The volatility in the euro since the start of Europe's debt crisis has made it a big target during market selloffs and has led several strategists to predict that the single currency would fall to parity against the U.S. dollar this year.
The euro has fallen more than 12 percent since hitting a peak of $1.49 in May 2011, facing pressure on worries over a resolution to the euro zone debt crisis and fears of contagion spreading to stronger bloc nations. Despite seeing dramatic fluctuations in trade from negative economic news out of Europe, the single currency still remains resilient at around $1.30 at the end of the year - nowhere near the calls to parity made by market watchers.
In March, economist Nouriel Roubini had said the euro needs to sink to parity with the U.S. dollar in order to restore growth in Europe's peripheral economies. However, analysts have argued that a euro collapse would be bad news for major economies like the U.S. and China, because their exporters would face stiff competition from European counterparts.