Goldman Sachs analysts expect the U.S. dollar to hit parity with the euro by September, the firm said in a research note Friday.
Goldman’s 12-month outlook for the euro has been dropped to 95 cents from $1.08. Looking further out, the analysts project the euro down to 80 cents by the end of 2017.
“We continue to believe that euro/dollar will significantly undershoot…reflecting diverging growth and monetary policy outlooks,” Goldman said according to the Financial Times.
With the Federal Reserve seen starting a tightening cycle by raising interest rates in June, the dollar has been on a tear versus its major counterparts, jumping to a 12-year peak near $1.05 against the downtrodden euro earlier this week.
While the U.S. economy is humming, the euro zone continues to grapple with existential threats to the single currency. Germany has been straining to carry the weight of its profligate neighbors, and deflation remains a major concern despite the European Central Bank’s unprecedented bond-buying plan.
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