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Going To New York? Bring Your Money. In Euros, Please...


Euro muscles in on US tourist trade

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Mar 24, 2008

With the US dollar falling to record lows against the Euro, shopkeepers in New York and Washington have begun accepting the foreign currency.

Their decision is largely motivated by the increasing number of European visitors coming to America.

But these small business owners are also keen to build up a bankroll of a stronger currency for themselves.

At the Amsterdam falafel shop in the Washington neighbourhood of Adams Morgan, there is a sign in the window saying "we accept Euros".

Owner Scott Bennett is one of a small but growing number of shopkeepers in the mainly tourist areas of Washington and New York who are now accepting the foreign currency.

Mr Bennett says the recent slump of the greenback has attracted increasing numbers of Europeans to the city.

"The place is just teeming with Belgians and Germans and Dutch and Spanish people and I think it's fantastic," he said.

"I'm not happy at all about the state of the dollar; I'm actually pretty appalled by it. I hope the time comes that the cycle comes back around to where it's more stable."

Along with other store owners in the area, he says that people are requesting to use Euros at least once a day.

The trend of accepting Euros as the US dollar plummets seems to have begun in New York.

Most of the stores doing it are around Times Square or in other tourist-friendly areas.

In recent days the US dollar has rallied slightly, hovering around $US1.50 to the Euro.

But some currency analysts think its recovery could be short lived so there may be more "we accept Euros" signs popping up in American shop windows for a while to come.

abc.net.au

Euro muscles in on US tourist trade
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