Last year, the euro and U.S. dollar hit parity for the first time since 2002. The dollar has since weakened, and purchases have gotten pricier for Americans.
. Central banks in Europe didn't hike rates as aggressively — and the resulting differential in interest rates meant investors gravitated to U.S. bonds since they could earn more money, helping buoy the dollar, Goltermann said.
Meanwhile, the U.S. is generally viewed as a safe haven where nervous investors funnel their money in turbulent times. The war in Ukraine that began in early 2022 led to a general sentiment of risk in Europe, causing more money to flow to U.S. Treasury bonds. Now, much of the fallout from Russia's invasion seems to have faded and people are somewhat less concerned than in the war's early days, Zandi said.
Some of that price pressure is due to a dearth of available supply — of hotel rooms, airline seats and tours, for example — to meet burgeoning consumer demand. American travelers who are skittish about the euro-dollar exchange rate worsening can opt to prepay for any hotels, tours, tickets or other activities denominated in euros to lock in today's price, Mitchell said.chief economist at Moody's Analytics
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