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PowerShares DB USD Bear ETF (UDN)

- NYSEARCA
  • Wed, Mar. 18, 4:25 PM
    • A nice-sized rout in the overbought dollar following the unexpected Fed dovishness turns into something more after the bell, with the euro (NYSEARCA:FXE) flying all the way past $1.10 vs. just above $1.08 at 4 ET (prior to the Fed news, it was around $1.0650). In the last few minutes the common currency has returned to $1.0914.
    • The other major currencies also saw big post-4 ET moves, but not of the euro's magnitude.
    • The Dollar Bull ETF (NYSEARCA:UUP) is lower by 0.7% after hours, following a 2% dive in the day session.
    • Previously: Dollar off sharply as Fed slows rate hike estimates (March 18)
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, UUPT, FORX, UDNT, EUFX, USDU, ULE, URR
    | Wed, Mar. 18, 4:25 PM | 6 Comments
  • Wed, Mar. 18, 2:15 PM
    | Wed, Mar. 18, 2:15 PM | 1 Comment
  • Wed, Mar. 11, 9:46 AM
    • "The Fed is intent on being a blockhead," says Jeff Gundlach, arguing the U.S. central bank is about to make the same mistake the ECB did in 2011 when it hiked interest rates. The ECB found itself quickly reversing course as the higher rates helped precipitate a blow-up in the euro-periphery.
    • "Don't do it," he warns those who are thinking about going contrarian and shorting the dollar (UUP, UDN). Currency trends, he says, tend to go on and on. "The dollar, which has been a world leader, is going to be a world leader."
    • ETFs: AGG, UUP, BND, BOND, UDN, SCHZ, UUPT, FORX, UDNT, LAG, USDU, SAGG, GBF, FBND, IUSB, VBND
    | Wed, Mar. 11, 9:46 AM | 23 Comments
  • Wed, Mar. 11, 4:34 AM
    • The euro fell to a fresh 12-year low on Wednesday, extending a broad decline just days after the ECB launched its €1T bond-buying program, while the dollar index soared to its highest in more than 11 years at 98.95, buoyed by expectations that the Fed could soon lift U.S. interest rates.
    • Nearly all now believe the FOMC will remove the word "patient" from its policy statement after its March 17-18 meeting, opening the door for a rate increase in June.
    • The euro is -0.4% at $1.0652.
    • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    • Dollar ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | Wed, Mar. 11, 4:34 AM | 10 Comments
  • Tue, Mar. 10, 8:02 AM
    • The greenback is higher across the board as the Fed goes into the blackout period ahead of the March 17-18 meeting at which nearly all now believe the FOMC will remove the word "patient" from its policy statement, thus putting a rate hike on the table at all future meetings.
    • The dollar is showing the most strength against the euro, aussie (NYSEARCA:FXA), and swissie (NYSEARCA:FXF) - up about 1% vs. all three.
    • Dollar ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | Tue, Mar. 10, 8:02 AM | 3 Comments
  • Fri, Mar. 6, 8:43 AM
    | Fri, Mar. 6, 8:43 AM | 5 Comments
  • Thu, Feb. 26, 1:51 PM
    • PowerShares (NYSE:IVZ) temporarily suspended creations yesterday while taking over full management of the funds from partner Deutsche Asset & Wealth Management.
    • With creations allowed again, the funds are no longer susceptible to big premiums such as those seen in closed-end funds, writes Chris Dietrich. Still watch closely, at least for today. PowerShares: "It is possible that the market value of the funds’ shares may be affected by the resumption of issuances of shares of the funds, and the market value may be higher or lower than the intraday indicative value of the shares.":
    • The funds: DBC, DBV, DBE, DBO, DBP, DGL, DBS, DBB, DBA, UUP, UDN.
    • Previously: PowerShares temporarily suspends creations on 11 ETFs (Feb. 25)
    | Thu, Feb. 26, 1:51 PM | Comment!
  • Thu, Feb. 26, 9:00 AM
    • Core CPI gained 0.2% in January, double expectations, even as the oil-influenced headline number tumbled 0.7%.
    • The only thing barely holding back Fed rate increases at this point is too-low inflation, and if core CPI is going to start printing 0.2% on a monthly basis, markets probably ought to start pricing in at least a small series of rate boosts.
    • The dollar bull ETF (NYSEARCA:UUP) is up 0.6% premarket, with the greenback nicely in the green against the euro (NYSEARCA:FXE), yen (NYSEARCA:FXY), loonie (NYSEARCA:FXC), pound (NYSEARCA:FXB), swissie (NYSEARCA:FXF), and aussie (NYSEARCA:FXA).
    • ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    • There were also a couple of not-so-hot economic numbers earlier: Durable goods ex-transport fell short of expectations, and jobless claims jumped well past consensus.
    | Thu, Feb. 26, 9:00 AM | Comment!
  • Wed, Feb. 25, 12:39 PM
    • The move comes as PowerShares (a unit of IVZ) takes over management of the funds from what had been a joint arrangement with Deutsche Asset & Wealth Management.
    • PowerShares: "There may be increases in the spread they quote between offers to buy and sell shares ... In addition, there could be a significant variation between the market price at which shares are traded and the shares’ net asset value ... Invesco believes that any potential impact to the market in shares of the funds will not extend beyond the time of the suspension.”
    • Those affected: DBC, DBV, DBE, DBO, DBP, DGL, DBS, DBB, DBA, UUP, UDN.
    | Wed, Feb. 25, 12:39 PM | 2 Comments
  • Wed, Feb. 18, 2:38 PM
    | Wed, Feb. 18, 2:38 PM | 2 Comments
  • Wed, Feb. 11, 3:31 PM
    • “We in the U.S. are having to learn to live with a stronger and stronger dollar, not necessarily because we have got a stronger and stronger economy,” Goldman Sachs COO Gary Cohn tells Bloomberg. Though the Fed would like to normalize interest rates, it'll be "constrained" by the stronger currency, he says.
    • A case in point is PepsiCo, which earlier today said the powerful greenback will cut earnings growth by 7% this year.
    • The rest of the world, of course, seems desirous of a weaker currency, and as the Fed gets ready to tighten, monetary easing is going on from Canada to Europe to Australia.
    • ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | Wed, Feb. 11, 3:31 PM | 4 Comments
  • Fri, Feb. 6, 8:36 AM
    | Fri, Feb. 6, 8:36 AM | 49 Comments
  • Fri, Feb. 6, 6:05 AM
    • The dollar gained some ground against other major currencies today, as markets eyed January's employment report which will likely show nonfarm payrolls increasing 234K last month after advancing by 252K in December - the longest stretch of job gains above 200K since 1994.
    • Ahead of the news, the U.S. dollar index is up 0.24% to 93.89, while U.S. futures are all higher by 0.1%.
    • The unemployment rate is forecast to hold steady at a 6-1/2 year low of 5.6%.
    • ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | Fri, Feb. 6, 6:05 AM | 1 Comment
  • Sat, Jan. 24, 8:26 AM
    • "I don’t see how the Fed can justify hiking rates when economic growth will disappoint, employment growth will fade, and inflation will overshoot on the downside," says Felix Zulauf at the Barron''s Roundtable. He wouldn't be shocked to see 2016 also pass by without tighter policy.
    • The iShares 20+ Year Treasury Bond ETF (NYSEARCA:TLT) is the largest position in his portfolio (the 30-year yield was 2.53% when the Roundtable took place earlier this month; it's 2.37% today). "The U.S. bond market is mispriced," he says, noting long-term yields on these shores tower over those in Europe (they tower far more after the ECB's QE this week).
    • Zulauf is also bullish on the dollar (NYSEARCA:UUP) - not exactly a contrarian view - but he says most don't understand the real reason for the greenback's strength: Basically the world is massively short greenbacks thanks to dollar weakness policies pursued by the Greenspan and Bernanke Feds. When the dollar corrects later this year on realization the Fed won't be lifting rates, it will be a good spot to get long.
    • Expecting a correction in U.S. stocks, Zulauf would then put money to work in the Market Vectors Retail ETF (NYSEARCA:RTH) - a strong dollar allows retailers to benefit by buying their overseas supplies cheaper.
    • Related ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, SBND, TLH, VGLT, DLBS, UBT, TLO, TENZ, LBND, TYBS, DLBL, UUP, UDN, UUPT, FORX, UDNT, USDU
    | Sat, Jan. 24, 8:26 AM | 72 Comments
  • Fri, Jan. 9, 3:09 PM
    • Revising its forecast for a number of currency pairs to reflect what it believes will be a prolonged run  higher for the dollar, Goldman sees the euro (NYSEARCA:FXE) reaching parity with the greenback by Jan. 2017, and falling to as low as $0.90 a year later.
    • One other notable move is for the aussie (NYSEARCA:FXA), and the team now expects it to weaken to $0.75 by year's end vs. the previous forecast of $0.79. Alongside that expectation, naturally, is the forecast that commodity prices will continue to weaken.
    • U.S. dollar ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | Fri, Jan. 9, 3:09 PM | 2 Comments
  • Fri, Jan. 9, 11:56 AM
    • A quick $2 per barrel dive in the price of oil is hitting the major averages, with the Dow's (DIA -1%) decline the largest in percentage terms. WTI crude is lower by 3% to $47.30 per barrel. USO -2.7%
    • The move in stocks and oil has put a strong bid under Treasurys, with the 10-year yield now lower by a full eight basis points to 1.94%. TLT +0.8%, TBT -1.6%
    • The dollar (UUP, UDN) is enjoying a volatile session - up sharply following the strong headlines out of December's nonfarm payrolls number, but now moderately lower on the day.
    | Fri, Jan. 9, 11:56 AM | 8 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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