Over recent weeks, the euro has been driven by ongoing wranglings between Greece and its creditors. Negotiations came to a head on Wednesday, as both sides struggled to agree on reforms needed to secure further aid from international creditors. Without a cash-for-reforms deal, Greece is expected to default on its debt, raising the risk of a hasty exit from the single-currency club.
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But although Greece is in focus right now for the euro, attention is turning to the U.S. Federal Reserve, Michala Marcussen, global head of economics at Societe Generale Corporate & Investment Banking (SGCIB) told CNBC's "Squawk Box Europe."
"Ultimately we think the relative stance of monetary policy is going to be one of the most important drivers of euro/dollar over the coming months," she said. "And in that context we do think euro/dollar could come back and start testing parity at some point in time."
A move to the one-to-one level against the dollar, widely seen as likely when the euro fell below $1.05 in March, would imply a fall of over 10 percent from current levels.
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