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Resurgent oil prices hurting a deteriorating economy and renewed concerns about Italy's fiscal position mean headwinds for the euro are getting stronger, raising the risk of a move back towards the psychologically key $1 marker. The euro is especially vulnerable to rising oil prices, with net imports accounting for over 90% of oil products available in the European Union. "High oil prices are weighing on the euro area's terms of trade, and if oil prices move above $100 per barrel to $110 per barrel we think it will be difficult for the euro to avoid parity," said Nomura's G10 FX strategist Jordan Rochester.

Noord hollandCity ofUnited kingdomUnited statesFrancesco pesoleJens eisenschmidtAthanasios vamvakidisDhara ranasingheChristina fincherGilles moecAlun johnYoruk bahceliFederal reserveMorgan stanleyEuropean unionEuropean central bank