It may be time for U.S. tourists to pack their bags for destinations abroad-and they have the dollar to thank.
On Friday, the U.S. Dollar Index (Exchange:.DXY) hit its highest level since March 2009. The greenback (Exchange:.DXY)'s strength against other major currencies has presented opportunities for American travelers to jet off to more exotic places. The dollar's bull run, especially against European and Asian currencies, has made buying goods and leisure travel more affordable in those countries.
As a turbulent year draws to a close, the might dollar is holding the top. With other currencies battered by sluggish growth and volatile oil prices, analysts at Goldman Sachs this past week predicted the greenback's surge would extend through 2018.
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To be certain, the dollar's strength is problematic for places like the euro zone and Japan. A swooning currency can stir inflationary pressure at a time when Europe is trying to re-inflate its economy with a flood of cheap money. Currency weakness also makes it tougher to repay dollar-denominated debt. In addition, U.S.-based multinational companies take a hit when translating their earnings from foreign currencies back into dollars.
Still, the bright side of the global turmoil is that for Americans at least, it makes traveling abroad more affordable. Because of this, it's an opportune time to wine, dine and shop in locations such as Tokyo, Paris and Beijing.
The year 2014 was a rough one for Europe's common currency, which has depreciated against the dollar by over 10 percent. Yet during that time frame, travelers trekking through Europe could find some great deals on Italian leather shoes, or even afford a rented stay in an Irish castle for a few nights.
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Liberty Travel listed Italy and Ireland as notable destinations that have seen an increasing number of American travelers in the last year. Some tourists have also been drawn to European rivers.
"River cruising through Europe continues to be one of the fast-growing segments of the business, with country-specific trips coming in at a close second," Carla Caccavale Reynolds of Liberty Travel told CNBC in an email.
The Australian dollar, which traded near-parity toward the middle of the year, has since slipped in the last quarter to depreciate by over 10 percent against the dollar.
That's been a boon to tourism in Australia, which has seen a 16 percent increase in leisure travel and a 7 percent boost in travel spending. A November report from Tourism Australia attributed the tourism gains to stronger consumer confidence and a weaker Aussie dollar.