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PowerShares DB USD Bear ETF (UDN)

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  • Jul. 29, 2011, 8:45 AM
    A flat dollar index following the GDP report belies big action in currencies as the dollar plummets to new record lows vs. the swiss franc and (effectively) the yen. However - remember your correlations - the greenback rises sharply vs. the loonie and aussie.
    | 1 Comment
  • Jul. 29, 2011, 7:16 AM
    The SNB reports a $13.5B loss in H1 as the plummeting euro/franc and dollar/franc exchange rates erodes the value of its reserves. The bank stocked up on euros and dollars in 2010 in a failed attempt to prop up them up. Full report here.
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  • Jul. 27, 2011, 10:45 AM
    The dollar skids to a fresh all-time low vs. the Swiss franc, falling below CHF0.80 as money continues to flow to safe-havens. For perspective, at the start of this century the dollar bought about CHF1.75. FXF +0.1%.
    | 2 Comments
  • Jul. 27, 2011, 8:35 AM
    "Speculators have been burnt many times before," says a bank currency trader, warning the dollar's daily record lows vs. the yuan could soon provoke a response from the PBOC (not to mention the BOJ, SNB RBA, ECB, BOC, and Brazil).
    | Comment!
  • Jul. 26, 2011, 7:55 AM
    With the greenback getting hammered across the globe, conventional wisdom has the reason being worries about a U.S. default/downgrade. However dollar-based assets - equities and bonds -  are doing just fine. An alternative explanation: a Goldman report saying inflation be damned, economic weakness is about to bring more QE.
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  • Jul. 25, 2011, 12:24 PM
    Remember Gramm-Rudman? Jim Rogers does, and he says that was supposed to end deficit spending a generation ago ... how did that work out? Calling current goings-on a political "charade," Rogers expects no more success this time around. Listen on why he's short Treasuries, but long the dollar.
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  • Jul. 25, 2011, 6:58 AM
    U.S. stock index futures, modestly lower on worries about the debt limit debate, belie bigger action elsewhere. The greenback plummets nearly 2% to another record low vs. the Swiss franc. Gold sits at a new record of $1,618/oz.
    | 1 Comment
  • Jul. 20, 2011, 12:37 PM
    Euro strength "depends entirely on your vantage point," writes Ambrose Evans-Pritchard. The currency looks decent vs. the greenback, but has crashed vs. several currencies. An epic rally is in store for the euro should an EMU breakup - with one or more of the weak states leaving - occur.
    | 2 Comments
  • Jul. 20, 2011, 12:10 PM
    The U.S. will almost assuredly not miss any coupon payments on its debt, but that doesn't mean it won't default, writes Jeff Rubin. Japanese insurers suffered huge losses in the 70s, as the dollar fell 40% vs. the yen. They'd have been better off in lower-yielding JGBs. China might expect the same.
    | 2 Comments
  • Jul. 14, 2011, 12:40 PM
    Like a chicken that's had its head chopped off and continues to run around before keeling over is how John Taylor sees the euro. In fact, the euro is only holding up against the greenback and the pound - 2 currencies that have their own issues. Measured against the franc, yen, aussie, loonie, gold ... the euro shows every sign of weakness.
    | 3 Comments
  • Jul. 13, 2011, 4:20 PM
    After an intervention scare yesterday evening sent the yen plummeting for a few hours, it has returned back to a ¥78 handle. In Europe, the Swiss franc is also at extreme levels vs. both the euro and the greenback. Exporters are feeling the pain and politicians the pressure. It seems only a matter of time until one or more interventions.
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  • Jul. 13, 2011, 3:09 PM
    SNB Vice-Chairman Jordan expresses concern about the sharp rise in the swiss franc and threatens action if necessary. "The central bank is neither powerless nor unable to act." Markets yawn, having taken the SNB to the cleaners for billions when it intervened in 2010. FXF +1.4%.
    | 2 Comments
  • Jul. 13, 2011, 11:53 AM
    Goldman's Jan Hatzius' take on Bernanke's prepared testimony: "We see this as an upgrade of the seriousness of the easing discussion on the {FOMC} ... a moderate dovish surprise." Stocks and commodities are stable at higher levels. The greenback continues to dive.
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  • Jun. 30, 2011, 9:55 AM
    The greenback doesn't know what to make of the powerful Chicago PMI. A stronger economy is supposed to send a currency higher, but "risk on" means the dollar must fall. For now, the greenback remains somewhat lower, with the outlier being a powerful move up against the swissie. FXF -0.9%, UUP -0.2%.
    | Comment!
  • Jun. 30, 2011, 9:24 AM
    Currency intervention? The greenback explodes higher about 0.5% vs. the Swiss franc in the past few minutes. One swissie now buying $1.1936.
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  • Jun. 28, 2011, 11:01 AM
    Traders continue to push the Swiss franc to new records vs. the euro and the greenback, unafraid of intervention by the SNB. The central bank, under political pressure due to major losses from last year's interventions, is seen as handcuffed from stepping into markets now. FXF +0.9%.
    | 2 Comments
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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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