Euro could fall to 85 cents against US dollar: Pro

Beyond euro-dollar parity

As analysts were waiting to see how fast the euro reaches parity against the U.S. dollar, one foreign exchange pro told CNBC he saw the common currency dropping even further, with the dollar strengthening another 20 percent.

George Saravelos, global co-head of FX research at Deutsche Bank, said the euro could fall to 85 U.S. cents against the greenback.

"The current account surplus is actually helping the euro to weaken," he said Wednesday in an interview with "Squawk on the Street."

"There's just too many savings in Europe, too much cash. When that's combined with what the ECB [European Central Bank] is doing, which is basically pushing extra liquidity in the system, charging for that liquidity, the only solution is for that capital to flow out of Europe."

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The euro traded around a 12-year low against the dollar on Wednesday and analysts were betting that party with the greenback would be reached soon. Wednesday morning the euro traded around $1.06.

The move comes as the European Central Bank began its quantitative easing program Monday in an effort to simulate the euro zone's economy.

"It's a once-in-a-century event, really. We've never had a period where the Fed is about to hike rates over the next few months while at the same time the second-biggest economic bloc of the world is engaging in an unprecedented QE with negative rates," Saravelos said.

Right now there are more foreigners invested in Europe than there are Europeans abroad, he said.

"That has to change. Europeans need to become a net creditor to the rest of the world. They need to buy a lot more foreign assets for that adjustment to be completed."

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