The euro’s surge is vindicating the handful of strategists who argued against calls for the single currency to fall to parity with the dollar.

A pullback in the dollar accelerated Wednesday, as two of its biggest counterparts, the euro and the Japanese yen, surged. The WSJ Dollar Index recently stood 0.65% lower at 99.81. That put the index on course for its lowest close since Nov.

The biggest three-day rally in the euro in over two years has sent analysts scrambling to rewrite their forecasts for the currency, as a surge in European spending and signs of a weakening U.S. economy dampens chatter about a fall to $1.

The pound extended a slide against the euro on Thursday, dropping to its weakest level since January as the single currency benefited from an improving growth outlook after Germany announced plans to massively boost fiscal spending.

Germany will unlock hundreds of billions of euros for defense and infrastructure investments in a dramatic shift that upends its ironclad controls on government borrowing.