Today’s Big Story

The Dollar Is Strong

It may be weighing on the world, but for Americans, it means inflation vacations

I know all about the strong dollar. Since I’m currently in Tokyo, I am constantly doing the calculation from yen to dollar and every time, I’m amazed. But it’s not just here in Japan. Every major currency in the world has fallen against the U.S. dollar this year.

In fact, two-thirds of the roughly 150 currencies tracked by Bloomberg have weakened against the dollar, whose recent strength stems from a shift in expectations about when and by how much the American Federal Reserve may cut its benchmark interest rate, which sits around a 20-year high. And financial watchers say it has the potential for serious consequences across the global economy.

Of course, one upside is the ability for those in the U.S. to travel abroad. And I’m all for more Americans expanding their horizons. Not only are they able to go to more places, but they can really make the most of their trip. According to the Wall Street Journal, those who normally scour for budget deals now feel rich enough to reserve tables at Michelin-recommended restaurants.

Overall, the WSJ Dollar Index has risen about 4% this year, with the dollar up about 2% against the euro and more than 11% higher than the Japanese yen. This means the dollar goes particularly far in Japan, where the yen is at its weakest in decades, and in Argentina, where the peso is near a record low. Other popular tourist stops where the dollar can buy more this year are Hungary, South Korea, Thailand, Brazil and Canada.

Americans won’t get the same bang for their buck in much of Europe this summer though, said Steven Carvell, a professor at Cornell University’s school of hotel administration. Tourists on postpandemic splurges drove up prices, and the Paris Olympics is further inflating costs in France and surrounding countries, he said. But there are some spots, like Hungary—where one dollar is worth almost 360 Hungarian forints, down from its 2022 peak, but still up more than 20% since 2019.

Israel Strikes Rafah, Faces Global Outrage

White House assessing if Israel violated ‘red line’

A deadly Israeli airstrike on a tent camp in Rafah late Sunday drew widespread condemnation. The attack was the deadliest incident in Rafah since Israel began its offensive in the city in early May, with health officials in Hamas-run Gaza reporting that women and children were among those killed. With international outrage quickly mounting, Prime Minister Benjamin Netanyahu of Israel said early this morning that the killing of dozens of people a day earlier at a camp for displaced Palestinians in Rafah was “a tragic accident,” but gave no sign of curbing the Israeli offensive in the southern Gaza city.

The Biden administration is still assessing whether the strike (which killed at least 45 displaced Palestinians) was a violation of President Biden’s “red line”. The president threatened earlier this month to suspend the delivery of some U.S.-made offensive weapons if Israel entered population centers in the city viewed as Hamas’ last stronghold.

The civilian deaths, which came just days after the United Nations’ top court demanded that Israel halt some operations in Rafah, heightened international scrutiny of Israel’s war conduct, echoing the outcry over Israel’s military strike in April that killed seven aid workers in Gaza from World Central Kitchen. One prominent Israeli ally, President Emmanuel Macron of France, said he was “outraged” by the strike and declared that these operations “must stop.” European Union foreign-policy chief Josep Borrell condemned the Israeli attacks in Rafah on X and wrote that they must stop immediately.

The Kids Will Be Alright

Teens are working again …

Teen jobs are making a comeback. A decades-long decline in teen employment that accelerated after the turn of the century is being reversed by Generation Z, and the share of teens working or looking for work recently hit a 14-year high of 38%, Axios reports.

That's still a long way down from the 1970s and ‘80s, when over 66% 16- to 19-year-olds were working or actively looking for work, but employers will soon add around 1.3 million summer jobs for young people, according to career placement firm Challenger, Gray & Christmas. Their analysts say more teens are working because young workers’ pay is rising faster than that of other age groups, and employment issues abound.

And just like when we were teens, the kids need the money. Some young workers interviewed by the Washington Post earlier this year said they needed to help their families cover rent and other expenses. Others said inflation was making it harder to afford things like car insurance or outings with friends.

‘Home Alone’ House Hits the Market

Are you ready to defend this legendary home?

We’ve got about seven months until the holidays roll back around, so you’ve got some time if you want to grab this iconic piece of Christmas movie history. Yes, the Home Alone house is officially for sale.

The famed home in the Chicago suburbs where Kevin McCallister was once left behind from a family trip to Paris went on sale this week, according to a Zillow listing for 671 Lincoln Ave. in Winnetka. But it’ll cost you … $5.25 million to be exact. Of course, not much is recognizable from when the house starred in the 1990 film. The red brick exterior and that central staircase is about all you’ll recognize.

Director Chris Columbus told Entertainment Weekly that it took him and his crew several weeks to find the perfect McCallister house. They chose this one because it looked “both warm and menacing.” The real question is would you really want to live there? With all the onlookers, tourists snaping Instagrams and parades of cars each winter? And you paid for all annoyance. Interestingly, the New York brownstone featured in the sequel actually just sold at the beginning of the year.

Gift Dad What He Won’t Buy Himself

Huckberry has the perfect gift for every kind of Dad

Do you have a father that loves well-made things, but never spurges on them for himself? Yeah, us too. That's where Huckberry comes in. You see, they spend a lot of time thinking about what guys want and need. They specialize in hardwearing gear that's stylish, cool as hell and tough enough for any adventure—stuff that your father would no doubt appreciate but likely never buys for himself. And that's what makes for the perfect gift, right? So here are a few excellant options to get you started.

Keep learning, keep rising.