Euro Shakes Off Strauss-Kahn Scandal To Gain Against U.S. Dollar (ULE, URR)

Recent economic data from the Eurozone helped its currency overcome insecurities following the legal problems of the IMF's head, Dominique Strauss-Kahn. Mr. Strauss-Kahn's arrest made some investors agitated because of the strong role he played in bailouts of a number of debt-ridden European economies. The first piece of economic data that helped Euro gain ground on other currencies was the Eurozone's annual inflation, which increased in April. According to Eurostat, Eurozone's annual inflation rose from 3.1% in March to 3.2%. Higher inflation will put additional pressure on ECB to increase its interest rates from near-record lows, which will be good news for the euro. At the same time, Eurostat published March's trade balance data for the Eurozone. According to Eurostat, Eurozone had a trade surplus of €2.8 billion, much ahead of February's €3 billion deficit. Trade surplus will be seen as more good news for the European currency. In today's trading, the euro rose 0.099% against the greenback. At the moment, the euro is trading at $1.4129. Those traders that believe the strength of Eurozone's economy will continue to push the value of euro up will be interested in Ultra Euro ProShares ULE and Market Vectors Double Long Euro ETN URR.