Morgan Stanley has joined the exchange traded note (ETN) game, with the announcement of two new notes, based on the euro. They're both now trading on the NYSE Arca.

The new notes are:

• Market Vectors Double Short Euro (DRR)
• Market Vectors Double Long  Euro (URR) 

These notes seek to provide leveraged directional market exposure to the euro and U.S. dollar exchange rate. At the same time, this is Morgan Stanley's first crack at the leveraged index world.

URR is aimed at providing two-times leveraged, long investment in the euro. For every 1% strengthening of the euro relative to the U.S. dollar, the level of the Index will generally
increase by 2%, while for every 1% weakening of the euro relative to the U.S.
dollar, the index will generally decrease by 2%.

DRR is designed to two-times leveraged short investment in the euro. For every 1% weakening of the euro relative to the U.S. dollar, the level of the index will generally increase by 2%, while for every 1% strengthening of the euro relative to the U.S. dollar, the index will generally decrease by 2%.

Today, the dollar has declined against most major currencies, reports Madlen Read for the Associated Press.