AMEX:FEZ   SPDR DJ Euro STOXX 50 Etf
One of the most obvious - yet most overlooked relationships.

Foreign Stock ETFs priced in USD and their relationship to fluctuations in the currency market.

This chart depicts the Euro Stoxx 50 Index ETF (FEZ) which is priced in USD (blue line) and the level of out-performance during bear markets in the US Dollar .

A strong US Dollar will eat away at returns in these Country ETFs!