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Tuesday, February 5, 3:20 PM France and Germany are at it again as French President Hollande's call for a managed exchange rate (lower euro) is quickly rebuked by German economy minister Rosler who says the eurozone's top priority must be "strengthening competitiveness, rather than weakening the currency." FXE +0.5%. Comment! [Global & FX]
Tuesday, February 5, 9:40 AM European leaders have succeeded in stabilizing the banking system, says Goldman President Gary Cohn, but they've still got work to do. "No one's given me an explanation of how we're really going to create growth in (the periphery)." One issue is the euro - too cheap for the core, he says, and too expensive for the periphery. 1 Comment [Global & FX]
Tuesday, February 5, 9:13 AM One reason for the euro's strength over the past month - there's a lot less the currency floating about. The ECB balance sheet has actually been shrinking since the summer, with an especially steep drop since Feb. 1 when banks were allowed to begin repaying LTRO loans. FXE +9% in last 6 months. Comment! [Global & FX]
Monday, February 4, 7:23 AM The euro takes a breather from what has been a huge run higher as Spain and Italy get their names in the paper again. Described as "unstoppable" last week and with speculative longs shooting higher, the euro almost had to turn lower. Currently -0.8% to $1.3563. Stoxx 50 -1%. Comment! [Global & FX]
Friday, February 1, 9:16 AM As weak as the yen has been vs. the dollar, it's been even weaker vs. the euro, which continues to grind out new highs against nearly all the planet's other paper currencies. The Germans have begun growling a bit, but with unexpectedly falling unemployment and rising manufacturing, the economy (nor the DAX) is showing no ill-effect. Comment! [Global & FX]
Wednesday, January 30, 11:32 AM The ECB would like to stick with a "wait and see" approach on the economy, says Goldman, but continued strength in the "unstoppable" euro - now at the highest since autumn 2011 - could force to bank to cut rates. FXE +0.6%. 1 Comment [Global & FX]
Monday, January 28, 7:06 AM Punters piling into the long euro trade (witness a sharp rise in speculative longs at the CME) might be interested in a short note from Deutsche which says at $1.3456 Europe is "on the edge" of maintaining competitiveness, and "some member countries are already losing it." FXE +9.2% over the last 6 months. Comment! [Global & FX]
Friday, January 25, 3:49 PM With the euro approaching its highest level vs. the greenback in more than a year, the net euro long position at the CME triples to $3.6B, according to the CFTC. Now currency trading at the Merc is no more than a thimble of water in the ocean of worldwide currency trading, but it's a sign of an overcrowded side of the boat nevertheless. Comment! [Global & FX]
Thursday, January 24, 3:34 PM The yen's decline is the real deal, says George Soros holding court at Davos, and it's going to make for some unhappy German exporters. The euro, he says, is the outlier currency as the ECB stands alone among the major central banks in not engaging in QE. His comments hit an already weak yen, sending the dollar higher against it by 1.8% to ¥90.20. The hedged Japan equity fund (DXJ) +2.6%. 7 Comments [Global & FX, On the Move]
Tuesday, January 22, 9:41 AM It seems curious for a central bank to comment, but the Bundesbank - shooting down a rumor its president Jens Weidmann is stepping down - says it's concerned the rumor's purpose was to manipulate the market. Isn't that what the fx market is there for? Both the DAX and the euro dove sharply about 5-6 hours ago when the chatter began (they've since partly rebounded). Comment! [Global & FX]
Thursday, January 17, 10:21 AM Italy's Mario Monti is drawing jabs for proclaiming the EU crisis over, but maybe the best gauge - the euro/Swiss franc cross - agrees. Now buying CHF1.2480, the euro is at its strongest vs. the franc since before the 1.20 floor was imposed by the SNB in the midst of a very dicey summer 2011. 1 Comment [Global & FX]
Friday, January 11, 10:06 AM The euro/Swiss franc cross shoots to its highest level since shortly after the SNB instituted the CHF1.20 floor nearly a year and a half ago. Chatter on the desks says the SNB is way long yen (which it bought to diversity out of euros), and has been selling gold to cover its losses. The yen has sunk to multi-year lows vs. both the euro and the greenback. As they rise, gold falls, -1.2%. 4 Comments [Global & FX, Commodities]
Friday, January 11, 8:37 AM The euro goes vertical, +0.6% to $1.3344, after Goldman's Tom Stolper recommends going long the currency with a $1.37 target. Given the track record of Goldman's currency team and the euro's 1200 pip advance since Draghi's "whatever it takes" comments in mid-summer, might some smart players be selling into today's rally? 2 Comments [Global & FX]
Thursday, January 10, 9:08 AM Draghi press conference: The euro shoots higher as he says the decision to hold rates was unanimous. Last month, pretty much everyone except Draghi and the Germans voted to cut rates. FXE +0.9% premarket. Comment! [Global & FX]
Thursday, January 10, 7:54 AM The euro adds to gains as the ECB stands pat. A month ago, many were sure a rate cut was coming, but a continued easing of financial conditions allowed the bank to stay on hold. As David Tepper has said, Draghi has the rate cut in his pocket any time he needs to use it. The euro +0.4% to $1.3115. Comment! [Global & FX]
Monday, January 7, 10:34 AM Ahead of the ECB meeting on Thursday, traders have pulled back from bets the board will lower rates. The benchmark lending rate is currently 0.75%, but the deposit rate is 0%, meaning a cut would take it to negative territory. A "surprise" cut on Thursday could send the euro back down below $1.30. Comment! [Global & FX]

ULE ProShares Ultra Euro ETF

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ProShares Ultra Euro ETF