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ProShares Short Euro ETF (EUFX)

- NYSEARCA
  • May 15, 2014, 2:08 AM
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  • May 13, 2014, 7:11 AM
    • Germany's Bundesbank is willing to support significant ECB stimulus if the latter's inflation forecasts for the period through 2016 are lowered, the WSJ reports.
    • Measures could include a negative rate on bank deposits and purchases of packaged bank loans as the Bundesbank lends its weight to the battle to stop low inflation becoming permanent and even becoming deflation. However, the bank is still resistant to large-scale purchases of public and private debt.
    • Still, the Bundesbank's readiness to counter stimulus marks a departure from its traditionally strong opposition to such action.
    • ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, EU, EPV, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, FEEU, URR, EURL, EURZ, FIEU, DBEU
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  • May 9, 2014, 2:09 AM
    • Germany's exports fell 1.8% on month in March after dropping 1.3% in February and missed forecasts for a rise of 1%.
    • Imports declined 0.9% vs +0.4% and +0.5%.
    • The trade surplus slipped to €14.8B from €15.8B and missed consensus of €16.6B.
    • The current account surplus increased to €19.5B from €13.8B.
    • The euro gives back earlier gains and is flat at $1.38349, while DAX futures are +0.1%. (PR)
    • ETFs: FXE, EUO, EWG, ERO, DRR, BUND, EWGS, EUFX, ULE, GERJ, DBGR, BUNL, DXGE, URR, FGM, BUNT, GGOV
    | 1 Comment
  • May 8, 2014, 9:37 AM
    • The euro slides from its highest level in two years after ECB President Draghi - speaking at the post-policy meeting press conference - says board members are comfortable taking additional policy action in June if necessary.
    • Nearly touching $1.40 to the dollar following the ECB standing pat at this month's meeting earlier today, the euro has tumbled back to $1.3890.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
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  • May 8, 2014, 7:55 AM
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  • May 6, 2014, 12:27 PM
    • Germany's growth premium in comparison to Europe is shrinking, impacting 25% of Germany’s equity market revenues, says global equity strategist Andrew Garthwaite, moving to a benchmark weighting in German stocks from overweight.
    • He also notes the country's competitiveness and funding-cost advantages are on decline, and it has three times more export exposure to China than Europe as a whole.
    • German's DAX 30 Index closed -0.7% today.
    • German ETFs: EWG, BUND, EWGS, DBGR, GERJ, DXGE, BUNL, FGM, BUNT, GGOV, HEWG
    • France, on the other hand, is moved to overweight as a play on ECB launching QE. "Bond spreads are consistent with outperformance, and France stands to benefit more than Germany from any ECB easing," says Garthwaite.
    • P/E valuations are 5% below average, and 75% of the companies in CAC 40 have restructuring potential, he says.
    • Particularly cheap are the French banks: CRARY, SCGLY, BNPZY. Also looking good: Renault (RNSDF), AXA (AXAHY -1.6%), and Total (TOT -0.4%).
    • The CAC 40 closed -0.8% today.
    • French ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
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  • May 5, 2014, 5:26 AM
    • The European Commission expects eurozone GDP to grow 1.2% this year and 1.7% in 2015 following two consecutive years of contraction. However, the 2015 prediction is down from a prior forecast of 1.8%.
    • On the other hand, the EC upgraded its outlook for Spain to growth of 2.1% next year from a previous estimate of 1.7%.
    • "Overall, the outlook has improved, but it remains conditional on continued credible action on several fronts at national and EU levels," says the EC's Marco Buti.
    • The modest growth in the eurozone will help unemployment fall to 11.8% in 2014 and 11.4% in 2015 from 12% in 2013, the EC said.
    • The commission cut its inflation forecast to 0.8% this year and 1.2% next year - the ECB's target is just under 2% - but it believes that the probability of deflation is low.
    • The euro is +0.05% at $1.3876.
    • ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, EU, EPV, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, FEEU, URR, EURL, EURZ, DBEU, FIEU
    | 2 Comments
  • May 2, 2014, 10:32 AM
    • "There ETFs could skew HARD (usually higher) away from NAV," warns Stifel's Dave Lutz. ProShares this morning has suspended the ability to buy new units in the following ETFs: UCD, CMD, BOIL, KOLD, GDAY, CROC, ULE, EUFX, YCL, SVXY, and VIXM, "pending the effectiveness of a post-effective amendment to the funds’ registration statement."
    • Brendan Conway notes any moves higher - should they occur - would likely be temporary, noting something similar happened in a VelocityShares product two years ago.
    | 4 Comments
  • May 2, 2014, 5:35 AM
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  • May 2, 2014, 4:20 AM
    • Eurozone manufacturing PMI increased to 53.4 (flash 53.3) in April from 53 in March.
    • All the nations covered indicated factory sector growth, which, says Markit "highlights how the recovery is becoming more broad-based."
    • German growth accelerated, while Irish PMI hit a 38-month high and that of Italy a 36-month high, with exports out of Spain and Italy growing strongly. In contrast, France's export performance was mediocre.
    • The euro is -0.1% at €1.3856. (PR)
    • ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, EU, EPV, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, URR, FEEU, EURL, EURZ, DBEU, FIEU
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  • Apr. 23, 2014, 4:17 AM
    • Eurozone flash manufacturing PMI has increased to 53.3 in April from 53 in March and topped consensus that was also 53.
    • Services has risen to a 34-month high of 53.1 from 52.2 and vs 52.4.
    • Composite output has climbed to a 35-month high of 54 from 53.1 and vs 53.1.
    • Manufacturing output has increased to 56.5 from 55.6.
    • The growth was led by Germany, while France stabilized.
    • The data indicates that eurozone GDP is on course to rise 0.5% in Q2 following 0.4% growth in Q1.
    • The bloc experienced a return to job creation, says Markit, suggesting that companies believe "that the recovery has legs and is looking increasingly sustainable." However, Markit warns of "growing fears that deflationary pressures are intensifying."
    • The euro rises further, having gained a boost from German PMI, and is +0.25% at $1.3839. (PR)
    • ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, EU, EPV, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, FEEU, URR, EURL, EURZ, DBEU, FIEU
    | 1 Comment
  • Apr. 22, 2014, 1:34 PM
    • The odds of unsterilized large-scale asset purchases - i.e., LSAPs, i.e., QE - from the ECB have pushed past 50:50 says Citi;s Guillaume Menuet, and the program could begin as early as September.
    • How? Citi's team expects the ECB to buy both public and private-asset classes, with a majority likely to be things like sovereign bonds. As for size, Citi sees a bare minimum being €1T. This compares to the BoE's £375B program and the Fed's current pace (amid the taper) of $55B per month.
    • Don't look for action before September, though, says Menuet, as the ECB will likely wait and see if easing at the June meeting begins to do the trick of bringing inflation back up towards its 2% target. Will it work? "While it will likely be on a scale large enough to excite financial markets, we are doubtful it will be on a scale large enough to transform the economic outlook from an extended period of low inflation and low interest rates.”
    • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    • European equity ETFs: VGK, FEZ, DFE, IEV, EPV, EZU, HEDJ, GXF, GUR, FEU, ESR, FDD, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, FIEU
    | Comment!
  • Apr. 22, 2014, 5:09 AM
    • Eurozone construction output slowed to +0.1% on month in February from +1.5% in January.
    • On year, output +6.7% vs +8.8%.
    • The euro is +0.1% at $1.3806. (PR)
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, IFEU, URR
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  • Apr. 14, 2014, 5:06 AM
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  • Apr. 13, 2014, 4:50 AM
    • The continued strengthening of the euro "would require further monetary policy accommodation," ECB President Mario Draghi has said. "That's an important dimension for our price stability."
    • Draghi's comments came at a meeting of the IMF and after the euro has increased 6% over the past year to $1.3885.
    • Draghi said that the euro's strength has been an important factor in causing eurozone inflation to drop to 0.5% on year.
    • CPI is even negative in some parts of the bloc, sparking increasing concerns about deflation and prompting the ECB to discuss unconventional policy such as quantitative easing.
    • Meanwhile, German Finance Minister Wolfgang Schaeuble and Bundesbank President Jens Weidmann have tried to talk markets out of being overly excited that the eurozone crisis is over. "It's good that markets have become more confident again," said Schaeuble. "But I've said that in parts they're already exaggerating again."
    • ETFs: FXE, VGK, EUO, FEZ, ERO, EU, IEV, EPV, EUFN, EZU, HEDJ, DRR, FEU, FEP, UPV, EUFX, ULE, ADRU, URR, FEEU, EURL, EURZ, DBEU, FIEU
    | 5 Comments
  • Apr. 9, 2014, 2:21 PM
    • The greenback hits session lows across the board following the dovish tilt to the FOMC minutes, with the takeaway being members seemed in less of a hurry to hike rates than the spin following the policy statement and Yellen press conference that day in mid-March.
    • Higher on the session are the euro (FXE +0.4%), pound (FXB +0.1%), swissie (FXF +0.1%), aussie (FXA +0.2%), and loonie (FXC +0.4%). Flat on the session after being down earlier is the yen (FXY -0.2%).
    • UUP -0.3%
    • Dollar ETFs: UUP, UDN, DBV, FORX, UDNT, UUPT, USDU
    • Related currency ETFs: FXE, FXY, FXA, EUO, YCS, FXB, ERO, JYN, GBB, DRR, CROC, YCL, EUFX, ULE, URR, GDAY
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EUFX Description
ProShares Short Euro seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the U.S. dollar price of the euro.
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