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Euro bounces from overnight tumble

Jun. 29, 2015 8:25 AM ETFXE, FXF, ERO-OLD, URR, DRR, ULE, EUO, EUFXBy: Stephen Alpher, SA News Editor5 Comments
  • The euro (NYSEARCA:FXE) knee-jerked lower by 1.5% on Sunday night after Greece shut its banks and stock market, and imposed capital controls, but has now recouped nearly all of that decline.
  • Other asset markets - namely stocks and interest rates - are showing no such reversal.
  • Behind the move in the euro is the Swiss National Bank intervening to prevent appreciation of the franc (NYSEARCA:FXF), which is now just marginally higher on the session.
  • “It is currently a very difficult situation and we are observing developments very closely,” says SNB cheif Thomas Jordon, speaking at a conference. He declined to give details about the size of the bank's intervention, the first such move since the SNB in January threw in the towel on its floor on euro/franc.
  • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR

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