Yes, the SW email is in euros... and the Paypal email and balance you get is in dollars. Everything here is USD based, markups are paid in dollars, per cm3 is tied to dollars, shipping in dollars, etc. All the other currencies are secondary (fluctuating exchange) or tertiary (not supported). Before summer Shapeways accepted USD as payment, now it just forces people into one or another currency.
Some numbers, based in exchange rates from a couple of weeks ago:
You earn 103.63 from markups or from designing models or from Ebay or whatever, SW related or not. Paypal does not force you to convert currency until needed, they will just keep their fee (3.5%); you end with exactly 100 dollars in your account (which will simplify the maths). Then you want to invest in new models at SW. You know, "print one to test, take photos, promote it" etc. If you are in a non-euro forced location, you have the full 100 dolars to spend. Fine.
But if you are in one of the euro forced places, Paypal will give you 73.53 euros, at the rate of 1.36, for the 100 dollars in you account. And SW will apply 1.297 as ratio when billing, which means it's like if you only had 95.39 dollars. If you live in the "wrong" place, you just lost more than 4 dollars, for nothing. Yeah, peanuts, but peanut after peanut, you get a truck load of discarded peanuts "just because this one was in the wrong side of the bag".