Is Apple aware of exchange rates?

Apple computers and all the accessories have always been more expensive in Europe than in the US. Once Apple computers were way more expensive than an unbranded PC, but they used different technologies and it was hard to make a real comparison. Today Apple computers are running Intel chips, IDE hard drives, have USB ports and most of the hardware is the same. Prices in the US have dropped and are not aligned with Dell and HP.
In Italy and in Europe they are still way more expensive. Prices are the apparently the same, what in the US costs 1199 USD, will cost you 1199 Euro in Europe (see the iMac’s). What strikes me is that today, 1 Euro is worth almost 1.4 US Dollars, so something that costs 1000 Dollars in the US should cost less than 750 Euro here!
The latest example of this is the iPhone that was just launched in the UK, it costs 269 Pounds that are about 390 Euro and also about 545 USD! Once again, the price in USD and Euro is the same it’s just that they are not the same currency.