The other thing is that the price they set at launch doesn't change when the exchange rate changes. So Apple doesn't set the price relative to current exchange rates, but relative to whatever rate they're hedging against. So don't look at the current rates, look at the long term futures rates.
Yes, its likely the Euro will reduce further against the dollar (given the current situation in Europe), so Apple needs to build in a buffer to account for this.
Maybe, but did it need to do that since the Euro was introduced? The crazy USD-Euro price differences have persisted since the Euro was introduced. Apple is not the only offender, by the way.
