Seeking Alpha

ProShares Ultra Euro ETF (ULE)

  • Nov. 7, 2013, 7:57 AM
    • The euro (FXE) dives more than 100 pips after the ECB somewhat unexpectedly cuts interest rates. The benchmark refinancing rate is cut 25 basis points to 0.25% and the marginal lending facility 25 basis points to 0.75%.
    • The stage had seemingly been set for a rate change with a very slow inflation report last week and then the central bank slashing its growth forecast for the EU this week, but a leak yesterday said there would be no move.
    • Down a bit earlier, European stock indices are now ahead by more than 1%. U.S. stock index futures also get a boost, the S&P 500 (SPY) now +0.4%.
    • ECB chief Mario Draghi's press conference begins at 8:30 ET.
    • European stock ETFs: VGK, FEZ, EPV, IEV, EZU, HEDJ, FEU, UPV, FEP, ADRU, FEEU, DBEU, FIEU.
    • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR.
    | Nov. 7, 2013, 7:57 AM | 7 Comments
  • Nov. 6, 2013, 10:13 AM
    • The euro pops about 40 pips as what was always a small chance of an ECB rate cut tomorrow is squelched. The ECB wants to avoid over-reacting to fast-changing economic signals, reports Bloomberg, citing a source who mentions the Fed's taper fiasco from September.
    • Amid these "signals" is a recent report showing an unexpectedly soft rate of European inflation. The European Commission yesterday slightly reduced its 2014 growth forecast for the eurozone.
    • The euro (FXE +0.5%) is buying $1.3540.
    • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR.
    | Nov. 6, 2013, 10:13 AM | Comment!
  • Nov. 6, 2013, 7:00 AM
    • German factory orders surged 3.3% on month in September, rebounding from a fall of 0.3% in August and slaying expectations for growth of 0.5%.
    • On year, orders jumped 7.9% after climbing 3.1% a month earlier.
    • Foreign bookings rose 6.8% in September, with eurozone demand climbing 9.7%, although domestic orders fell 1%. Still, foreign demand remains rather weak, Germany's Economy Ministry says. "The data confirm the picture of an increasingly domestically driven economic recovery."
    • The data adds to PMI readings that show continued growth in overall German business activity.
    • The euro spikes and is +0.2% vs the dollar, while the Dax is +0.4%.
    | Nov. 6, 2013, 7:00 AM | Comment!
  • Nov. 1, 2013, 11:41 AM
    • Boosted earlier in the week by a slow European inflation print, the dollar (UUP +0.6%) continues a nice run following a (barely) hawkish Fed Wednesday, and strong regional and national manufacturing data yesterday and today.
    • The biggest move has come against the euro (FXE), where ECB rate cut hopes arise after EU annual CPI came in at just 0.7% in October vs. consensus 1.1%. Core CPI of 0.8% fell from 1% previously. Pushing $1.40 and having the bears avoiding margin clerks one week ago, the euro now is buying just $1.3485.
    • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR.
    • Dollar ETFs: UUPT, UDN, UDNT.
    | Nov. 1, 2013, 11:41 AM | Comment!
  • Oct. 25, 2013, 5:38 AM
    | Oct. 25, 2013, 5:38 AM | Comment!
  • Oct. 24, 2013, 2:44 AM
    • The euro has risen above $1.38 for the first time since November 2011 and is +0.4% at $1.3817, with the dollar continuing to be dragged down by expectations that the Fed will delay tapering its QE program until next year.
    • The U.S. dollar index is -0.2%.
    | Oct. 24, 2013, 2:44 AM | Comment!
  • Oct. 2, 2013, 8:52 AM
    • Euro area growth risks remain on the downside, says Mario Draghi at his press conference (webcast) following the ECB decision to leave policy unchanged. The most recent signs points to a somewhat weaker economy in Q3, he adds.
    • In other comments, Draghi says there was a discussion of a rate cut and gives a nod towards a euro acting somewhat strong of late, saying the exchange rate is important for the growth outlook. He says he's "closely monitoring."
    • For whatever reason, the euro (FXE) moves higher as the press conference moves on, now +0.3% at $1.3570.
    • Other euro ETFs: ERO, ULE, URR, EUO, DRR, EUFX.
    | Oct. 2, 2013, 8:52 AM | Comment!
  • Aug. 28, 2013, 7:38 AM
    | Aug. 28, 2013, 7:38 AM | 1 Comment
  • Aug. 27, 2013, 7:49 AM
    | Aug. 27, 2013, 7:49 AM | 4 Comments
  • Aug. 14, 2013, 2:09 AM
    | Aug. 14, 2013, 2:09 AM | Comment!
  • Jun. 21, 2013, 8:43 AM
    Sizable pre-open gains in stock index futures melt away with the crumbling of Greece's ruling coalition as good of an excuse as any for selling. Just like the old days: The euro (FXE) quickly slips about 70 pips and the Stoxx 50 (FEZ) drops 1%, now flat on the session. S&P 500 (SPY) futures +0.25%.
    | Jun. 21, 2013, 8:43 AM | 2 Comments
  • Jun. 6, 2013, 10:55 AM
    Europe turns decidedly lower, the Stoxx 50 now off 0.8% following Mario Draghi's press conference, with markets perhaps deciding to punish his somewhat smug performance: "OMT has probably been the most successful monetary measure for some time." - a curious statement considering it doesn't yet exist and Draghi admitted the legal paperwork isn't complete. Leading to the downside is Italy (EWI), tumbling 2.3%. The euro (FXE) continues to rise, +0.7% to $1.3182.
    | Jun. 6, 2013, 10:55 AM | 1 Comment
  • May 16, 2013, 11:34 AM
    The euro tumbles about 30 pips as European Industry Commissioner Antonio Tajani tabs the currency as too strong and calls on the ECB to manage its level to better-help exports. FXE now up just 0.1%.
    | May 16, 2013, 11:34 AM | Comment!
  • May 6, 2013, 10:44 AM
    The euro (FXE -0.4%) tumbles as Mario Draghi - in prepared remarks in Rome - says the ECB is ready to act again in coming weeks. The comments are not a whole lot different than what he said post-rate cut at his press conference last Thursday.
    | May 6, 2013, 10:44 AM | 1 Comment
  • May 2, 2013, 9:16 AM
    It tells you all you need to know, says Danske's Owen Callan, that the ECB would consider negative deposit rates rather than buying government paper. Draghi saying he has an "open mind" on negative deposit rates looks to be what sent the euro tumbling about 100 pips on one 5-minute bar. FXE -0.6% premarket.
    | May 2, 2013, 9:16 AM | 5 Comments
  • May 2, 2013, 9:07 AM
    "There was a very strong prevailing consensus towards an interest rate cut," says Draghi, now taking questions at his press conference. The answer suggests the vote wasn't unanimous (Weidmann?). As Draghi points to higher stock prices as one measure of the ECB's success, markets turn tail, the Stoxx 50 (FEZ) now off 0.5%, and the euro (FXE) really tumbling, -0.8%.
    | May 2, 2013, 9:07 AM | 1 Comment
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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