Equity markets moved higher in choppy trading last week, as a brutal Wednesday was followed by a 3% surge in major indexes on Thursday. This upswing led to a 2.3% gain on the week for the S&P 500. Oil markets also moved higher on bullish demand data and worries about diminishing supplies; crude closed around $74 per barrel, roughly a $3 gain on the week. However, gold was unable to continue its record run, slumping back toward the $1,225 mark per ounce as investors embraced risk and snapped up beaten-down assets, putting aside sovereign debt issues for the time being.

This week, more key central banks will be meeting, including Japan and Switzerland, while there will be a variety of highly anticipated data releases in the U.S. Also, look for shares of BP to be in focus, given the talk of the company suspending its dividends to pay for the oil-spill cleanup. Below, we profile three ETFs that could be very active this week:

iShares Barclays TIPS Bond Fund (NYSE: TIP)
Why TIP could be on the move: After months of tame inflation readings, signs of rising consumer price inflation (CPI) are emerging; in China, inflation is expected to top 3% this year. TIP looks to be in focus as U.S. CPI figures for last month are released on Thursday. Numbers last month were essentially flat and look to remain relatively low for the foreseeable future. However, should inflation jump, look for TIP to dramatically increase in popularity in the coming weeks (see How The Chinese Yuan ETF Could Drive TIP).

iShares Dow Jones Transportation Average Index Fund (NYSE: IYT)
Why IYT could be on the move: Federal Express, the largest component of IYT at 12% of assets, will post earnings this week. Analysts are forecasting per-share profits of $1.32, up handily from $0.64 a share in the previous year. Investors will especially focus on FedEx's guidance for the following year as well as volume levels, which could both be key figures for the rest of the transportation sector. Some analysts, including those at Piper Jaffray, are extremely bullish on FedEx, giving the company a $110 price target, which is a substantial increase from its current price just below $80. Should FedEx manage to live up to these lofty expectations, look for IYT to shoot higher in midweek trading (see How To Use ETFs To Invest Like Warren Buffett).

iShares MSCI South Africa Index Fund (NYSE: EZA)
Why EZA could be on the move: With the World Cup in full swing, it will be interesting to see how the event affects the South African economy. Some analysts are predicting that the monthlong event will pump at least $12 billion into the local economy. But others have tempered expectations and worry that lavish spending on stadiums over more basic needs will pose long-term problems. Analysts should be able to get a full estimation of the impact by the end of the week, with special attention given to the mining sector, which is under threat of a blackout because of higher electricity needs during the Cup (see holdings of EZA here).

Last week's ETFs to watch
CurrencyShares Euro Trust (NYSE: FXE): FXE climbed 1.1% on the week as investors' fears over sovereign debt crises temporarily declined. This was fueled by a strong bond auction in Spain, which helped to alleviate some short-term concerns. Investors also tempered their bearishness after comments from European Central Bank member Juergen Stark that "the domestic savings ratio of the euro zone was far higher than in the Anglo-Saxon world," better enabling it to finance the deficits it has (see technical analysis of FXE here).

iShares MSCI Netherlands Index Fund (NYSE: EWN): EWN  shares shot higher by more than 5%. This came after a Dutch Parliamentary election, as well as the positive comments out of the ECB meeting. The Dutch election results are seen by some as bullish for Dutch equity markets, because the pro-business Liberal Party won the most seats. The group, which is known as the VVD, is led by a former Unilever executive and has promised more than $54 billion in spending cuts over the next four years so that the country can continue as one of the strongest economies in Western Europe (see charts of EWN here).

iShares MSCI Brazil Index (NYSE: EWZ): As expected, the Bank of Brazil lifted its benchmark rate to 10.25%, the second increase of 75 basis points in a row. EWZ moved higher for much of the week, experiencing its largest run-up from Wednesday to Thursday, as shares advanced by more than $2.50. This helped push EWZ to a gain of 4.7% on the week (see holdings of EWZ here).

Disclosure: Eric is long EWZ.

ETF Database is not an investment advisor, and any content published by ETF Database does not constitute individual investment advice. The opinions offered herein are not personalized recommendations to buy, sell or hold securities. From time to time, issuers of exchange-traded products mentioned herein may place paid advertisements with ETF Database. All content on ETF Database is produced independently of any advertising relationships. Read the full disclaimer here.

For more ETF news and analysis, sign up for ETF Database's free ETF newsletter.

The Fool owns shares of iShares Barclays TIPS Bond. Try any of our Foolish newsletters today, free for 30 days. The Motley Fool has a disclosure policy.