The Euro currency is no doubt in focus heading into the final days of August and the beginning of September with the expected reconvening of ECB leaders in the near term.
In currency ETFs, CurrencyShares Euro (NYSEArca: FXE) has had a solid month, up 3.47% with the U.S. Dollar as measured by PowerShares US Dollar Index Bullish (NYSEArca: UUP) down 2.94% during this time period.
Year to date however, FXE is down 3.67%, and comparably UUP is basically flat (-0.22%) and the SPX (S&P 500 Index) is up 12.09%.
Recall that last August when global markets were flailing across the board and registering new lows seemingly day after day, the Euro was a “leading indicator” as weakness in FXE seemed to ripple across European equities in addition to all
Interestingly, the last few days have been great for the Euro currency itself, but equities are actually selling off (SPX trading at 1400 today after trading as high as 1426 earlier this week) during this time frame (complete opposite relationship we saw last August, with FXE up 1.31% in the past 5 days and SPX down 1.08%).