Hitting a low of 0.773 Euros this morning, the Dollar fell to a new record low against the Euro (which hit $1.293). The "pain threshold" according to European sources is 1.30 Dollars per Euro (0.77€ to the Dollar). That is, supposedly intervention can be expected if the Euro rises beyond that point.
The Dollar had been stable ocillating between .90 and 0.78€ these past few weeks. This could be an outlier, or it could mark the start of a new slide. As of this writing the Dollar recovered to 0.779, still below the 0.78 mark.
So far, the main direct impact appears to be an implicit policy by OPEC to split the difference and push for higher oil prices (in Dollars), than their officially stated target prices. It is also putting pressure on the Chinese to revalue their currency, and the consensus seems to be that they won't be able to avoid that for much longer.
Also, some time later in the year the revised GDP figures for industrial countries will be available, and thanks to the exchange rate it will be seen that the US per capita GDP took a big hit in comparison to everybody else. I'll have those numbers here at some point.