PowerShares DB USD Bear ETF
 (UDN)

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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 | 5 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)
    • ETFs: UUP, UDN, FORX, USDU
    | Dec. 16, 2015, 2:17 PM | 8 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.
    • ETFs: UUP, UDN, FORX, USDU
    | Dec. 9, 2015, 1:05 PM | 5 Comments
  • 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%).
    • ETFs: TBT, TLT, UUP, TMV, UDN, TBF, EDV, TMF, TTT, ZROZ, TLH, SBND, VGLT, UBT, FORX, DLBS, USDU, TLO, TENZ, LBND, DLBL, TYBS, VUSTX
    | Dec. 3, 2015, 10:13 AM | 5 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
  • Oct. 28, 2015, 2:18 PM
    | Oct. 28, 2015, 2:18 PM | 31 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
  • 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
  • Jun. 29, 2015, 4:23 PM
    • Investors may think they have things figured out by buying dollars amid macro jitters, but that strategy had to be faded today. The dollar (UUP -0.6%) closed lower across the board, including a 0.3% decline vs. the euro (NYSEARCA:FXE) after having been about 1.5% higher in knee-jerk action reaction to Greece last night.
    • The dollar also lost 1.1% vs. the yen (NYSEARCA:FXY), 0.3% vs. the pound (NYSEARCA:FXB) and 0.6% vs the aussie (NYSEARCA:FXA).
    • ETFs: UUP, UDN, FORX, USDU
    | Jun. 29, 2015, 4:23 PM | 5 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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