France, and Bulgaria<\/h5>\n
Political System<\/strong> Semi-presidential republic. It has a President who is the head of state and a Prime Minister who is the head of government.<\/h5>\n
National Animal<\/strong> the Eurasian lynx<\/h5>\n
Next Election<\/strong> 15 Sep<\/h5>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n
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UK Tourism Facing Headwinds<\/h2>\n <\/div>\n
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Yesterday, the Centre for Economics and Business Research suggested that the UK was facing a \u00a32.8bn shortfall in tourist spending this year. This comes as footfall continues to be below that of pre-pandemic levels and growth in tourist numbers remains sluggish when compared against other popular destinations.<\/p>\n

For example, compared to 2019 figures, there was a 5.5% shortfall in the number of international tourists visiting the UK last year. This comes below France which saw a rise of 10% over the same period and Spain and Turkey which rose 2% and 7.8% respectively.<\/p>\n

UK wide, overseas tourists remain a major contributor to the economy with close to \u00a330bn being spent in 2019, making it the fifth highest country in the world for inbound visitor spending. In its entirety, tourism (both from domestic and international visitors) is estimated to support 1.7 million jobs directly (well over 5% of the country\u2019s workforce) with close to \u00a375bn in economic output.<\/p>\n

However, according to The World Economic Forum, the UK ranks 113th out of 119 countries for price competitiveness around travel and tourism. The UK also lags behind others in terms of money spent on marketing for international tourism, with VisitBritain\u2019s budget of \u00a318m considerably below that of Ireland which spends around \u00a367m.<\/p>\n

A string of trade bodies and analysts have thus called on the government to spend more on polices aimed at attracting international tourists, something which they say marks a significant ROI.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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PBoC Hold Interest Rates at Record Lows Amid Growth Concerns<\/h2>\n <\/div>\n
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This morning saw the People\u2019s Bank of China maintain its 1-year loan prime rate, keeping it at a record low of 3.35%. The decision follows the PBoC\u2019s decision to cut rates 10bps in July and comes as the central bank tries to keep monetary conditions loose in an attempt to stimulate growth across the economy.<\/p>\n

The PBoC also kept their medium-term five-year policy rate unchanged at 3.85%, which like the decision to hold the 1-year LPR met market expectations.<\/p>\n

The central bank continues to grapple with an economy facing headwinds in the form of a downturn in consumption, fragility in local government debt and a precarious property sector. An increasingly tempestuous relationship between Washington and Beijing has also got many concerned over the extent to which this could impact transpacific trade between the two economic powerhouses.<\/p>\n

The latest quarterly growth figures in China suggest that the world\u2019s second largest economy grew just 0.7% over Q2.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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DXY Falls to Seven Month Lows<\/h2>\n <\/div>\n
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The DXY dollar index has fallen to its lowest level in seven months as markets raise their convictions on the extent to which the Federal Reserve would cut rates over the coming months.<\/p>\n

Over the last few weeks, a string of softer than expected PMI figures, weak corporate earnings and a miss on payrolls in the aftermath of the Fed\u2019s decision to hold last month raised recessionary fears across the US. While such fears may have subsided – and the consensus still points to the US having a soft landing \u2013 concerns around output has put more pressure on the Fed to cut.<\/p>\n

Nevertheless, strong retail sales and softer than expected inflation eased, in part, some of this pressure.<\/p>\n

Indeed, as we gear up for Jackson Hole, markets are fully pricing in a 25bps cut at the next FOMC and around a 10% chance of a 50bps cut.<\/p>\n

As we looked at last week, the primary focus at Jackson Hole will be the extent to which central banks are prepared to ease policy amid concerns around stubborn inflation, growth, labour markets and geopolitical risk.<\/p>\n

The event will see thousands of policy makers, economists, academics, and commentators meet to discuss monetary policy, economic conditions and the geopolitical situation.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Travel Tuesday, shortfall in spending for UK tourism, interest rates held by PBoC, and DXY dollar index falls to lowest level in over six months.<\/p>","protected":false},"author":15,"featured_media":2493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"rp-language":[16],"class_list":["post-9426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/9426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/comments?post=9426"}],"version-history":[{"count":9,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/9426\/revisions"}],"predecessor-version":[{"id":9435,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/9426\/revisions\/9435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media\/2493"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media?parent=9426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/categories?post=9426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/tags?post=9426"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/rp-language?post=9426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}