in five years the AU$ went from US$ 0.48c to 0.87c (2001 > 2006)
and by China and Japan[euro used] and by Chavez and Ahmadinejad to pay for oil...
"March 2007
The Scotsman reported that China's state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year. Iranian officials have said for months that more than half the OPEC member's customers switched their payment currency away from the dollar as Tehran seeks to diversify its reserves, but news of the Zhenrong change is the first outside confirmation. Japan have also announced that they would be willing to switch to Yen from US Dollars. Iran's central banker announced in March 2007 that Iran had cut its holding of U.S.-dollar assets to around 20% of its foreign reserves in response to U.S. hostility.
July 2007
Iran asked Japan to pay for its oil purchases in Japanese Yen.
September 2007
Japan's Nippon Oil has agreed to buy Iranian oil using yen."
Further to your point (which many may have missed), from what I read the (so-called) rising euro-dollar has for much of this century remained remarkable stable per barrel of oil. However it is that 'glass castle' the US$ which has plummeted in value when measured against the true universal financial arbiter, which is hydrocarbons
http://www.republic-news.org/archive...an_adleman.htm