Those betting against the euro, because they believe the US economy will recover more quickly than Europe’s, are hearing some challenges to that view.

“The market seems to ignore that another economic stimulus package is associated with high costs and a rising budget deficit,” wrote strategists at Commerzbank. “The market only focuses on possible economic impacts.”

Also, “One can argue that Europe still has a long series of interest-rate cuts to go while the Fed is already closer to the bottom of the rate cycle,” said strategists at KBC Bank in Brussels. “The need for more financial support for the European banking sector is also often mentioned as negative factor for the single currency. To be honest, we're not convinced by that argument.”