Think of it as Europe staging a giant 15 percent off sale.
With its economy slogging along at a near standstill last year, the euro has slid nearly 15 percent since May. That's offering travel and shopping bargains to U.S. consumers and anyone else paying in dollars.
But American companies selling or doing business in the euro zone face a profit squeeze as the currency's drop continues.
Fresh news Friday that the European economy is sluggish sent the euro even lower, to $1.20, down from about $1.40 in May and a high of roughly $1.60 in 2008 in the depths of the Great Recession.
Read MoreEuro zone manufacturing 'near-stagnant' in December
A widely watched manufacturing index showed that "euro zone factory activity more or less stagnated again in December, rounding off a year which saw an initial, promising-looking upturn fade away and stall in the second half of the year," according to Chris Williamson, chief economist at Markit, which publishes the index.
Since the 2008 financial crisis Europe's central bankers have debated a long list of measures to repair the damage to the euro zone's banks and engineer an economic recovery. On Friday, European Central Bank President Mario Draghi told a German financial newspaper the ECB was ready to move ahead with bank reforms, lower taxes and cut red tape to spur the euro zone recovery, which Draghi said was "fragile and uneven."
But after more than six years of central bank policy debate, European businesses, workers and investors are still waiting for the Continent's recovery to take hold. In the meantime, when an economy stops growing, so does demand for is currency.