The exchange rate and how it plays in the Google AdSense space for non-USA based publishers is a big deal, especially these days. We cover it often enough, including times where Google outright made huge mistakes and when the rates seemed unfair at times.
The latest thread on the topic comes from WebmasterWorld where a European publisher said he just received payment, but that payment seemed way off. He said Google gave him an exchange rate of €0.774/1$ (~1.30), when the current EURUSD is 1.266. Heck, even Google search shows that exchange rate:
European publishers are not happy because the 1.30 rate has not been seen since February 9th.
Forum discussion at WebmasterWorld.