PowerShares DB USD Bear ETF (UDN) - NYSEARCA
  • 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.
    • ETFs: UUP, UDN, FORX, USDU
    | 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.
    • ETFs: UUP, UDN, FORX, USDU
    | 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.
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, FORX, USDU, EUFX, ULE, URR
    | Nov. 5, 2015, 3:00 AM | 8 Comments
  • Oct. 28, 2015, 2:18 PM
    | Oct. 28, 2015, 2:18 PM | 31 Comments
  • Oct. 23, 2015, 7:42 AM
    | Oct. 23, 2015, 7:42 AM | 14 Comments
  • Oct. 3, 2015, 6:10 PM
    • Friday’s weak jobs data will cause the dollar to depreciate, Citigroup strategist Steven Englander says.
    • Citi is the top forex trader by volume.
    • With the Fed less likely to raise interest rates, Citi thinks refuge currencies including the yen and the euro will benefit.
    • "The last trades going into the number were going the wrong way, so that basically exacerbates the impact," Englander says. "Emerging markets are going nowhere and Europe and Japan are appreciating."
    • The dollar lost 0.2% vs. the euro this week and 0.6% vs. the yen.
    • ETFs: UUP, UDN, FORX, USDU, FXE, EUO, ERO, DRR, EUFX, ULE, URR, FXY, YCS, JYN, YCL
    | Oct. 3, 2015, 6:10 PM | 24 Comments
  • Oct. 2, 2015, 8:54 AM
    | Oct. 2, 2015, 8:54 AM | 16 Comments
  • Sep. 25, 2015, 9:16 AM
    • The beginning of Q4 is just days away, but it's economic data from Q2 in focus today, with that quarter's GDP growth revised up to 3.9% from 3.7% at the last estimate.
    • The 8:30 ET print caused a quick spike higher in both Treasury yields and the dollar, but both have settled back to levels they were at ahead of the number.
    • The 10-year U.S. Treasury yield is up five basis points to 2.18%, and the dollar index is ahead 0.2%.
    • In a speech after the bell yesterday, Fed boss Janet Yellen promised (again) a rate hike before the books are closed on 2015. Fair enough, but it'll be interesting to see how the Fed walks back that promise should markets suffer another conniption between now and the next FOMC meeting (or the one after). Fed Funds futures are pricing in a bit more than a 50% chance of a rate hike in 2015.
    • ETFs: TBT, TLT, UUP, TMV, UDN, TBF, EDV, TMF, TTT, ZROZ, TLH, SBND, VGLT, UBT, FORX, DLBS, USDU, TLO, TENZ, LBND, DLBL, TYBS, VUSTX
    | Sep. 25, 2015, 9:16 AM | 5 Comments
  • Aug. 26, 2015, 8:50 AM
    • ECB Governing Council member Peter Praet earlier said the crash in commodity prices and slowdown in overseas economies put the central bank at risk of missing its inflation target on the downside. "There should be no ambiguity on the willingness and ability of the governing council to act if needed."
    • The euro (NYSEARCA:FXE) is lower by 1% to 1.1370. The dollar index (NYSEARCA:UUP) is ahead by 1%.
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, FORX, USDU, EUFX, ULE, URR
    | Aug. 26, 2015, 8:50 AM | 2 Comments
  • Aug. 21, 2015, 11:12 AM
    • The October Fed Funds futures contract is edging higher again today, and at 99.79 is just seven basis points lower than the August contract - meaning less than a one-in-three chance of a 25 basis point rate hike in September. The January contract is up to 99.675, putting the odds of a 25 point move anytime this year at just 75%.
    • One has to go all the way out to August 2016 to see 50 basis points of rate hikes priced in.
    • Alongside the reduced expectations of tighter policy, the dollar (UUP -0.8%), (UDN +0.6%) has fallen to a two-month low. For all the talk about "king dollar" this year, the greenback has been in a fairly clear downtrend since the start of the spring. It's still up about 3.5% on the year.
    • As for today's action, the biggest gainers vs. the dollar are the euro (FXE +1.1%), yen (FXY +0.9%), and swissie (FXF +0.6%).  Still losing ground are the commodity currencies - the loonie (FXC -0.7%) and aussie (FXA -0.2%).
    • ETFs: UUP, UDN, FORX, USDU
    | Aug. 21, 2015, 11:12 AM | 12 Comments
  • Aug. 11, 2015, 4:46 AM
    • The surprise devaluation of the yuan is roiling markets across the globe as investors weigh the implications of the surprise move.
    • Exporters are dragging stocks lower, while commodities are down amid speculation the weaker currency will make imports more expensive and slow demand.
    • Although the move shook forex markets in Asia earlier, the decision is expected to add further momentum to the strong dollar, which has already been boosted this year on prospects for higher U.S. interest rates.
    • Crude futures -0.5% to $44.74/bbl; U.S. dollar index +0.4% to 97.524
    • U.S. Futures: Dow -0.3%. S&P -0.3%. Nasdaq flat.
    • Europe: London -0.5%. Paris -0.9%. Frankfurt -1.1%.
    • Asia: Nikkei -0.4%; Shanghai flat; Hang Seng -0.1%; Sensex -0.8%.
    • Previously: Weak data prompts China to devalue the yuan (Aug. 11 2015)
    • ETFs: UUP, UDN, CYB, CNY, FORX, USDU, FXCH
    | Aug. 11, 2015, 4:46 AM | 9 Comments
  • Aug. 5, 2015, 4:13 AM
    • Global bond yields are on the rise after Atlanta Fed President Dennis Lockhart said it would take "significant deterioration" in the U.S. economy for him to not support a rate hike in September.
    • Lockhart's opinion is especially notable as he's considered a centrist on the FOMC whose views typically mirror the consensus.
    • Tracking similar movement in U.S. treasuries, German 10-year yields +3 bps to 0.66%, rebounding from a two-month low hit on Tuesday.
    • The dollar index is also getting a boost, up 0.2% to 98.23 - its highest since April 23.
    • ETFs: EU, BUNL, BUNT, GGOV, UUP, UDN, FORX, USDU
    | Aug. 5, 2015, 4:13 AM | 10 Comments
  • Jul. 15, 2015, 11:51 AM
    • In her prepared remarks released at 8:30 ET, Fed chief Janet Yellen left little question of her intention to hike rates in 2015. Taking questions since 10 ET - with lawmakers far more concerned with regulatory, rather than monetary issues - Yellen has said nothing to negate that hawkish view (live blog here).
    • Nevertheless, the 10-year Treasury yield - which climbed to 2.43% in the wake of her prepared remarks - has dipped back down to 2.38%. The dollar (UUP +0.4%) - though still higher on the session - has given back some of its gains as well since live testimony began.
    • Perhaps helping the softness in yields is a surprise rate cut from the Bank of Canada.
    • TLT +0.6%, TBT -1.2%
    • ETFs: TBT, TLT, UUP, TMV, UDN, TBF, EDV, TMF, TTT, ZROZ, TLH, SBND, VGLT, UBT, FORX, DLBS, USDU, TLO, TENZ, LBND, DLBL, TYBS, VUSTX
    | Jul. 15, 2015, 11:51 AM | 3 Comments
  • Jul. 14, 2015, 8:46 AM
    • In addition to June's big miss in retail sales, the April and May results were revised lower, calling into question either the Fed's determination to hike rates sooner rather than later, the accuracy of the report data, or both.
    • The 10-year Treasury yield is lower by six basis points to 2.39%, and the dollar is down across the board. TLT +0.4%, UUP -0.5%
    • Fed Funds futures are up slightly, thus pricing in less chance of a rate hike this year than previously (now just under 100%).
    • ETFs: TBT, TLT, UUP, TMV, UDN, TBF, EDV, TMF, TTT, ZROZ, TLH, SBND, VGLT, UBT, FORX, DLBS, USDU, TLO, TENZ, LBND, DLBL, TYBS, VUSTX
    | Jul. 14, 2015, 8:46 AM
  • Jul. 2, 2015, 8:45 AM
    | Jul. 2, 2015, 8:45 AM | 24 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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Country: United States
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