Marc Faber, publisher of "The Gloom, Boom & Doom Report," sees a rebound in the euro to 1.40 before further weakness sets in.

"In general, the euro will weaken further against the U.S. dollar — not that there is anything good about the U.S. dollar — it is just that at the moment, it is less bad," he said.

"The dollar should correct after recent outperformance," Faber told CNBC.

However, Faber doesn’t think that the dollar will sink to a new low.

“The dollar bottomed out at 1.51 against the euro,” he says. “Now we are at 1.34 — we can retrace around 4 to 5 percent maximum and that the dollar will then probably strengthen.”

Faber also notes that both the dollar and the euro have been weak against gold.

“Since November of last year, we had a correction also in gold prices and then on February 5, like the S&P, we bottomed out in gold at $1,045 per ounce,” he points out.

“Against gold all paper currencies will continue to depreciate over time.”