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American Euro Travels Feel Dollar Pains
By Benny Nardino | April 24, 2008
Americans visiting European cities are discovering the pinch of the recent dollar weakness. US citizens visiting Britain, Germany, France, Spain, the Netherlands and many other historical cities and tourist sites across Europe are finding out the high costs of exchange rates between USD to EUR on their adventures. Yesterday the EUR/USD reached an alltime high of 1.6021. What could be the overall effect in the future?
According to Euronews survey reported today, US visitors were finding out that their trips are becoming far more expensive than they had bargained for. In comparison to last year, they are having to pay far more than a year ago. These were expenses on essential needs like food, services, hotel bills and other ancillary needs on their trips.
Whereas their European travelers on the contrary, are getting more dollars for their EURo which implies cheaper and very affordable US trips. The report also cited that places that were buoyant and saturated with American tourists as summer holiday approaches in the past are now feeling the effect of the US market crunch.
In conclusion, as we have cited on prevoius commentaries, the rising cost of the EUR/USD only mean one thing; swaying European exports, goods and services from the US soil whilst she herself attract more imports. As more and more American people begin to stay away Europe, the allure of cheaper dollar also creates a greater market for the US economy. However, if this tide is not checked early, ECB may find that she has treaded too long on hot waters playing economic apathy.
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April 24th, 2008 at 4:12
[...] Reports on Interest Rates wrote an interesting post today onHere’s a quick excerpt American Euro Travels Feel Dollar Pains By Benny Nardino Americans visiting European cities are discovering the pinch of the recent dollar weakness. US citizens visiting Britain, Germany, France, Spain, the Netherlands and many other historical cities and tourist sites across Europe are finding out the high costs of exchange rates between USD to EUR on their adventures. Yesterday the EUR/USD reached an alltime high of 1.6021. What could be the overall effect in the future? According to [...]