![]() ![]() "People are ready to travel again," she added. "It's become an expensive time to travel," Rathner said. Searches for lodging in Copenhagen rose 30%, and were up 15% for Athens and 10% for Madrid. Lodging interest was also elevated in some cities, according to. Searches for Paris and Frankfurt flights each jumped 25%, while interest in Brussels and Amsterdam each rose 20%, and Dublin, 15%. When asked to list the foreign destinations they most want to visit in the next 12 months, European destinations comprised 6 of the top 10 most commonly named, according to Destination Analysts.įlight searches to some top European destinations increased by double digits from July 3-11 relative to the previous week, according to Expedia data. The firm polled 4,000 travelers June 15-23. travelers are likely to travel abroad this year, up 6 percentage points in a month, according to Destination Analysts, a tourism market research firm. Inflation is raising travel costsĪbout 34% of U.S. dollar has also gained strength relative to many other currencies in the past year, such as the the Australian dollar, British pound, Chinese renminbi, Indian rupee and Japanese yen. "It's more gentle on people's travel budgets," she added. "It's kind of like getting a 15% discount," according to Sara Rathner, a travel expert at NerdWallet. Today, that traveler would pay just over $15. One euro is down 11% from nearly $1.13 at the beginning of the year and down 15% from about $1.18 on July 13 last year.Īs an example, an American who bought a €15 sandwich in Paris a year ago would have paid about $17.70. interest rates moving sharply higher, pushing investors toward the dollar and from the euro. Triggers for the relative decline of the euro include the ongoing war in Ukraine, which has fueled fear of an energy crunch and recession, as well as U.S. More from Personal Finance: These 5 metros have the most million-dollar homes Why experts say a higher federal minimum wage is long overdue How to calculate your personal inflation rate Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower © 2023 OANDA Business Information & Services Inc.Best Debt Consolidation Loans for Bad Credit If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. or any of its affiliates, subsidiaries, officers or directors. ![]() Opinions are the authors not necessarily that of OANDA Business Information & Services, Inc. It is not investment advice or a solution to buy or sell securities. 1.0734 and 1.0682 are providing supportĬontent is for general information purposes only.EUR/USD tested resistance at 1.0802 earlier.Core inflation remains stubbornly high, which could mean more tightening in July. Lagarde has stressed that the number one priority is wresting inflation back to the 2% target and has signalled that more rate hikes are necessary to achieve that goal. In May, inflation in the eurozone fell to its lowest level in a year, but ECB President Lagarde has kept a hawkish stance. The ECB will meet on Thursday, with the markets expecting a 25-basis point hike, which would bring the deposit rate to 3.50%. Prior to the inflation report, the markets had priced in a pause at 75% this jumped to 99% after the inflation data before dipping to 91%, according to CME’s FedWatch. Market pricing has been very volatile over the past few weeks and moved sharply again on Tuesday. This is incompatible with a 2% inflation target and provides support for policymakers who want to leave the door open to further rate hikes. On a monthly basis, core CPI rose 0.4% for a third straight month, matching the consensus. The core rate eased from 5.5% to 5.3% as expected, a modest drop. On a monthly level, CPI eased to 0.1%, down from 0.4% and below the consensus of 0.2%. CPI dropped from 4.9% to 4.0%, just below the consensus of 4.1%, its lowest level since March 2021. The US dollar is down on Tuesday as US inflation eased in May. ECB projected to raise rate on ThursdayĮUR/USD is in positive territory on Tuesday, trading at 1.0803, up 0.42% on the day.Fed widely expected to pause rates on Wednesday.
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