Euro Falls After Greek T-Bill Auction (ULE)

The euro fell in trading today following the Greek T-bill auction. The euro was trading at 1.3598 against the U.S. dollar after recovering from session low of $1.3556. On Monday, the ProShares Ultra Euro (ETF) (NYSE: ULE) was up 1.39% to $27.01.

Although the T-bill auction was well-covered, investors are still asking for a premium to hold Greek debt. Audrey Childe-Freeman, a currency analyst at Brown Brothers Harriman, said, “The higher yield confirmed the high risk premium demanded for Greek assets and that has put the euro bears in a stronger position."