Drop in U.S. dollar draws foreign tourists

New York -- The weak U.S. dollar has many Europeans looking at the United States as a cheap place to spend their holiday money and load up on material goods.

Many Europeans now view the United States the way some Americans have long viewed Central and Latin America, The New York Times reported Saturday.

"This year is unbelievable," said George Chaves, guest relations manager at Fitzpatrick Hotels in New York. "We're seeing families of modest means, they're here for the first time and they can't believe the purchasing freedom and the spending power they have."

The dollar is near its lowest exchange rate against the British pound in 26 years -- $2.01 on Friday -- and its lowest rate against the euro ever -- at $1.44. Some central bankers worry the dollar's drastic drop could be a blow to the world economy as many nations move trillions of dollars from their reserves to buy euros, the Times reported.

Copyright 2007 by United Press International.