EUR/USD: still parity by year-end

Assuming US data will improve in H2, the Fed will start hiking rates in September, the ECB will push against the recent sell-off in rates, inflation will remain below the ECB's target path, and the market will start expecting the ECB to continue with QE after September 2016.

"Marked-to market Q3 EUR/USD projection, is expected 1.05 from 1.02, but end-year projection is kept to 1.00", says Bank of America. 

At the same time, the Fed is expected to push against any strengthening of the USD that goes beyond what data would justify. Grexit is not expected by BoA, but they believe that Greek risks will continue weighing on the Euro, with Grexit risks increasing as long as Greece remains in a grey zone.