The US Dollar & Euro Are Worth The Same Now So It's A Great Time To Plan A Europe Trip

If you're considering a trip to Europe this summer, your dollar is probably going to go farther than ever.

The Euro's value has slipped on global markets in 2022, and on Tuesday it actually dropped enough to briefly hit parity with the U.S. dollar for the first time in 20 years, CNN reports.

In other words, you don't need to do any mental math if you're an American in Paris right now, because all those € symbols might as well be $ at this point.

But it's not just the Americans who will get more bang for their buck right now.

The Canadian dollar has also closed the gap with the Euro and it was worth nearly 77 cents on Tuesday, according to the XE currency-tracking site. That's the highest it's been in over 18 years, and buying 100 Euros will now cost you about the same as buying 100 U.S. dollars.

Of course, there are reasons for this dip, and they're not all super happy ones.

Interest rates are rising, banks are throwing around words like "inflation" and "recession" and the war in Ukraine is only making things worse for Europe in particular.

Several European nations have been trying to wean themselves off Russia's hefty supply of oil and gas as punishment for its invasion of Ukraine. But that's put an extra strain on those countries, and it's driving down the value of the Euro in general.

But it won't last forever because political moves could easily til the balance, CNBC reports.

So if you're planning a trip to Europe at some point soon, today is a pretty good day to stock up on your spending money.

This article's cover image was used for illustrative purposes only.