The US Dollar and Euro are close to each other, which is great news for Americans travelling to Europe this summer. The Euro is used in 19 European member states, including Austria, Belgium, Cyprus, Estonia, Finn, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, and Spain. You can expect your money to go further if you travel from the USA to Europe.
Not all countries in the EU use the Euro. It is common for prices to be quoted in Euros in countries that have their own currency. Especially Eastern Europe.
The Euro has dropped to a new low. It is cheaper to convert the US dollar to Euros in Europe.
They came from CNN.
The euro has slumped to about $1.03, plunging more than 8% against the US dollar year-to-date. It’s now trading at its lowest level since late 2002. Most analysts don’t think it’s bottomed out yet. Predictions are flying around that it could even reach parity, in which one dollar can be swapped for one euro. “I’m bearish on the euro until I see a headline that tells me global growth is going to pick up in a big way,” Nomura strategist Jordan Rochester told me. He thinks the euro will hit parity by the end of August.Although the cheaper Euro may make it seem like a good time to travel, it’s not all necessarily cheaper this year. The entire world is dealing with runaway inflation after the restarting of the world economy which basically shut down to the Covid-19 Pandemic. The European Union has seen inflation around 8.6%. Meaning that the cost of goods are increasing. So, although you may see yourself save 8% when trading dollars for Euros, there’s a good chance that costs of items are also 8% more. Thankfully, for those seeking a vacation though, there are some items that will be cheaper. From a pint of beer for less than a Euro in Riga to a glass of wine for a couple of Euros in Italy, expect Europe to feel cheaper. In addition, tours or cruises with prices quoted in Euros will continue to feel cheaper as the US-Dollar becomes stronger.
It is a good time to lock in these lower prices if you are planning on going to Europe. Europe is becoming more affordable thanks to river cruises with Viking up the Danube or through Paris. I can't remember when the Euro was worth more than the US dollar. I remember when it was close to 1. Paris didn't feel like it was so expensive. It is a good time to book your dream trip to Europe. The weather can be Mediterranean or the Alps. We can help you book your next trip. Email me if you want to ask for Rocky. If you want to save money on your next vacation, you should work with a travel agent to book it.