Europe hasn’t been this cheap for Americans in decades
By Julia Horowitz, CNN Business
If you’re an American visiting Italy, Greece or Spain this summer after a travel hiatus during the pandemic, you’re in luck: Meals, hotels and tours are more affordable in dollars than they’ve been in two decades.
What’s happening: The euro has slumped to about $1.03, plunging more than 8% against the US dollar year-to-date. It’s now trading at its lowest level since late 2002.
Most analysts don’t think it’s bottomed out yet. Predictions are flying around that it could even reach parity, in which one dollar can be swapped for one euro.
“I’m bearish on the euro until I see a headline that tells me global growth is going to pick up in a big way,” Nomura strategist Jordan Rochester told me. He thinks the euro will hit parity by the end of August.
Breaking it down: What’s good for American tourists is tough on European businesses that need to buy energy, raw materials and components priced in dollars. The rising cost of imports could continue to boost prices across the 19 countries that use the euro, where annual inflation jumped to a record high of 8.6% in June.
What’s triggering the sell-off of the euro, the second most-used currency in the world? Analysts point to a few factors.
The first is the economic outlook. Recession fears are rising globally. But Europe’s proximity to the war in Ukraine, and its historic reliance on Russia to meet its energy needs, has made it more vulnerable than the United States.
Natural gas prices in Europe are at their highest level since March. Russia has cut flows of gas to Europe, and the major Nord Stream pipeline is about to undergo maintenance. Energy workers in Norway have just gone on strike, threatening further supply constraints.
“We have an upcoming winter crisis for the euro zone and I expect energy prices will remain very strong,” Rochester said.
The euro tends to perform poorly when risk appetite among investors pulls back.
Another issue is trade. Germany just reported a rare monthly trade deficit, a sign that high energy prices are weighing on manufacturers in Europe’s export powerhouse. A weaker euro then becomes necessary to make the bloc’s exports more competitive.
Europe has also been behind the United States in raising interest rates, though the European Central Bank expects to begin hiking this month. That means investors are more likely to park their money in the United States, where they can net better returns.
As interest rates climb, there are concerns that bond markets in countries with high debt loads like Italy and Greece could come under strain. The ECB has said it will work to prevent what it refers to as “fragmentation,” but it remains a risk traders are monitoring closely.
Clients “are very concerned about all things European,” Societe Generale strategist Kit Juckes said Tuesday. “Germany’s trade data yesterday went down badly, and the sense that the current account surplus is being battered by energy prices is widely spread. Add in worries about fragmentation and fear that the global economy is turning south, and it’s hard to get even slightly upbeat about the euro.”
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10 scenic running paths from around the world
lazyllama // Shutterstock
One of the best ways to see a city when you travel is to go for a run. But don’t treat it like your daily jog back home. Look around to admire places you’ve never seen; stop often to take photos that you can later share with friends and family; and don’t hesitate to stop at landmarks, scenic vistas, and even open-air markets to rehydrate with a tropical beverage.
Thistle reviewed travel publications and running route roundups to identify 10 scenic running paths around the world. There are thousands of wondrous places to run, but we think you’ll find these to be especially enticing.
If you decide to make running part of your next trip, be sure to (a) pack running shoes and outfits that make sense for the weather forecast; (b) think of your vacation runs as explorations rather than training jaunts so that you can enjoy them more (look around rather than down at your watch or phone as you run); and (c) search the web for any races that might be scheduled where you’re traveling—it’s a great way to literally rub elbows with locals.
lazyllama // Shutterstock
One of the best ways to see a city when you travel is to go for a run. But don’t treat it like your daily jog back home. Look around to admire places you’ve never seen; stop often to take photos that you can later share with friends and family; and don’t hesitate to stop at landmarks, scenic vistas, and even open-air markets to rehydrate with a tropical beverage.
Thistle reviewed travel publications and running route roundups to identify 10 scenic running paths around the world. There are thousands of wondrous places to run, but we think you’ll find these to be especially enticing.
If you decide to make running part of your next trip, be sure to (a) pack running shoes and outfits that make sense for the weather forecast; (b) think of your vacation runs as explorations rather than training jaunts so that you can enjoy them more (look around rather than down at your watch or phone as you run); and (c) search the web for any races that might be scheduled where you’re traveling—it’s a great way to literally rub elbows with locals.
There are many advantages to running on a path that follows a shoreline—any shoreline. Among them are views of the seascape and landscape and a route that’s usually flat, intersection-free, and populated by fellow runners (and walkers and cyclists). One of the best such paths is found in Barcelona, a sports-mad city that hosted the 1992 Olympics.
Passeig Maritim checks all the boxes with its constant view of the open sea as you run past a string of beaches and historic buildings in the upscale, tourism-focused, artsy district of Sitges—about 20 miles southwest of central Barcelona. Cooling sea breezes make the running pleasant even on hot summer days.
Goran Vrhovac // Shutterstock
- Barcelona, Spain
- 3 miles one-way
There are many advantages to running on a path that follows a shoreline—any shoreline. Among them are views of the seascape and landscape and a route that’s usually flat, intersection-free, and populated by fellow runners (and walkers and cyclists). One of the best such paths is found in Barcelona, a sports-mad city that hosted the 1992 Olympics.
Passeig Maritim checks all the boxes with its constant view of the open sea as you run past a string of beaches and historic buildings in the upscale, tourism-focused, artsy district of Sitges—about 20 miles southwest of central Barcelona. Cooling sea breezes make the running pleasant even on hot summer days.
Boston is best known among runners for its prestigious marathon, but a route that’s nearly as long as the storied marathon course is even more popular among local runners. You needn’t be trained for a marathon on the Charles River Path, however, because any stretch—such as the popular, 3-mile downtown segment between the Museum of Science and the Harvard (Massachusetts Avenue) Bridge—is a treat.
For variety, most locals run a loop that crosses bridges over the Charles in order to trace the paths on both sides of the river. The sights you’ll see on different stretches of the paved path include the downtown skyline, Boston’s famed universities (Harvard, MIT, Brandeis), and many parks and Revolutionary War-era historic sites.
Michael Sean OLeary // Shutterstock
- Boston, Massachusetts
- 22.9 miles
Boston is best known among runners for its prestigious marathon, but a route that’s nearly as long as the storied marathon course is even more popular among local runners. You needn’t be trained for a marathon on the Charles River Path, however, because any stretch—such as the popular, 3-mile downtown segment between the Museum of Science and the Harvard (Massachusetts Avenue) Bridge—is a treat.
For variety, most locals run a loop that crosses bridges over the Charles in order to trace the paths on both sides of the river. The sights you’ll see on different stretches of the paved path include the downtown skyline, Boston’s famed universities (Harvard, MIT, Brandeis), and many parks and Revolutionary War-era historic sites.
The Bay Run is actually a loop around a wide inlet of the Parramatta River in the Inner West suburbs of Sydney. It has the look of a bay, and runners benefit from the absence of any street crossings and a paved route that climbs only one real hill to the Iron Cove Bridge river crossing. The southern half of the loop passes through a series of parks culminating at King George Park (near the bridge), where serious runners have the option of stopping by the 400-meter grass track to do some soft-surface interval training.
There are also plenty of parking lots, cafes, restrooms, and water fountains on the route. Although popular with local runners and walkers, it’s not as crowded with pedestrians as Sydney’s downtown waterfront, and you’ll feel more like a local on this pretty run.
John Carnemolla // Shutterstock
- Sydney, Australia
- 4.3 miles
The Bay Run is actually a loop around a wide inlet of the Parramatta River in the Inner West suburbs of Sydney. It has the look of a bay, and runners benefit from the absence of any street crossings and a paved route that climbs only one real hill to the Iron Cove Bridge river crossing. The southern half of the loop passes through a series of parks culminating at King George Park (near the bridge), where serious runners have the option of stopping by the 400-meter grass track to do some soft-surface interval training.
There are also plenty of parking lots, cafes, restrooms, and water fountains on the route. Although popular with local runners and walkers, it’s not as crowded with pedestrians as Sydney’s downtown waterfront, and you’ll feel more like a local on this pretty run.
Chapultepec Park (Bosque de Chapultepec) is only 3 miles from the heart of Mexico City, but it’s a haven of nature for Mexicans and tourist runners alike. The main loop tours the forested area of Latin America’s second-largest city park. Once a retreat for Aztec rulers and later the residence of Mexican presidents at Chapultepec Castle (which now houses the National Museum of History), the park features several museums, an amusement park, restaurants, and a zoo.
But the major draw for active visitors is the trail network in the wooded “Tercera” (third) section of the park. The greatest challenge for visiting runners is the 7,600-foot altitude, instantly noticeable to sea-level dwellers on even modest hill climbs.
luicgamez // Shutterstock
- Mexico City, Mexico
- 2.3 miles (main loop)
Chapultepec Park (Bosque de Chapultepec) is only 3 miles from the heart of Mexico City, but it’s a haven of nature for Mexicans and tourist runners alike. The main loop tours the forested area of Latin America’s second-largest city park. Once a retreat for Aztec rulers and later the residence of Mexican presidents at Chapultepec Castle (which now houses the National Museum of History), the park features several museums, an amusement park, restaurants, and a zoo.
But the major draw for active visitors is the trail network in the wooded “Tercera” (third) section of the park. The greatest challenge for visiting runners is the 7,600-foot altitude, instantly noticeable to sea-level dwellers on even modest hill climbs.
There are several theories about how Arthur’s Seat got its name, including some that pertain to the legend of King Arthur, but there’s no denying one thing about this robust hill in the heart of Edinburgh: It will leave you knackered (to use local slang) at the top. The loop climbs and then descends 824 elevation feet.
Its location in Holyrood Park, within a mile of the city center and Edinburgh Castle, makes it a convenient workout anytime you’re in Scotland’s capital city and offers the bonus of a commanding hilltop view at the top. Like Camelback Mountain in Phoenix and the Grouse Grind in Vancouver, the hill has become a daily magnet for local runners and walkers looking to stay fit while challenging themselves.
S-F // Shutterstock
- Edinburgh, Scotland
- 2.4 miles
There are several theories about how Arthur’s Seat got its name, including some that pertain to the legend of King Arthur, but there’s no denying one thing about this robust hill in the heart of Edinburgh: It will leave you knackered (to use local slang) at the top. The loop climbs and then descends 824 elevation feet.
Its location in Holyrood Park, within a mile of the city center and Edinburgh Castle, makes it a convenient workout anytime you’re in Scotland’s capital city and offers the bonus of a commanding hilltop view at the top. Like Camelback Mountain in Phoenix and the Grouse Grind in Vancouver, the hill has become a daily magnet for local runners and walkers looking to stay fit while challenging themselves.
Like circling a lake or ascending a mountain, running along the rim of a canyon is always exhilarating because there’s always a view. When that canyon is the Grand Canyon, you’ll also earn major bragging rights.
You don’t have to run the entire Rim Trail either—if you do, you’d be running the entire marathon distance out and back—because you can call it a day at any of the 14 bus shuttle stops (about one per mile) that line the road-adjacent trail. Or you can simply turn around anywhere and run back to shorten the distance. But don’t underestimate the difficulty level. Although the Rim Trail is mostly paved and flat, you’ll be breathing thin air at the Canyon’s near 7,000-foot altitude.
Michael Andrew Just // Shutterstock
- Grand Canyon, Arizona
- 13 miles
Like circling a lake or ascending a mountain, running along the rim of a canyon is always exhilarating because there’s always a view. When that canyon is the Grand Canyon, you’ll also earn major bragging rights.
You don’t have to run the entire Rim Trail either—if you do, you’d be running the entire marathon distance out and back—because you can call it a day at any of the 14 bus shuttle stops (about one per mile) that line the road-adjacent trail. Or you can simply turn around anywhere and run back to shorten the distance. But don’t underestimate the difficulty level. Although the Rim Trail is mostly paved and flat, you’ll be breathing thin air at the Canyon’s near 7,000-foot altitude.
Running to the high point of any city can be a great way to orient yourself (and shake off the jet lag) as you peer down at the city’s landmarks upon reaching the summit. That’s not possible in a city like Miami, where the highest point is 20 feet above sea level, but it’s a great option in a sprawling, mountain-adjacent city like Hong Kong.
At 1,811 feet, Victoria Peak is the highest point on Hong Kong Island, with a sweeping view of Victoria Harbor, Central Hong Kong, and the surrounding islands. While the entire trail spans 31 miles across the island, six trails—which range from 1.1 to 4.1 kilometers (0.7 to 2.5 miles) each—lead to the top of the peak. Depending on where you want to start and what kind of shape you’re in, you can choose any of the trails to the top. And if you don’t feel like running back down, you can take the Peak Tram, a funicular railway, from the Peak Tram station.
Elizaveta Galitckaia // Shutterstock
- Victoria Peak, Hong Kong
- 1 to 3 miles per trail
Running to the high point of any city can be a great way to orient yourself (and shake off the jet lag) as you peer down at the city’s landmarks upon reaching the summit. That’s not possible in a city like Miami, where the highest point is 20 feet above sea level, but it’s a great option in a sprawling, mountain-adjacent city like Hong Kong.
At 1,811 feet, Victoria Peak is the highest point on Hong Kong Island, with a sweeping view of Victoria Harbor, Central Hong Kong, and the surrounding islands. While the entire trail spans 31 miles across the island, six trails—which range from 1.1 to 4.1 kilometers (0.7 to 2.5 miles) each—lead to the top of the peak. Depending on where you want to start and what kind of shape you’re in, you can choose any of the trails to the top. And if you don’t feel like running back down, you can take the Peak Tram, a funicular railway, from the Peak Tram station.
If you don’t mind running in some hills and stiff breezes, it doesn’t get more scenic than this short run in Cape Town. The paved Lighthouse Keeper’s Trail in Table Mountain National Park undulates out from the Cape of Good Hope Old Lighthouse to the New Cape Point Lighthouse, with constant views of the surrounding mountains as big waves crash just below as you run.
From the parking lot, you’ll either run or take the funicular up to the trailhead and the old lighthouse before heading out to the point and the new lighthouse. This rugged coastline is a magical and wind-battered spot as it’s very close to the southern tip of the continent, where thousands of ships have been lost rounding the Cape of Good Hope. It’s located 43 miles south of the city center.
Iwanami Photos // Shutterstock
- Cape Town, South Africa
- 2.2 miles
If you don’t mind running in some hills and stiff breezes, it doesn’t get more scenic than this short run in Cape Town. The paved Lighthouse Keeper’s Trail in Table Mountain National Park undulates out from the Cape of Good Hope Old Lighthouse to the New Cape Point Lighthouse, with constant views of the surrounding mountains as big waves crash just below as you run.
From the parking lot, you’ll either run or take the funicular up to the trailhead and the old lighthouse before heading out to the point and the new lighthouse. This rugged coastline is a magical and wind-battered spot as it’s very close to the southern tip of the continent, where thousands of ships have been lost rounding the Cape of Good Hope. It’s located 43 miles south of the city center.
Rio is famous for its beaches, which is why the Atlantic coastal city’s best run may be this one connecting two of its most alluring strips of sand. Copacabana was the site of beach volleyball games during the 2016 Rio Olympics—but the name also refers to a 1947 Groucho Marx movie, a 1978 Barry Manilow hit song, and a Manhattan nightclub. Leblon—a beach bordered by luxury high-rises, shops, and restaurants—is a more subdued alternative to neighboring Ipanema Beach, which lies between the two beaches.
You can follow the shoreline by either threading your way through sunbathers and beach volleyball players on the three beaches or by following the Copacabana Promenade—which is essentially a work of public abstract art as it’s made entirely of mosaic tiles. If you somehow tire of admiring the beach bodies and the Rio skyline as you run, you can peer up at the surrounding jagged peaks that make Rio such a special place.
Catarina Belova // Shutterstock
- Rio de Janeiro, Brazil
- 3 miles
Rio is famous for its beaches, which is why the Atlantic coastal city’s best run may be this one connecting two of its most alluring strips of sand. Copacabana was the site of beach volleyball games during the 2016 Rio Olympics—but the name also refers to a 1947 Groucho Marx movie, a 1978 Barry Manilow hit song, and a Manhattan nightclub. Leblon—a beach bordered by luxury high-rises, shops, and restaurants—is a more subdued alternative to neighboring Ipanema Beach, which lies between the two beaches.
You can follow the shoreline by either threading your way through sunbathers and beach volleyball players on the three beaches or by following the Copacabana Promenade—which is essentially a work of public abstract art as it’s made entirely of mosaic tiles. If you somehow tire of admiring the beach bodies and the Rio skyline as you run, you can peer up at the surrounding jagged peaks that make Rio such a special place.
Located on the southwestern edge of Hangzhou, one of China’s largest and most prosperous cities, West Lake was named a UNESCO World Heritage Site for the gardens that have influenced Asian garden design for centuries. Millions of domestic and international visitors flock to its shores each year to admire these gardens and the lotus blossoms, temples, pagodas, and forested hills that surround it—especially on boat tours.
But many also come to run or walk the paths that encircled the exquisitely scenic lake. Long pedestrian causeways and bridges that angle across the lake offer runners different views of the lake and surroundings. And the connecting paths that circle the lake are mostly flat and paved.
This story originally appeared on Thistle and was produced and distributed in partnership with Stacker Studio.
Weiming Xie // Shutterstock
- Hangzhou, China
- 6.5 miles
Located on the southwestern edge of Hangzhou, one of China’s largest and most prosperous cities, West Lake was named a UNESCO World Heritage Site for the gardens that have influenced Asian garden design for centuries. Millions of domestic and international visitors flock to its shores each year to admire these gardens and the lotus blossoms, temples, pagodas, and forested hills that surround it—especially on boat tours.
But many also come to run or walk the paths that encircled the exquisitely scenic lake. Long pedestrian causeways and bridges that angle across the lake offer runners different views of the lake and surroundings. And the connecting paths that circle the lake are mostly flat and paved.
This story originally appeared on Thistle and was produced and distributed in partnership with Stacker Studio.
Resort fees, which are sometimes called “facility fees” or “destination fees” purportedly cover amenities like internet and pool access. But because the fees are mandatory, they act as hidden costs for booking a room that don’t appear until final checkout.
“Resort fees are the only travel fee that has no correlation to any actual service or product,” says Lauren Wolfe, counsel at Travelers Unite d, an advocacy group for travelers. She’s also the founder of the website Kill Resort Fees. “If your hotel charges for parking, if you don’t have a car, you don’t pay to park. Hotel resort fees, though, are almost impossible to get out of even if you decline amenities.”
Here are some tips to minimize these pesky fees:
— Pay with points at brands that waive resort fees for award stays, like Hilton and Hyatt.
— Ask the front desk to waive the fee. “It is probably not likely to work but you can always ask nicely,” Wolfe says.
— Look for a search option on a hotel website or app to “show rate with taxes and fees” or similar. This will help compare real prices directly and avoid the hassle of clicking through to the final checkout windows.
Resort fees, which are sometimes called “facility fees” or “destination fees” purportedly cover amenities like internet and pool access. But because the fees are mandatory, they act as hidden costs for booking a room that don’t appear until final checkout.
“Resort fees are the only travel fee that has no correlation to any actual service or product,” says Lauren Wolfe, counsel at Travelers Unite d, an advocacy group for travelers. She’s also the founder of the website Kill Resort Fees. “If your hotel charges for parking, if you don’t have a car, you don’t pay to park. Hotel resort fees, though, are almost impossible to get out of even if you decline amenities.”
Here are some tips to minimize these pesky fees:
— Pay with points at brands that waive resort fees for award stays, like Hilton and Hyatt.
— Ask the front desk to waive the fee. “It is probably not likely to work but you can always ask nicely,” Wolfe says.
— Look for a search option on a hotel website or app to “show rate with taxes and fees” or similar. This will help compare real prices directly and avoid the hassle of clicking through to the final checkout windows.
Despite a recent uptick, the cost of airfare has actually been dropping for years. That might sound like good news, but that hides a hidden trend: Airlines have been gathering more of their revenue from add-on fees while lowering the base price of airfare.
Charging for seat selection is one of the newest, and most galling, tricks. These fees usually appear during checkout and often seem mandatory.
These fees are almost always avoidable, though. Simply skipping the seat selection process and letting the airline assign a seat at a later date is often the wisest choice if you don’t mind the risk of getting stuck with a middle seat.
Airlines want customers to pay these fees, of course, and often share scary warnings about the dangers of not picking a seat. But skipping seat selection doesn’t increase your chances of getting bumped from a flight.
And note that some airlines, such as Southwest, don’t charge for seat selection.
Despite a recent uptick, the cost of airfare has actually been dropping for years. That might sound like good news, but that hides a hidden trend: Airlines have been gathering more of their revenue from add-on fees while lowering the base price of airfare.
Charging for seat selection is one of the newest, and most galling, tricks. These fees usually appear during checkout and often seem mandatory.
These fees are almost always avoidable, though. Simply skipping the seat selection process and letting the airline assign a seat at a later date is often the wisest choice if you don’t mind the risk of getting stuck with a middle seat.
Airlines want customers to pay these fees, of course, and often share scary warnings about the dangers of not picking a seat. But skipping seat selection doesn’t increase your chances of getting bumped from a flight.
And note that some airlines, such as Southwest, don’t charge for seat selection.
Everyone wants a clean vacation rental, but nobody wants to pay exorbitant cleaning fees that can exceed the base cost of the rental.
It’s almost impossible to avoid these fees outright, as most properties carry them. But it is possible to avoid paying too much.
Most vacation rental platforms, including Airbnb, offer some option to compare “total price,” which includes cleaning and other fees. It isn’t always easy to filter and sort on total price, but seeing this price on the search screen rather than the checkout screen can vastly simplify comparison shopping.
And note, unlike resort fees — which are usually added to every night booked — cleaning fees are applied once. A $100 cleaning fee might be intolerable for one night but reasonable for 10. So, the best way to avoid cleaning fees on short stays is usually to book a hotel instead.
Everyone wants a clean vacation rental, but nobody wants to pay exorbitant cleaning fees that can exceed the base cost of the rental.
It’s almost impossible to avoid these fees outright, as most properties carry them. But it is possible to avoid paying too much.
Most vacation rental platforms, including Airbnb, offer some option to compare “total price,” which includes cleaning and other fees. It isn’t always easy to filter and sort on total price, but seeing this price on the search screen rather than the checkout screen can vastly simplify comparison shopping.
And note, unlike resort fees — which are usually added to every night booked — cleaning fees are applied once. A $100 cleaning fee might be intolerable for one night but reasonable for 10. So, the best way to avoid cleaning fees on short stays is usually to book a hotel instead.
Europe hasn’t been this cheap for Americans in decades
Rick Bowmer
The underlying psychology of add-on fees is simple: We get lured in by the low sticker price, then grudgingly accept the extra costs.
Countering this bias is equally simple in theory, if not in practice. Ignore sticker prices and compare final prices only — taking all fees into account. And avoid as many optional fees (such as airline seat selection) as possible.
Rick Bowmer
The underlying psychology of add-on fees is simple: We get lured in by the low sticker price, then grudgingly accept the extra costs.
Countering this bias is equally simple in theory, if not in practice. Ignore sticker prices and compare final prices only — taking all fees into account. And avoid as many optional fees (such as airline seat selection) as possible.
lazyllama // Shutterstock