The single currency forms the crux of the issue when looking at how Europe has been affected by the rate hike. The European Central Bank (ECB) has been busily knocking down the price of the euro this year - despite it not being technically part of its mandate - with its aggressive monetary easing.
However, it reached a stumbling block in early December when traders were left disappointed by how it decided to extend its quantitative easing program. A rate hike in the U.S. has lifted the price of the dollar with domestic investors bringing cash home with the prospect of better yields in the country.
In the process, this lowered the euro and would likely benefit exporters in the euro area. After a brief spike as the announcement was made on Wednesday, the euro has been trading lower against the greenback and was down at 1.0849 by 10:00 a.m. London time.
And depending on who you believe there might be further good news for these companies. Kit Juckes, global head of foreign exchange strategy at Societe Generale, believes that the euro will reach parity against the U.S. dollar but said in a note that "progress towards that level may, at least initially, be choppy and slow."
Others like David Bloom, global head of foreign exchange strategy at HSBC, are more cautious, predicting that the dollar's rally has already occurred and expects the euro to drift higher next year.