Canadian Currency Sees Boost, Could Help Manatee Tourism

Bradenton – A stumbling Euro has hampered local tourism, as many European travelers see less value in a trip across the pond, now that their dollar will not stretch nearly as far. However, many investors are seeking refuge from the unstable currency with our neighbors to the north. The Canadian Loonie rose to an eight-year high against the Euro, after concerns over the stability of Portugal, Spain, and Greece rocked the currency markets.

The 2009 Visitor Profile Report, presented to the Manatee Tourism and Development Council on Monday noted that European and Canadian travel were down 8% and 15%, respectively. A one-year low for the Euro was not good news for a local economy already weakened by an unseasonably cold winter and facing concerns about the gulf oil crises.

However, the rise in the Loonie's value is inching the currency toward par with the dollar. Should the Canadian dollar continue to rise as the crisis unfolds, it could mean a strong summer and fall travel showing from our cold weather friends. Since European visits were off roughly double that of Canadians, an increase might only hope to offset lost European vacationers. Still, anxious business owners who rely on tourism would welcome the relief.