PowerShares DB USD Bear ETF

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  • Sep. 22, 2011, 10:36 PM
    Currencies move somewhat higher, perhaps encouraged by the G-20, but more likely just bouncing a little after a serious drubbing. The euro +0.5% vs. the dollar to $1.352. The aussie +0.4% to $0.9776 against the greenback after falling nearly 10% over the past 2 weeks.
    | Sep. 22, 2011, 10:36 PM | 3 Comments
  • Sep. 22, 2011, 7:22 AM

    The dollar is sharply higher across the board, with the aussie and the loonie - commodity producers and highly levered to world (especially China) growth - falling the furthest, about 2.5% Both have fallen well below parity to the greenback after spending nearly the entire year above.

    | Sep. 22, 2011, 7:22 AM
  • Sep. 21, 2011, 2:42 PM

    The dollar is moving solidly higher across the board, as markets' initial take is less-than-hoped for priming from the Fed. One currency of note is the loonie, where the greenback has popped above parity to its highest level in 2011.

    | Sep. 21, 2011, 2:42 PM | 1 Comment
  • Sep. 20, 2011, 8:45 AM
    The dollar and the euro momentarily soar against the Swiss franc as a rumor makes the rounds that the SNB is going to raise the floor on the euro/franc rate to CHF 1.25 from CHF 1.20. Earlier news that Swiss exports plunged in August make this morning a convenient time for such chatter.
    | Sep. 20, 2011, 8:45 AM
  • Sep. 14, 2011, 3:24 PM

    Previously expecting the euro to see $1.55 in coming months, Goldman's Thomas Stolper scales back - for reasons obvious to anybody who's been reading the papers - his expectations. However, his long term view of "broad dollar depreciation" remains unchanged.

    | Sep. 14, 2011, 3:24 PM | 2 Comments
  • Sep. 6, 2011, 10:01 AM
    This isn't the SNB's first rodeo. Frustrated at years of failed attempts to halt the franc's rise in the 70s, the bank set a floor under CHF/DEM (deutsche mark) in 1978. The move worked, but at the cost of exploding inflation - which went from near nill to 6.6% over the next 3 years.
    | Sep. 6, 2011, 10:01 AM | 2 Comments
  • Aug. 31, 2011, 9:26 AM

    The swiss franc is sharply higher vs. both the dollar and the euro even as risk is on and Switzerland announces a $1.1B stimulus package to fight the impact of "massive overvaluation." The dollar and the euro -2.1% vs the franc. FXF +2.1% premarket.

    | Aug. 31, 2011, 9:26 AM | 1 Comment
  • Aug. 29, 2011, 10:23 AM
    Swiss franc longs continue to unwind, a combination of the Swiss getting hostile towards those who would hold its currency and the return of risk appetite. The franc is -2.1% vs. the greenback and -2.3% vs. euro. The common currency is nearly 20% higher against the swissie in 3 weeks.
    | Aug. 29, 2011, 10:23 AM
  • Aug. 24, 2011, 12:12 PM
    Moves by Japan today may be less an operation to weaken its currency, and more an "admission that yen strength is here to stay." In this, authorities are following the recent lead of the SNB, whose actions are designed to cap the franc's rise and make its high level more tolerable for businesses.
    | Aug. 24, 2011, 12:12 PM
  • Aug. 23, 2011, 11:12 AM

    "The euro is breaking down," says Alan Greenspan, who blames the sluggish U.S. economy on the uncertainty in Europe. Breaking down? If that describes the euro, than what phrase would The Maestro use regarding the dollar, which is off 13.7% Y/Y vs. the common currency.

    | Aug. 23, 2011, 11:12 AM | 3 Comments
  • Aug. 19, 2011, 7:15 AM

    With market volatility showing itself in equities, the currency markets are again subdued. There is little to report other than to those who expected a sustained "risk off" move to benefit the dollar vs. sterling, aussie, and loonie. The greenback is catching a bid against those units, but it's pretty marginal. UUP remains near a 52-week low.

    | Aug. 19, 2011, 7:15 AM
  • Aug. 18, 2011, 12:57 PM
    The move higher in the Swiss franc is played out, says Bob Noyen, whose hedge fund banked some money on out-of-the-money call options on the swissie. Expecting the ECB to resort to its own QE, he's got a new list of safe havens - the Czech koruna. the Swedish krona (FXS), as well as the commodity currencies (FXA), (FXC).
    | Aug. 18, 2011, 12:57 PM
  • Aug. 18, 2011, 10:50 AM

    The Swiss 10 year government bond yield plummets 18 basis points to 0.87%. As comparison, Japan's 10 year is at 1%. Looking at the money markets, euroswiss futures are pricing in negative 90 day rates all the way out to June 2013. It's not stopping money from continuing to flow to the franc, which has turned higher against the dollar and the euro.

    | Aug. 18, 2011, 10:50 AM | 1 Comment
  • Aug. 18, 2011, 7:08 AM
    Not following script on this "risk-off" day is the Swiss franc, solidly lower against the euro and the dollar. So far, Swiss moves to ease the franc's value look to have more teeth than intervention cynics might have expected. Euro +0.5% and Dollar +0.9% vs. the swissie.
    | Aug. 18, 2011, 7:08 AM
  • Aug. 17, 2011, 8:40 AM
    "Pegs Can't Fly," is Citi's Steven Englander's response to today's moves by the Swiss to devalue their currency. "The SNB is still reluctant to intervene in the FX spot market and that investors expecting such measures ... could be disappointed." While the Swiss may have halted the franc's rise, actually weakening the currency is a different story.
    | Aug. 17, 2011, 8:40 AM
  • Aug. 14, 2011, 8:38 PM

    The Swiss franc is again sharply lower vs. the dollar and the euro after a newspaper report the government and SNB are in "intense" talks over a currency peg. The idea of a peg is clearly working its magic by weakening the swissie over the past 3 sessions, but practical implementation of such is a different story. Franc -1.2% vs. the dollar, -1.6% vs. the euro.

    | Aug. 14, 2011, 8:38 PM | 8 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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