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Thursday, April 4, 11:41 AM Europe (FEZ, VGK, EZU) gives up a sizable early pop (following the BOJ) to close with solid losses. Leading is the FTSE (EWU) -1.1% as it appears the lame-duck leadership of the BOE is going to pass the baton to Mark Carney in July before further stimulus is forthcoming. The euro (FXE) is on a wild ride - plummeting as Draghi started his press conference only to gain it all back and more as the ECB chief said there are limits to what the central bank can do. Comment! [Global & FX]
Thursday, April 4, 8:43 AM ECB President Mario Draghi's press conference is underway and he opens saying risks to the economic outlook are to the downside and policy will stay accommodative as long as necessary. The euro goes whoosh, diving more than 60 pips to $1.2783. FXE -0.5% premarket. 1 Comment [Global & FX, Breaking News]
Tuesday, April 2, 12:13 PM Slovenia next? The eurozone state has its own wobbly economy and banking system and the government is working on a plan to help both in order to stave off a bailout. "Contagion starts small," says David Kotok. "In the Cyprus affair, we observe a defeat of the concept behind the eurozone ... Euro sickness is coming to a head. Capital controls are the death of a country, currency, and economy." Comment! [Global & FX]
Wednesday, March 27, 8:06 AM The euro's (FXE) continued sharp decline - off nearly 10 big numbers since early February - has the bears feeling their oats. Guggenheim's Scott Minerd - burned badly shorting the common currency in 2011 - says he got short again at $1.34 and sees the euro going to parity with the greenback as the ECB will eventually have to buy up peripheral government debt. 1 Comment [Global & FX, On the Move]
Tuesday, March 26, 7:40 AM "At no point is it possible to bail-in depositors below €100K, now or in the future," Reuters reports an EU Commission statement as saying (never mind this is precisely what was attempted in Cyprus last week). It's not our job to evaluate Dijsselbloem's comments on Cyprus, the EU adds. "Dijsselbloem was wrong," says the ECB's Benoit Coeure. "Cyprus isn't a model." 9 Comments [Global & FX]
Monday, March 25, 10:37 AM "Cyprus is a casino economy that was on the brink of bankruptcy," says French finmin Moscovici, rebutting those who would say the bailout is strangling the nation's citizens. Turning to his own economy, he says it will be hard for France to meet the EU deficit rule in 2013. The euro (FXE -0.6%) falls even further on the comments, and the post-bailout rally fades further. Stoxx 50 is barely green with Italy -1.6%, Spain -0.5%. SPY +0.2%. 2 Comments [Global & FX]
Friday, March 22, 3:12 PM There's no chance Germany lets Cyprus default, says Cullen Roche in a wonderful twitter rant. A default means a quick economic bust, but also a return to a now "super-competitive" currency, at which point the Greeks gaze across the water and realize what a great idea this is. This will be followed by the Portuguese, the Spaniards, and the Italians. There goes the German trade surplus. Something to think about before reflexively reaching to sell euros every time bad news hits. 12 Comments [Global & FX]
Friday, March 22, 10:58 AM The ECB has reportedly rejected the Cypriot bank resolution plan now making its way through Parliament. European stocks are giving up gains, with the Stoxx 50 (FEZ) is back to near flat. The euro slides a few pips, but remains nicely higher on the session. FXE +0.6%. Comment! [Breaking News, Global & FX]
Tuesday, March 19, 3:18 PM The bailout rejected, what's next for Cyprus? Open Europe suggests the EU will allow a few days for Cypriot MPs to get their minds right before the ECB thinks about cutting off funding for the country's banks (which would lead to their collapse). Or not. Reuters' Anatole Kaletsky notes the ECB needs two-thirds of its board to cut off ELA funding, and the Germans don't have the votes. "Time to get bullish ... German U-turn ahead!" 126 Comments [Global & FX]
Tuesday, March 19, 7:23 AM The EU's decision to impose losses on Cyprus bank depositors may be the moment when the eurozone finally took a big step towards ultimate recovery, writes contrarian-minded Simon Nixon. The message sent is the burden of tackling unsustainable debts will fall on a country's creditors rather than be passed to other members. It's probably the same thing Paulson thought when he let Lehman go. 3 Comments [Global & FX]
Monday, March 18, 7:27 AM "The Cypriot package reinforces the fact that existing deposit guarantee schemes are only as strong as the sovereign which backs them; something which is unlikely to go unnoticed in the rest of the region," writes JPMorgan, nearly capsulizing the contagion concern. It's an "uncomfortable precedent" for the longer-term, writes Goldman. The euro (FXE) -1%, but about 70 pips off the overnight lows. 1 Comment [Global & FX]
Monday, March 18, 2:57 AM Asian shares fall sharply following news of the raid on bank deposits in Cyprus as part of the island's bailout. The planned move also sends the euro and oil lower, while the yen regains its safe-haven status. Japan -2.7%, Hong Kong -2.4%, China -1.5%, India -0.9%. Euro -1.3% vs the dollar, -1.3% vs the pound, -2.2% vs the yen and -0.6% vs the Swiss franc. The yen is also +0.9% vs the dollar. WTI -1.2%, gold +0.3%. Comment! [Global & FX, Top Stories, On the Move]
Sunday, March 17, 7:30 PM Crisis on. S&P 500 futures -1% and the euro -1.2% as Brussels "faced with a drowning member state, instead of throwing the Cypriot people a lifebuoy, (throws) a millstone around its neck." EU leaders risk triggering bank runs in Cyprus (and elsewhere?) by going after bank depositors to fund the country's bank bailout. 117 Comments [Global & FX, Top Stories, On the Move]
Friday, March 8, 7:48 AM The EU core needs higher inflation, says IMF chief Lagarde, urging the ECB to cut rates further. "Restoring a sense of balance ... might mean allowing somewhat higher inflation and wage growth in countries like Germany." The euro (FXE) gives up 30 pips, now flat on the session at $1.3104. 1 Comment [Global & FX]
Thursday, March 7, 8:45 AM Draghi: Risks remain to the downside, he says, announcing cuts to the ECB's EU GDP growth (or contraction) forecasts for 2013 and 2014. The euro (FXE) shoots higher, now +0.7% at $1.3058. Go figure. 2 Comments [Global & FX, On the Move]
Thursday, March 7, 7:52 AM Europe sheds some gains after the ECB keeps policy on hold, even though the decision was expected. The Stoxx 50 (FEZ) +0.2%. The euro (FXE) meanwhile adds to its gains, +0.4% at $1.3018. Comment! [Global & FX]

EUFX ProShares Short Euro ETF

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ProShares Short Euro ETF