The Euro continues its fall. Dow to around $1.20 today, and with all the gloomy economic news, it will probably slide further against the dollar. While I feel sympathy for Europeans, I also am thinking about how Europe i getting less expensive that it was a couple years ago on my last trip.
Posted by
US Pacific Northwest
10344 posts
"down to around $1.20 today."
Is it really down to $1.20? Just now, Oanda is sayin': get €100 out of a European ATM today and your US bank account will have roughly $129 deducted from it.
Posted by
San Francisco, California, USA
446 posts
Actually, it fell to about 1.25, where it was at the beginning of the world economic crisis. I think it may stay around 1.30 or less for awhile, as the economic news in Europe is not so good.
Some economists believe that the Euro has been greatly overvalued for years. One guy I read even suggested that the best thing for Europe would be for the Euro to drop down to parity with the Dollar. That would at least encourage more American tourism!
Posted by
US Pacific Northwest
10344 posts
In addition to what Tyler just said, there's also the difference between the interbank rate and the higher rate those of us who aren't banks are going to get.
Posted by
San Francisco, California, USA
446 posts
Fortunately, you can get close to the interbank rate if your withdraw from ATMs in Europe. But, you will pay five percent or more extra if you buy Euros from a US bank or exchange bureau before your trip.
Posted by
Seattle, WA, United States
873 posts
Works for me, since I'm booking a bunch of stuff in Euros right now. If the rate stays this low into the fall -- even better!
Posted by
San Francisco
14960 posts
Definitely, if the Euro gets closer and closer to the dollar, more Americans would consider and go to Europe and spend over there. The Euro was overvalued relative to the mighty buck. Looks good so far.
Posted by
Phoenix, AZ, USA
1035 posts
Euro now down to $1.27.
Last May is was around $1.40
May 2008 around $1.55
Assuming exchange fees are the same over all three years, if you spend $5k in Europe this year, you will spend $360 less than '09 and $712 less than '08. Depending upon how events in Greece spill over the rest of the EU, the Euro could drop much further in the short term.
Posted by
San Francisco/Marin County
9436 posts
This is Great News!! We'll be in Paris for a month in June and I loved how you showed the dollar amount difference Michael. Just fyi, when we were in Europe in July and August of '08 the exchange rate was $1.60 - $1.65.
Posted by
Vernon, Canada
32349 posts
Once the situation in Greece settles down, I suspect the Euro will start increasing again. Hopefully there won't be any other countries that require a "bailout" in the near future (Spain, Portugal, Italy and Ireland have been mentioned in news reports).
I don't generally worry too much about the exchange rates most of the time, since my only choice if the rates are high is not to travel (and that's not an option!).
Posted by
Myrtle Beach, USA
12313 posts
You can check anytime at wsj.com. In the top corner it shows how the stock market is doing. Click on the currencies tab and easily find out where the Euro and Pound are at any moment.
Posted by
Krems, Wachau, Austria
386 posts
The EU and the € will rebound, no doubt!
But, in the meantime: enjoy that your dollars will go a little further, and come on over here! :-))
Posted by
Lansdale, PA, United States
7 posts
So now my question is "To Pull the Trigger or Not?"
Will be traveling to Paris for a week+ in July with my wife & her brother.
Seeing the recent decline in the Euro to USD.....
Do you buy now or "wait & see"?
Current rate that I was told at a local AAA branch was $1.3736/Euro (with their 8% fee included).
Between yesterday & today, there's been a slight upward movement already.
Thanks for any helpful advice!
Cheers.
Posted by
spokane, wa
5 posts
YAY! Good news for us! We will be in Rome in 2.5 weeks!
Posted by
victoria, Canada
11507 posts
Wish I HAD booked the nicer hotel,, LOL
Posted by
Lansdale, PA, United States
7 posts
Michael -
Thank you - That would get me 20 more Euros than I'd be getting @ AAA. (No delivery fee for >$1000 USD.
Nice.
Posted by
56 posts
Yay! We're leaving in 4 days!
Also, hello to the Lansdale person! waves
Posted by
Tel Aviv
15777 posts
Now if they could just put a cork in Iceland....
Posted by
Columbus, OH, USA
2074 posts
After all, they put one in Ireland.
Posted by
Knoxville, TN, USA
7209 posts
And here comes the Euro back to life after their leaders pledged real support for their common currency.
Wish to heck we could hire those leaders to come work for the US Dollar. How nice it would be to have a strong currency again.
Posted by
Lansdale, PA, United States
7 posts
@Corey - Hey there. Safe travels!
Well, guess it was a good thing we bought on Friday - we gained at least 25 Euros as they started climbing back up today.
Posted by
Atlanta, GA, USA
2789 posts
Am I missing something... the "rescue"?
Interbank rates as to 9:20 Eastern Time 5/10
USD to EUR per OANDA.com
Time period: 05/05/10 to 05/11/10.
Daily averages: 05/05/2010 0.76390
05/06/2010 0.7750
05/07/2010 0.78540
05/08/2010 0.78650
05/09/2010 0.78420
05/10/2010 0.78310
05/11/2010 0.77470