Extra buying power will be at the hands of the endless Americans looking to travel outside of the country as Covid restrictions lift and everybody becomes more open to travel. The U.S. dollar has hit a record high value against the Euro and other currencies.

The rise over the past year is amazing due to the endless domestic issues that businesses have been facing. Many of the businesses in question focus on international customer volume amid inflation but the Euro has tumbled to a low.

Dollar indexes, which track the dollar, shot above $1.07 while the Euro fell below $1.02. Both of these figures were last seen in December 2002. The dollar has strengthened specifically due to energy prices and the Fed’s rising interest rates.

“You have traditional macro factors that are driving dollar strength right now. High-interest rates in the U.S. and a trade shift which is beneficial to the U.S. adds to the sustainability of the dollar’s strength.”

Shabab Jalinoos, the global head of macro trading strategy at Credit Suisse, said.