NEW YORK ( TheStreet) -- The Swiss National Bank's interventions in currency markets, an Australian mining tax and the fate of U.S. financial reform legislation are among the factors that could move the following ETFs this week.

CurrencyShares Swiss Franc ( FXF)

In last week's edition of 6 ETFs to Watch, I covered the Swiss franc's rapid advance vs. the dollar, the result of a failed intervention policy designed to prop up the euro.

The Swiss National Bank had moved to weaken the Swiss franc vs. the euro by buying euros with Swiss francs, but it stopped in June after their efforts met with little success.

The end of the policy caused the Swiss franc to rally vs. the euro, but the euro itself was enjoying a rally against the dollar, causing FXF to advance rapidly, since it is priced in U.S. dollars. From June 7 through July 1, FXF climbed 9.8%.

It appears the Swiss may have stepped into the market again on Friday, again trying to weaken the franc against the euro. This time, with the euro stronger, it is likely to find the intervention more successful, at least in the short run.

However, this also means the franc may weaken in the long run if the euro stays weak, with implications for iShares MSCI Switzerland ( EWL). EWL has been outperforming other European country ETFs thanks to the strength in the Swiss franc, but the more the central bank tries to weaken the currency, the less attractive it will become.

CurrencyShares Euro ( FXE)

The euro at last caught the rebound that everyone was looking for, rallying strongly into the mid-$1.20s vs. the dollar. It helps that the Swiss National Bank appears to be adding fuel to the fire by supporting euro strength against the franc.

The stronger euro is good news for the eurozone ETFs such as iShares MSCI EMU ( EZU) (EZU) and iShares MSCI Germany ( EWG), because the stronger currency will add a few percentage points to their returns. If the stronger euro leads to investor confidence vis-à-vis Europe, look for iShares MSCI Spain ( EWP), iShares MSCI Italy ( EWI) and iShares MSCI Austria ( EWO) to lead the group this week and deliver some healthy returns.

iShares Barclays 20+ Year Treasury ( TLT).

The yield on the 30-year bond fell below 4% last week, and that lifted TLT above $100 per share for the first time since April 2009. Treasuries are not a widely loved investment, but during periods when investors are selling equities, they do move into cash and bonds.

The longest-dated Treasuries are the most volatile and deliver the biggest gains for investors looking to trade this movement. And they will also deliver the greatest losses if the trend reverses. For investors who are thinking of dabbling in leveraged and inverse ETFs, TLT can still be a lower-risk way to generate solid performance.

iShares MSCI Australia ( EWA).

The new prime minister in Australia announced a deal on the mining tax. Instead of targeting all minerals with a 40% tax rate, the new levy will only hit coal and iron for 30%, and the way in which the tax is calculated will result in effective tax rates in the mid- to low-20% area.

Despite have large iron ore properties, both BHP Billiton ( BHP) and Rio Tinto ( RTP) rallied on the news. These two fell about 25% over the past three months and helped pull EWA lower.

Concerns about global growth and Chinese demand will still weigh on the sector, but with the mining tax out of the way, the Australian miners and EWA should do well if global equity markets rebound this week.

SPDR Gold Shares ( GLD)

Gold plunged nearly $50 an ounce on Thursday of last week, and GLD sank 3.8% on the day. It was an odd performance because stocks sold off and the euro rallied. Lately, we've seen gold rally on euro weakness as currency concerns drive investors into the safety of gold.

The drop took GLD (and the other gold ETFs) right through its 50-day moving average, and it had been well above this line since April. A correction was overdue, as GLD rallied from $108 at the end of the first quarter to as high as $123 intraday in June. This week, we'll see whether this correction is completed, or whether gold is going to spend some time below its 50-day moving average.

Market Vectors Junior Gold Miners ( GDXJ) was clobbered last week. Investors looking for a bounce in gold can play it aggressively with GDXJ.

Financial Select Sector SPDR ( XLF)

A host of financial ETFs were some of the worst performing funds last week, including SPDR KBW Bank ( KBE), SPDR KBW Regional Banking ( KRE), iShares Dow Jones U.S. Broker Dealers ( IAI) and iShares Dow Jones U.S. Financial Services ( IYG).

The financial regulatory overhaul was thrown into limbo following the death of Sen. Robert Byrd (D., W.Va.), weighing on the sector.

The bill went back into conference committee as the Democrats worked to change parts of the legislation in order to attract more votes, and the latest version passed the House on Wednesday.

The Senate is expected to vote on the bill this week, and passage should deliver a relief rally for the sector, but there's still a question as to whether the votes are there. However, since the health care bill was more contentious and yet still managed to pass, the odds are that financial reform will reach the president's desk.

At the time of publication, Dion Money Management was long CurrencyShares Euro.

-- Written by Don Dion in Williamstown, Mass.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.