I think the dollar will continue to loose value vs. the Euro... some of the problems in the US are getting bigger because of the low dollar and interest (ex. attracting foreign investments), and like I said before then a low dollar gives a nice warm feeling in the US right now, so Bush will probably keep it that way (one might think that Bush wants avoid to make any changes until after the election)
European politicians are too busy thinking up more bureaucracy (expansion of the EU) and how to waste even more tax money in the process + how to let the big countries take advantage of the small (ex. France and Germany breaking the economic treaty without any fines). So they will probably not do anything until next year, when the large export companies starts too send thousands home on welfare, which means that euro countries will not see any or very little growth.
My personal advice will be too spend your money when you have it, and let the worries about currency value going up or down be with the bankers who get paid to have this stress... what you will loose on a low dollar today, you might earn back in 2 years when/if the dollar rise
