The euro tumbled to a 16-month low against the dollar on Friday, dropping to $1.3258, compared to a record high of $1.60 as recently as July. While this might be good news for New Yorkers tired of the tourist clog, the euro's slide could be particularly bad news for a Manhattan housing market that until recently relied on foreigners for up to one-third of its new-condo buyers.
If the Western Europeans (including the British, whose pound has also dropped against the dollar), find themselves more and more on parity with American spenders, will they still buy so much so nonchalantly? Just askin'.
Copyright Obser - Observer
