From an ETF flows standpoint, FXE has taken in nearly $100 million in new assets from creation activity in the past two sessions, which amounts to about 35% of the total assets in the fund. So clearly, institutional investors are positioning for a higher euro after its rather steep and sudden fall after last week’s breakout above its 200 day moving average ($140.21 a share).

Other ETFs to watch for unusual activity in volatility in this environment include PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) , PowerShares DB US Dollar Index Bearish (NYSEArca: UDN) , PowerShares DB 3X Long U.S. Dollar Index Futures ETN (NYSEArca: UUPT) and PowerShares DB 3X Short U.S. Dollar Index Futures ETN (NYSEArca: UDNT), which are all tied to the movement of the U.S. dollar.

CurrencyShares Euro Trust

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