It happens quite often that, either in blogs or forums, I can read about how the income through AdSense is actually quite decent, but that a lot of the profit is getting lost due to the bad exchange rate of the US-dollar. In principle it is correct that the exchange rate for the US-dollar influences the amount of the AdSense-cash-transfers, however, in a way this is, by far, less severe than what is being assumed. But lets take one step after another:

Let us assume that the German health insurer Gierig has gotten word that they can acquire a lot of new customers through Google. Gierig is therefore opening up an AdWords-account with Google in Dublin and grants them a direct debit mandate for their business-account. The pro's make up a few advertisements, which cost about 1 Euro per click and 1000 surfers click on Gierig's advertisements in the content network. At the end of the month, Google collects 1000 Euro from Gierig, converts them to US-dollars and wire-transfers them to Google USA.

I myself am the owner of one of the well known, high-grade content websites on the topic of health insurance. This is also were the advertisements from Gierig are shown and, needless to say, clicked on. Now, since AdSense – contrary to AdWords – does its calculations in US-Dollars, I will be compensated in US-Dollars. I will therefore get the 1 Euro, minus Google's commission – lets just say 25 percent – and this is then multiplied by the current exchange rate for the dollar, which gets me about 1 US-dollar. At the end of the month, my revenues are converted from US-Dollar to Euro and they will transfer me about 75 Cent for every click.

The currency risk is limited to the time between Google's collection from Gierig and their payment to me, which should normally be about a month. If the price of the Dollar will keep decreasing drastically, then the 1000 Euro that Google will collect from Gierig will be worth more Dollars and therefore I will get more, too – in US-Dollars.