“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,” an article from CNN states, highlighting that Europe is currently cheaper for Americans than it has been in decades.

The reason? The euro has plunged more than 8% against the US dollar since the beginning of the year, and is now trading at the lowest level since 2002, currently at $1.03. In addition, the article states, most analysts predict it will fall even more, perhaps even reaching parity, meaning each one dollar could be worth 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,” the article quotes Nomura strategist Jordan Rochester saying, adding that he also believes the euro will hit parity by the end of August.

On the flip side, it points out, what’s good for American tourists is bad for European businesses, forced to buy energy, raw materials and components that are priced in dollars.

Why is the euro getting cheaper? According to CNN, the main reason is economic outlook, as the fear of recession is increasing globally. Europe’s proximity to the war in Ukraine and its long-standing dependence on Russia for energy makes the continent more vulnerable than the US.