Today the euro hit 11-month high versus dollar. Right now the EUR to USD conversion is 1.3462. Good news if you plan to travel to the US!
Since I was accepted to The Fuqua School of Business, I have been watching closely the evolution of the euro vs. dollar, becoming a habit to check this once or twice per day. There are two reasons behind this:
- I am starting to read financial newspapers as much as I can, both in English and in Spanish. I am really starting to enjoy it!
- As I will move to the USA in 5 months to start my MBA education, the euro to dollar conversion has a critical importance for me.
To be able to pay the MBA, I will take part of my savings to The US, and the currency exchange can make a huge difference in how much money would I have once I cross the Atlantic.
Just so you have an idea, for every €10.000 I would now take to the States, I would get $13.462. The $3.462 gained for the currency exchange could help me pay up to a 3-months apartment rent! Back in early September 2012, the exchange rate was around 1.25, which would barely allow me to pay 2 months rent. I hope you get my obsession for currency exchanges!
However, if you are in the opposite situation and you plan coming back to Europe after doing your MBA in the States, I bet you are cursing and hoping that the euro falters. Just recently I spoke with Lluís about the currency exchange. He is a friend at Fuqua who will be coming back to Spain after his MBA, and it was funny how different our interests are regarding the euro.
Luckily for me, the improvement of the euro will continue in the coming months, as expected by analysts and Mario Draghi, the President of the European Central Bank. According to Draghi, recovery in the euro zone will be appreciable after mid 2013.
Sorry Lluís, but I hope Draghi is right on this one!