Euro Rises on French Consumer Confidence Data

The euro rose against other currencies after French consumer confidence improved in May. According to the statistical office Insee, French consumer confidence rose to 84 in May from 83 in April. The euro reacted positively to the news, as it gained value against the U.S. dollar and the Japanese yen. At the moment, the euro is trading at 1.4154 against the dollar, or 0.461 above yesterday's close, and at 115.72 against the Japanese yen, or 0.222% above previous close. The euro managed to shake off worse than expected results from Italy's business confidence. While most analysts expected the Italian business confidence to grow from 102.6 in April to 102.8 in May, Italy's business confidence declined to 101.3 in May. Traders who believe strong recovery in Eurozone's center, like France and Germany, will continue to push the value of euro higher will be interested in the ProShares Ultra Euro ETF ULE. Those traders who believe weak recovery in Eurozone's peripheral economies, including Italy, will eventually push the value of euro downwards will be interested in the Market Vectors Double Short Euro ETN DRR.