ProShares Ultra Euro ETF (ULE) - NYSEARCA
  • Apr. 18, 2012, 9:39 AM

    "Our monetary policy is very expansionary," says the ECB's Jens Weidmann, "fill(ed) with concern" over calls to give the bank a Fed-like dual mandate. The best way to ensure growth in the EU is to deliver stable prices, he says. The ink is barely dry on LTRO 2 and already there are "calls for a 3rd or 4th round," he says (shaking his head, one might imagine).

    | Apr. 18, 2012, 9:39 AM | 1 Comment
  • Apr. 18, 2012, 9:24 AM

    The IMF warns of a EU credit crunch, expecting the region's banks to shed €2.6T in assets by 2013's end. This could reduce the area's credit supply by 4.4% and cause a hit to GDP of 1.4%. (Global Financial Stability Report) A press conference discussing the release here.

    | Apr. 18, 2012, 9:24 AM | 5 Comments
  • Apr. 18, 2012, 8:57 AM

    Defense of the minimum rate (for euro/Swiss franc) is an absolute priority, says the SNB's Thomas Jordan, after his move from interim Chairman to Chairman. He says the franc remains overvalued, but refuses comment on a further lifting of the CHF 1.20 floor. EURCHF promptly sheds a few pips back to 1.2026.

    | Apr. 18, 2012, 8:57 AM
  • Apr. 18, 2012, 8:07 AM

    Thomas Jordan is officially appointed as Chairman of the SNB. He had been interim chief since January when Phillip Hildebrand stepped down amidst details of his wife currency trading. Jordan is a strong proponent of the bank's hard ceiling on the swissie's strength.

    | Apr. 18, 2012, 8:07 AM
  • Apr. 18, 2012, 7:48 AM

    The battleground euro/Swiss franc cross pops a bit higher on news the Swiss finmin is to hold a briefing at 8:15 ET. It's likely not an announcement of a hike in CHF 1.20 floor, but maybe instead to talk about the SNB's new code of conduct guidelines. EURCHF at 1.2025.

    | Apr. 18, 2012, 7:48 AM
  • Apr. 17, 2012, 3:20 PM
    John Paulson's short of Europe just got a bit more interesting. He reportedly is short EU sovereign debt, but the FT reports it's German paper he's shorting as he believes the eurozone debt crisis will deepen enough to threaten that stolid stalwart's creditworthiness. Now that's a contrarian play worthy of the man behind The Greatest Trade Ever.
    | Apr. 17, 2012, 3:20 PM | 6 Comments
  • Apr. 17, 2012, 12:25 PM

    Following the news forces one to acknowledge, but hopefully not take seriously these deficit/GDP targets and projections (I, II). Their import, however, may be in their political statement, and perhaps it's no more than coincidence the IMF releases worrisome figures for Spain and Italy on the same day it's calling for easier monetary policy from the ECB.

    | Apr. 17, 2012, 12:25 PM | 3 Comments
  • Apr. 17, 2012, 10:34 AM

    The IMF calls on the ECB to lower interest rates and continue using unconventional policies (i.e., loaning freshly printed euros for suspect collateral). Olivier Blanchard - the Fund's chief economist - says he's unconcerned with German inflation worries, and the nation needs to think of the entirety of the EMU, not just itself. (earlier)

    | Apr. 17, 2012, 10:34 AM
  • Apr. 16, 2012, 3:39 PM

    John Paulson tells his investors he's shorting European sovereign debt and buying CDS on same, according to a source. The position shouldn't be too much of a surprise as his views on the euro - "structurally flawed" and destined to fall apart - were made clear earlier this year.

    | Apr. 16, 2012, 3:39 PM | 2 Comments
  • Apr. 16, 2012, 9:42 AM

    The ECB held out for at least another week, reporting no purchases of sovereign debt under its SMP for the 7 days ended April 13. That makes it nearly 3 months of inactivity for the bond buy program.

    | Apr. 16, 2012, 9:42 AM
  • Apr. 16, 2012, 8:04 AM

    Thomas Jordan is expected to be confirmed as SNB President this this week. He has been interim chief since January when Philipp Hildebrand quit after his wife's currency dealings were detailed. Jordan is a strong proponent of and maybe even the architect behind the CHF 1.20 floor on the euro/franc price.

    | Apr. 16, 2012, 8:04 AM
  • Apr. 16, 2012, 7:13 AM

    In serious trouble ahead of elections, French President Sarkozy breaks with Germany, calling to expand the ECB's role from that of price stability to also promoting growth (a la the Fed). Germany quickly fires back: "The German position on the ECB and its independent role is known and is also known in Paris," says a spokesman for Angela Merkel.

    | Apr. 16, 2012, 7:13 AM | 1 Comment
  • Apr. 16, 2012, 5:53 AM
    With Spanish 10-year bond yields topping 6% - they're now +15 bps at 6.13% - and Italian yields also surging, EU officials are due to travel to Washington this week looking for a larger war chest to fight the eurozone's debt crisis. While Japan might offer $60B, the U.S. has until now insisted that the EU can use its own resources.
    | Apr. 16, 2012, 5:53 AM | 2 Comments
  • Apr. 13, 2012, 3:59 PM
    "They are out of their tiny little minds ... (it) can only end in failure," says Jim Trott of the SNB and its announced 1.20 floor vs. euro. Trott was the chief dealer for the BoE in 1992 when it failed to hold its floor against the Deutsche mark. It's a different dynamic here as the Swiss are trying to keep the franc from strengthening vs. the Brits who were defending the pound. Still, the market is way bigger than the SNB.
    | Apr. 13, 2012, 3:59 PM
  • Apr. 13, 2012, 1:10 PM

    Could the U.K. take a page from the Swiss and put a floor under the euro/sterling cross? With the economy possibly sunk back into recession and no room for fiscal stimulus, a weaker pound may be the only way left to ease policy, writes Ambrose Evans-Pritchard.

    | Apr. 13, 2012, 1:10 PM | 1 Comment
  • Apr. 13, 2012, 12:37 PM

    It's emerging market money propping up the euro, suggests Nomura's Jens Nordvig, as those countries, particularly China, recycle their reserves into the common currency. China's Q1 recently released reserve data added to other information from oil exporters paint a complete picture of a rebound in euro accumulation, he says.

    | Apr. 13, 2012, 12:37 PM
ULE Description
ProShares Ultra Euro seeks daily investment results, before fees and expenses, that correspond to twice (200%) the U.S. Dollar price of the Euro.
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