I think the dollar/euro will peak at $1.50 but then quickly recover. Europe cannot stand Euro to stay this high long time, and the rate hiking and lowering is a big problem. There are countries now in so different levels of development that a common rate to all is unsustainable. It creates already now disagreement between the countries. The European Council has very difficult to get the nations to agree about any bigger achievements.
Dollar is and will be the global currency. All commodities are priced in dollar - could not think about any change to that. And the financial industry - in major of transactions dollar is the other part. There is no other currency big enough to handle all this. By letting dollar fall too much, all these players are shooting their own foot. I think the central bankers will do all they can to stabilize the dollar and keep it as the global currency, which is absolutely needed. Can't think that gold is priced in 10 different currencies.