CurrencyShares Euro Trust (NYSEArca: FXE) fell 1% Wednesday morning as the currency again dipped below the $1.30 level on worries Europe’s debt crisis may spill over.
The currency ETF, which follows the euro’s movements versus the dollar, was down 2% year to date as of Dec. 27.
Speculators have been betting heavily on a pullback in the euro due to concerns over the Eurozone debt crisis. [The Contrarian: Euro ETFs]
The euro has stabilized recently following the European Central Bank’s recent funding operations to support banks, but the currency dove Wednesday in thin trading.
CurrencyShares Euro Trust is trading below its 50-day and 200-day moving averages. [Euro ETFs and the Debt Crisis]
CurrencyShares Euro Trust
Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.