Have you checked out the euro/USD exchange rate lately? The euro is tanking and as I’m writing this 1 euro = USD 1.04. No that’s not a typo for $1.40. It’s $1.04. Really. This has been a long time coming. The fall of the euro seems to be upon us, and if you’re like me with savings in the US, you’ve popped some bottles and smile ear to ear every time you hit up the ATM. And rightfully so, the euro is at a 12-year low and after getting killed on the exchange rate when transferring savings to buy our house, car and more over the years, I think my little happy dance is warranted.
Why it’s the best news ever
OK, so it may be a party for one but it’s still a party. I’m busting out the good stuff!
All kinds of things make an American in France extremely happy. I speak for myself, but care packages, seeing that an American movie is offered in VO at the local cinema, discovering a new coffee shop, the supermarket changing their hours to open on Sunday mornings and more all put a little pep in my step.
It’s the little things, right?
And when the euro is down? HOLY HELL that is the best news ever. Over the last couple of years, anything below 1 euro = USD 1.30 would leave me feeling good, but with the current exchange rate, I don’t even think there’s a word to describe my happiness. Ecstatic comes pretty close, though.
When you’re paid in dollars and your savings is in dollars, the fact that the euro is down makes going to the ATM fun and pain free. When you buy something on your American credit card in Europe and see the exchange rate, you no longer want to cover your eyes and run. When a weak euro means your friends and family are more likely to visit, that’s the ultimate reward. And on that note, my dad is coming in a couple of weeks and my whole family is coming in September. 😉
For a look at what the euro’s slide means for European companies, you can head over here >>
How can the weak euro benefit you?
The euro is down so if you’re paid in dollars, now might be the time to take that European vacation you’ve always dreamed of. Maybe it’s time to buy that property in Europe. Or treat yourself to that Louis Vuitton bag you’ve worked so hard for. Seriously — let’s take the Speedy 30 for example. In the US, the bag will cost you $970. On the French Louis Vuitton site, the Speedy 30 is 685 euros which at today’s exchange rate is about $715, over $200 cheaper than the US price. Not bad, eh? I’m not advocating that you spend money on things you don’t need, but if you’ve been meaning to treat yourself, now may be the time.