PowerShares DB USD Bear ETF

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  • Fri, Feb. 5, 10:01 AM
    • Sharply lower this week as the Fed and markets continue to walk back expectations for tighter monetary policy, the dollar (UUP +0.6%) is moving higher following this morning's jobs numbers.
    • Jobs gained of 151K was a sizable miss, but the unemployment rate fell to 4.9% (even with labor force participation rising), and annualized wage growth topped 5%.
    • Fixed-income and currency markets, for now, are focused on the strength in the report, with the 10-year yield up three basis points and the dollar ahead vs. the other major currencies.
    • ETFs: UUP, UDN, USDU
    | Fri, Feb. 5, 10:01 AM | 4 Comments
  • Wed, Feb. 3, 9:17 AM
    • The unsteady markets to start the year have finally gotten to FRBNY President Bill Dudley, who's sounding awfully dovish in an interview he gave this morning. He specifically mentioned weakening global growth and the strong dollar as concerns.
    • The greenback (UUP, UDN) immediately spiked lower as his remarks hit, and the dollar index is now off 0.6% on the session.
    • Just for the record - while the long-term trend remains up and to the right - the dollar index has weakened thus far in 2016 and is at roughly the same level it was at one year ago.
    | Wed, Feb. 3, 9:17 AM | 6 Comments
  • Wed, Jan. 13, 9:25 AM
    • “This is a capital-preservation market, not a money-making environment,” says Jeff Gundlach in his latest webcast. "We could be looking at a really ugly situation during Q1 ... It's particularly more likely to happen if the Fed keeps banging this drum of raising interest rates against falling inflation.”
    • While oil may have bottomed for the moment, there's no reason to be bullish on black gold over the long term.
    • The long dollar trade (UUP, UDN) is a crowded one, says Gundlach, noting plenty of occasions when the greenback fell despite Fed rate hikes.
    • Of the Fed's insistence on four rate hikes this year vs. the market's expectation for just about two, Gundlach thinks the market might win.
    | Wed, Jan. 13, 9:25 AM | 2 Comments
  • Fri, Jan. 8, 8:49 AM
    • U.S. stock index futures have added to gains following the strong December jobs print, with the S&P 500 now higher by 1.25%.
    • Jobs were up 292K in December vs. 200K expected, and November/October gains were revised higher. The unemployment rate held steady at 5%.
    • The 10-year Treasury yield popped up to 2.20% right after the report, but is returned back to 2.18% - up three basis points on the session. TLT -0.4%, TBT +0.8% premarket
    • Gold (NYSEARCA:GLD) has added to losses, now lower by 1.3% to $1,094 per ounce. GLD -1.1% premarket
    • Oil has added to its gains, now up 1.4% to $33.81 per barrel. USO +0.6% premarket
    • The dollar (UUP, UDN) pops higher, now up 0.75% on the session. Particularly weak is the euro (NYSEARCA:FXE), down 1.2% to $1.08.
    • Previously: Strong upward revisions add to December jobs beat; wages and hours worked flat (Jan. 8)
    • Previously: Big jobs beat in December (Jan. 8)
    | Fri, Jan. 8, 8:49 AM | 15 Comments
  • Dec. 16, 2015, 2:17 PM
    • Currency traders sell the Fed rate hike news, taking the dollar index (NYSEARCA:UUP) slightly into negative territory vs. solid gains ahead of the central bank's 2 ET statement and revised economic projections.
    • Neither held too much surprise, with the "dots" continuing to show expectations for a Fed Funds rate of 1.4% at the end of next year.
    • As for gold (NYSEARCA:GLD), it's volatile, but remains about 1% higher at $1,072 per ounce, and oil continues 4% lower at $35.80 per barrel.
    • Previously: Stocks add to gains following Fed (Dec. 16)
    • Previously: Fed projections: 1.4% Fed Funds by the end of 2016 (Dec. 16)
    • Previously: Fed officially puts an end to ZIRP (Dec. 16)
    | Dec. 16, 2015, 2:17 PM | 8 Comments
  • Dec. 15, 2015, 9:18 AM
    • Fifty-eight percent of those surveyed expect the Fed to hike rates three or more times in the coming year, according to the BAML Fund Manager Survey. It thus shouldn't be too much of a surprise that 53% of the group believe long greenbacks (NYSEARCA:UUP) to be the most crowded trade (up from 32% who believed so in November).
    • That trade has already begun to unwind - the dollar index is lower by more than  2% since the ECB at the start of December surprised with no boost to QE.
    • "The strong dollar view is writ large across all asset, regional and sector allocations," says chief strategist Michael Hartnett. "It will take a very dovish Fed and weak U.S. earnings to reverse the strong dollar view in 2016."
    • Europe and Japan continue to be the most favored regions for overweight equities, while investors are getting more underweight the U.S.
    | Dec. 15, 2015, 9:18 AM | 3 Comments
  • Dec. 9, 2015, 1:05 PM
    • The dollar index is off 1% today, and now lower by about 3% since Thanksgiving, though the move doesn't look like much more than a blip in the big bull market which began in the middle of 2014.
    • At least today, the move lower is not just about the surging post-ECB meeting euro (FXE +1%). Also higher by more than 1% against the greenback are the pound (NYSEARCA:FXB) and yen (NYSEARCA:FXY). The commodity currencies - the loonie (NYSEARCA:FXC) and aussie (NYSEARCA:FXA) - continue to struggle, and are both lower on the session.
    | Dec. 9, 2015, 1:05 PM | 5 Comments
  • Dec. 7, 2015, 5:15 AM
    • World shares started the week strongly on Monday, buoyed by Friday's big gains on Wall Street, after upbeat jobs data bolstered investor confidence in the U.S. economy.
    • The sturdy employment report likely means a green light for a Federal Reserve rate hike next week, marking the first increase in nearly a decade.
    • The news is also having a big effect on the currency markets, boosting the greenback against most of its peers. U.S. Dollar Index +0.5% to 98.77.
    • U.S. futures: Dow +0.2%. S&P +0.2%. Nasdaq +0.3%.
    • Europe: London +0.7%. Paris +1.7%. Frankfurt +1.9%.
    • Asia: Japan +1%; Hong Kong -0.2%; China +0.3%
    | Dec. 7, 2015, 5:15 AM
  • Dec. 3, 2015, 10:13 AM
    • The ECB earlier cut its deposit rate further into negative territory and extended the length of the QE program, but the central bank failed to give markets what they want - a boost in the amount of QE, or expansion into asset classes like regional bonds, ABS, or used exercise equipment which never seems to sell on Craigslist.
    • As a result, European stocks are tumbling, and the euro and bond yields are on the rise.
    • Treasurys are also taking the news hard, with the 10-year yield up nine basis points to 2.27% (all of this move came before Janet Yellen told Congress she is "looking forward" to hiking rates). TLT -1.7%, TBT +3.4%
    • On the flipside of the soaring euro is the dollar (UUP -1.5%).
    | Dec. 3, 2015, 10:13 AM | 5 Comments
  • Dec. 3, 2015, 5:06 AM
    • Although the eurozone has its eyes set on new stimulus plans, the U.S. is reinforcing the case for a rate hike later this month.
    • Fed Chair Janet Yellen said yesterday she was "looking forward" to a U.S. interest rate increase and she's set to speak again today before the Joint Economic Council in Washington.
    • "Rates in Europe and the United States will move in opposite directions for the first time in a long time which is being dubbed as 'the great monetary divergence,'" said Jim Bianco, president of Bianco Research.
    • Besides Yellen's testimony, there are also speeches today from Fed officials Loretta Mester and Stanley Fischer.
    • U.S. Dollar Index +0.3% to 100.38.
    • Futures: Dow +0.4%; S&P +0.4%; Nasdaq +0.5%.
    | Dec. 3, 2015, 5:06 AM | 3 Comments
  • Nov. 30, 2015, 3:26 AM
    • The euro is headed for a steep monthly decline as economists unanimously forecast the ECB will unveil additional stimulus this week.
    • The currency has weakened 3.8% in November, its biggest loss since a 4.2% decline in March, when the central bank embarked on a €1.1T asset-purchase program.
    • In contrast, the U.S. Federal Reserve is widely expected to hike interest rates at its mid-December policy meeting, sending up the dollar index to 100.23, its highest level since mid-March.
    • Euro -0.1% to 1.0585.
    | Nov. 30, 2015, 3:26 AM | 4 Comments
  • Nov. 17, 2015, 11:14 AM
    • The latest BAML fund manager survey shows 81% of pros expecting a rate hike in December, up from only 47% a month ago.
    • As a result, they're buying greenbacks, making the long dollar (NYSEARCA:UUP) trade the survey's most-crowded - with 32% overweighting the position. Next most-crowded are short commodity stocks (15% underweight) and short emerging market stocks (15% underweight).
    • BAML's Michael Hartnett says November is the "biggest long developed markets versus emerging markets (EEM, VWO) ever." It's also the second-largest overweight eurozone stocks ever, and the third-largest overweight bank names.
    | Nov. 17, 2015, 11:14 AM | 3 Comments
  • Nov. 9, 2015, 2:28 AM
    • The dollar ceded some ground to the euro as traders took profits on Monday, after robust U.S. employment data prompted more investors to bet on an interest rate hike in December.
    • The U.S. nonfarm payrolls report on Friday showed a rise of 271K new jobs last month, far exceeding the 183K economists had predicted, sending the dollar to its highest level since mid-April.
    • U.S. Dollar Index -0.1% to 99.19. Euro +0.2% to $1.0756.
    | Nov. 9, 2015, 2:28 AM | 2 Comments
  • Nov. 6, 2015, 8:53 AM
    • U.S. stock index futures have moved from flat to down 0.3% since October's nonfarm payroll beat has put the odds squarely in favor of a rate hike in one month.
    • Europe, however, has turned losses into gains, possibly thanks to a spike higher in the dollar (UUP, UDN) and thus a big move lower in the euro (NYSEARCA:FXE). The dollar index is up 1.15%, the euro down 1.7%, and the Stoxx 50 (NYSEARCA:FEZup 0.3%.
    • Gold (NYSEARCA:GLD) is lower by 1.3% since the print to $1,090 per ounce - its weakest level since early August.
    • Previously: December rate hike back on after big jobs number (Nov. 6)
    • Previously: Big beat on jobs number (Nov. 6)
    | Nov. 6, 2015, 8:53 AM | 38 Comments
  • Nov. 5, 2015, 3:00 AM
    • The euro is getting weaker and the U.S. dollar stronger, reigniting a debate among traders over whether the currencies will trade in parity before the end of the year.
    • The moves follow recent dovish remarks from ECB President Mario Draghi and comments from Fed Chair Janet Yellen, suggesting a U.S. central bank rate hike could come in December.
    • U.S. employment and wage figures tomorrow could also reinforce a hike for December, adding extra downside pressure on the EUR-USD conversion.
    • Euro -0.2% to $1.0845.
    | Nov. 5, 2015, 3:00 AM | 8 Comments
  • Oct. 28, 2015, 2:18 PM
    | Oct. 28, 2015, 2:18 PM | 31 Comments
UDN Description
The PowerShares DB US Dollar Bearish Fund (Symbol: UDN) is based on the Deutsche Bank Short US Dollar Index (USDX®) Futures Index™ (DB Short USD Futures Index). The Index, which is managed by DB Commodity Services LLC, is a rules-based index composed solely of short USDX® futures contracts. The USDX® futures contract is designed to replicate the performance of being short the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. You cannot invest directly in an index. Ordinary brokerage commissions apply.
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