Destination Europe this Summer

American and British tourists are set to visit Europe in their droves this Summer as the Euro plunges to its lowest levels against Sterling since 2007 and in the lowest level against the US Dollar in over 12 years!

On top of the continued uncertainty with the incoming Greek government and its negotiations with the ECB over its debt levels, the ECB started its money printing exercise (Quantitive Easing) by buying €1.14tn of bonds during the next 18 months.

This just as the US and UK begin to wrap up their own financial stimulus packages and ultra low inflation seeps in due to the continued downwards pressure on the price of oil by the over supply by OPEC. This cheapens imports in the Eurozone, however much of the pricing is done in US Dollars so the impact is offset.

However it does mean that for the time being tourists are enjoying some of the best value exchange rates we have seen for a decade.