Americans in Paris splurge due to euro-dollar parity
STORY: The euro is on the brink of parity with the dollar for the first time in 20 years on Tuesday (July 12) – over fears that Russia will close off the gas supply to the Eurozone.
However that's good news to some - including Americans travelling to Europe this summer.
Paul Glock, from Columbus, Ohio, is on an eight-day trip to Paris.
He said a stronger dollar means he gets to splurge while he's there.
"Things are a little bit more affordable for us, so we can do some things that we might not have otherwise done. So the cost of the trip was less expensive, hotel was a little less expensive, food is a little less expensive. And we can do some things that are luxuries that we enjoy,"
The euro has been losing ground of nearly 12% against the dollar since the start of the year due to the likelihood of a recession triggered by the energy crunch and a rate rise campaign by the European Central Bank that's lagging behind the Fed.
And the parity cuts both ways:
For Europeans in the U.S., it's a more expensive stay.
Christophe Boulle is French visual merchandiser who visited the U.S. last year - he says that ended up timing it perfectly.
"I'm realizing that, yes, I am happy to have left in October because it allowed me to have a bigger budget for entertainment and bringing things back from the United States. If I were to leave today, my budget would be eaten up by my daily spending, to eat, for accommodation and so on."
Due to the bleak outlook for the euro - some economists see the currency falling further, just 85 cents in the near future.
