Break update. As of July 11, 2022 the dollar and Euro are 1 to 1!
Americans traveling to Europe this Summer are celebrating as the US Dollar and Euro are the closest to parity than in the last 20 years. The Euro is utilized across 19 European member states including Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. If you are traveling across the pond from the USA to Europe, you can expect your money to go further with each transaction.
Remember, not every country in the EU utilizes the Euro. Although, it’s common to see prices quoted in Euros even in countries within the Eurozone which have their own currencies. Especially Eastern European countries.
Euro Value Continues to Drop
Since the start of the year, the Euro’s value has drop to record low levels. Thus, making it cheaper to go to Europe and to convert the weaker US dollar to Euros.
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.
Plan you Trip to Save Now
If you’re considering a trip to Europe, it’s a great time to lock in these lower prices. From river cruises with Viking up the Danube or through Paris to weekend trips through Tuscany, Europe is becoming more affordable. I can barely recall when the Euro was 1:1 with the US Dollar. I recall when it peaked near $1.48 to €1. Paris never felt so expensive! Yet, now, at a EUR/USD near parity, it’s a great time to consider booking your dream trip to Europe. Weather that be a Mediterranean cruise, or vacation to the Alps. Let us at Scott & Thomas help book your next vacation. Just Ask for Rocky or email me directly. After all, with the Euro and Dollar being near parity, there’s never been a better time to work with a travel agent to book and save on your next vacation.