European stock exchange traded funds were easing back a bit Friday after the previous day’s big rally on the debt deal.

Relief came to markets and investors Thursday as European leaders and major global banks came to an agreement designed to contain the Eurozone’s debt crisis. ETFs focused on the region and the euro have made gains on the exhale this week.

“This is a collective sigh of relief that that the economy is continuing to grow and that political leaders can in fact step forward and deal with important and pressing issues,”Alan Gayle, chief investment officer at Ridgeworth Capital Management, said in an LA Times report. [Stock, Euro ETFs Soar on Debt Deal]

Rydex CurrencyShares Euro Trust (NYSEarca: FXE) jumped about 2% on Thursday. [Euro ETFs Rise on Expectations of Bailout Plan]

European officials created a deal that re-works their bailout fund and that will re-capitalize the Eurozone’s banks. Greece’s debt load will be reduced and banks will write off half of the debt. Voluntary private-sector creditors that held Greek debt will cut the obligation by 50%,  reports fine details are still vague and leaders say this fine-tuning will take months. [Europe ETFs Fall as Spotlight Stays on Greece]

Investors are watching to see if the agreements are enough to stop the debt crisis from spreading to other countries such as Italy, Spain, France and Portugal.