Money Matters

Usually birthday presents come from people you know. But Monday, I got a birthday present from some people I've never met (yet to whom I am most grateful): I got the second half of my fellowship. (I hope this doesn't seem crass to anyone, but if it does, I'd love to talk with you about it. After all, I'm writing a dissertation on music and money, part of which involves reducing the stigma surrounding money.)

The icing on this very, very large birthday cake came in this week's big news. Apparently the dollar is at a 9-month high against the Euro - $1.37 buys 1 euro. Considering that my fellowship is paid in dollars, and that for much of our stay here the dollar has hovered around $1.5 to the euro, this is pretty exciting. It means we're now paying around 13 cents less for each pain au chocolat we buy - and we buy quite a few pains au chocolat! Also it means our savings (again in dollars) won't be depleted quite so quickly, so we won't be entirely destitute when we get back to the States.

This chart shows a trend, reflected in forecasts, suggesting that the dollar may strengthen even more. I know this is bad for the American economy (a stronger dollar usually means weaker exports, and we need exports to increase to help us climb out of the recession) and worse for the European economy, but it's also great for Americans in Paris (guilty as charged). So keep it up, dollar! Get down, get down, get funky, euro! And to all you Americans who have been afraid to visit because of the terrible exchange rate, the next few months may be your window of opportunity!