You are right. Hedging for now. But down the road, unless we fix our massive deficits, it could turn into a full-fledged route.
The Euro's appreciation (dollars depreciation) has lowered any debt incurred at the beginning (strong dollar portion) of the cycle by a proportionate amount. A lower dollar also increases American manufacturer's competitiveness globally on average. It's kind of a double edged sword and historically speaking the Euro is too young of a currency to say whether this is normal or not.
funny, a lower dollar is perfect for that.
Maybe even a rout!