Just how far will the Euro rise against the U.S. dollar and what actions will the European central bank take? According to a chief economist with the investment-banking unit of UBS in London, the Euro could hit $1.40 by the end of the year. And, while the ECB has said it was "concerned," any significant intervention, such as buying dollars and selling Euros in the currency markets, seems unlikely for now.

The Euro is 50 percent higher than its low against the dollar, making Euro-Zone exports relatively more expensive. The 12-country Euro-Zone posted a 5 billion Euro ($6.17 billion) trade surplus with the rest of the world in November, compared to 9.1 billion Euros the previous year.

Europeans say they are getting hit harder with the fluctuations, because many other currencies are aligned with the U.S. dollar, which therefore is softening the blow to their economies.