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ProShares Ultra Euro ETF (ULE)

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  • Apr. 15, 2011, 11:26 AM
    "Buy the buck now, not later," says Thomas Flury of UBS who says the stars are aligned for "short term strength." Among his many reasons are extreme levels of short dollar positions and the possible re-up of a 2004 law that cut taxes for companies repatriating their overseas greenbacks. UUP +0.2%.
    | 1 Comment
  • Apr. 15, 2011, 10:22 AM
    Greece fights back against default talk, announcing it will raise €50B by 2015 selling government stakes in a power company, telco operator, and bank. Privatizations have always been part of the original bailout agreement, but locals think €50B is "optimistic."
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  • Apr. 15, 2011, 8:53 AM
    A quiet day in EU bond markets is shattered after German European Minister Hoyer, noting deficit cutting may not be enough, says Germany would back voluntary Greek restructuring, i.e. default. Greek 10 year yields shoot 55 basis points higher to 13.82%. The euro drops 40 pips to $1.4416.
    | 3 Comments
  • Apr. 15, 2011, 7:30 AM
    Moody's cuts Ireland's debt rating 2 levels to Baa3, one notch about junk status. Added to the usual reason of a country suffocated by debt, Moody's cites the likely series of policy hikes by the ECB as squeezing the Irish even more, given 70% of mortgages are variable rate.
    | 1 Comment
  • Apr. 14, 2011, 9:37 AM
    The ECB's monthly bulletin (pdf) suggests further interest rate hikes, again mentioning "upside risks" to price stability. The report notes past accommodation continuing to slosh around, "facilitating ... price pressures in the euro area." FXE -0.2%.
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  • Apr. 14, 2011, 8:52 AM
    The head of S&P's European debt team suggests bondholders would see a 50-70% haircut in a Greek debt restructuring, as Greek officials hit the wires denying the possibility of default. The numbers say otherwise: Argentina's debt/gdp was 63% at its 2001 default, Greece's is expected to hit 158% next year.
    | 5 Comments
  • Apr. 14, 2011, 8:35 AM
    Shaking off weakness in the euro, the British pound is higher following a report that March U.K. consumer confidence bounced off February's record low, the NBS index rising to 44 from 39. Cable +0.4% vs. the greenback, and +0.6% vs. the euro.
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  • Apr. 14, 2011, 7:38 AM
    Political parties opposing European bailouts continue to gain ground in Finland, now with a 50% chance of winning a majority, and thus able to block a rescue of Portugal. Such action would likely fuel opposition parties in Germany, calling the whole EFSF into question. Pesky voters.
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  • Apr. 14, 2011, 7:15 AM
    Yesterday's comments from German Finance Minister Schaeuble regarding Greek debt restructuring sink in, pushing its 10 year yield well above 13%, and the 2 year skipping 90 basis points higher to 18.38%. The euro plummets from a 15 month high, now at $1.4377.
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  • Apr. 13, 2011, 4:57 PM
    Calling it folly to believe easy money will solve structural imbalances within the eurozone, ECB member Peter Praet says the central bank needs to keep its focus on price stability. It's the clearest sign yet the ECB has more than one hike in rates on its mind.
    | 3 Comments
  • Apr. 13, 2011, 3:06 PM
    German Finance Minister Schaeuble becomes the first senior eurozone official to publicly acknowledge the necessity of Greek debt restructuring. "If (a June report) concludes that there are doubts about the debt sustainability of Greece, something must be done about it."
    | 1 Comment
  • Apr. 13, 2011, 9:01 AM
    German wholesale price inflation rises at the quickest pace since 1981, jumping 10.9% Y/Y in March. Consumer inflation also ticks up, now running at a 2.3% annualized pace. France sees a similar figure, inflation there coming in hotter than expected at 2.2% Y/Y.
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  • Apr. 13, 2011, 8:46 AM
    Finnish elections on Sunday are likely to result in big gains for the True Finn party which seeks to block any further aid to debt-burdened EU countries. While voters throughout Europe have expressed dissatisfaction with the rescues, this could mark the 1st time an anti-bailout group is part of a governing coalition.
    | 2 Comments
  • Apr. 13, 2011, 7:37 AM
    The IMF calculates Portugal will need €73.9B over the next 2 years. Not terribly difficult to estimate, the figure is based on already scheduled debt service payments plus the expected government deficit. The figure could drop should a government austerity plan be adopted ... it could also rise.
    | 1 Comment
  • Apr. 13, 2011, 7:15 AM
    Eurozone industrial production rises half as much as expected in March, gaining 0.4% for a Y/Y jump of 7.3%. Ireland (2.5% drop) and Greece (1% drop) weighed the overall number down. The euro creeps up to a new high for 2011, and the strongest level since early 2010 at $1.4506.
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  • Apr. 12, 2011, 2:31 PM
    A delegation from the EC, ECB, and IMF touch down in Lisbon to pore over Portugal's financial situation in preparation for negotiations over the estimated €80B bailout package. However, it's unclear how much legitimacy the caretaker government has to actually agree to a deal. Elections are not until June 5.
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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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