If you believe the British currency is due for a pullback and you like the prospects for British equities, you could consider the recently introduced db X-trackers MSCI United Kingdom Hedged Equity Fund ( DBUK). The dollar volume is a bit too light for my tastes, though I am looking forward to the day when DBUK has more assets under management. What about the euro? CurrencyShares Euro Trust ( FXE) took a noteworthy hit when the European Central Bank found itself with few alternatives; it lowered its refinancing rate to 0.25% last month. Nevertheless, FXE has been charting a path of higher lows since early July. That has made the unhedged Vanguard Europe ( VGK) stronger than WisdomTree Hedged Europe Equity ( HEDJ) for the last five months. On the other hand, if the European Central Bank continues making overtures to weaken the eurozone's common currency -- if you see value in European corporations that trade at lower price-to-sales ratios than their U.S. counterparts -- depreciation in FXE could herald outperformance for HEDJ. Follow @etfexpertAt the time of publication the author had no position in any of the stocks mentioned.