Galy

"As soon as people think the debt crisis in Europe is over, they are going to buy euros like crazy," said Sébastien Galy , a currencies analyst at Société Générale in London.

Euro Tells a Tale of Disdain for Dollar 2011

Mr. Galy recently joked that he had been told by a student in a class he teaches that the parity call had been a contrarian signal to buy euros.

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For now, what it means is that the Australian currency's highly sensitive correlation to investor risk sentiment has broken down, Mr. Galy said.

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Mr. Galy expects the euro to push as high as $1.50 within three to four months.

Euro Tells a Tale of Disdain for Dollar 2011

"The market is rethinking the Reserve Bank of Australia's outlook and the Australian dollar has its mojo back," said Sebastien Galy , a currency strategist at Societe Generale in London.

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"As the spreads go out, that triggers automatic selling in the euro," said Sebastien Galy , senior currency strategist at Société Générale in London.

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Mr. Galy expects the euro to push as high as $1.50 within three to four months.

Euro Tells a Tale of Disdain for Dollar 2011

But Mr. Galy, like other market watchers, points out that with resource-rich Australia's dollar holding its strongest levels against the greenback since 1983, the burden the debt crisis has placed on the euro is clear to see.

Euro Tells a Tale of Disdain for Dollar 2011

"As soon as people think the debt crisis in Europe is over, they are going to buy euros like crazy," said Sébastien Galy , a currencies analyst at Société Générale in London.

Euro Tells a Tale of Disdain for Dollar 2011

But Mr. Galy, like other market watchers, points out that with resource-rich Australia's dollar holding its strongest levels against the greenback since 1983, the burden the debt crisis has placed on the euro is clear to see.

Euro Tells a Tale of Disdain for Dollar 2011