Maybe in the short run; markets don't like uncertainty, and the average currency trader probably doesn't understand that the EU constitution's objectives can easily be accomplished with or without ratification. (The EU was built on a foundation of treaties, agreements, and legislation; if the constitution isn't ratified, we'll just see more of the same.)
For the foreseeable future, I'd put more faith in the euro than in the U.S. dollar, given the current U.S. regime's ballooning deficits and negative balance of trade. The dollar would be in even worse shape than it is if foreign investors (who are financing the deficits) didn't need to keep the dollar shored up to protect their investments.
Still, what does any of this have to do with living in India? Or with AdSense, for that matter? If we're going to talk about currencies, shouldn't we be discussing the rupee? :-)