ProShares Ultra Euro

I was not happy to see so much selling into strength last Friday, the last day of the quarter – following what should have been encouraging inflation news.

The European Central Bank (ECB) on Thursday held interest rates at 4%, signalling no policy action for the fourth-consecutive month and following in the Federal Reserve’s cautious footsteps. Like the Fed, there was no major shift towards dovishness in the following press conference, where ECB president Christine Lagarde said that current levels...

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With inflation proving to be stickier than imagined, the Fed said activity needs to slow much more with the door left wide open for a fourth consecutive 75bp hike in November. Read more here

Heightened inflation and easing of the pandemic restrictions have turned the monetary cycle. China may have removed its supportive efforts too early and has again returned the punchbowl.