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PowerShares DB USD Bear ETF (UDN)

- NYSEARCA
  • Fri, Jan. 2, 3:11 AM
    • The euro is starting the new year at 29-month lows after the head of the European Central Bank fanned expectations it would take bolder steps on stimulus this month.
    • The currency sank as far as $1.2050, a level not seen since mid-2012, while the dollar notched up a near nine-year peak against a basket of major currencies following its best year since 2005.
    • The ECB council meets on Jan. 22 to decide if it will start buying sovereign debt.
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, UUPT, FORX, UDNT, EUFX, USDU, ULE, URR
    | 1 Comment
  • Nov. 19, 2014, 1:05 PM
    • Alongside a bull market in the greenback, the WisdomTree (NASDAQ:WETF) Bloomberg U.S. Dollar Bullish Fund (NYSEARCA:USDU) has had net inflows of $118.7M YTD - 364% fund growth based on January 1 AUM of $32.6M (it launched last December).
    • USDU's chief competitor, the PowerShares-DB U.S. Dollar Bullish Portfolio (NYSEARCA:UUP), has seen stronger inflows - $207.8M - but the fund is far larger, now with $943M of AUM.
    • The UUP has outperformed - up 9.6% YTD vs. 6.1% for the WisdomTree offering - but it's essentially a play on the euro, which accounts for 60% of the fund's weighting. USDU tracks a basket of 10 developed and emerging currencies, and is probably more reflective of global trade, writes ETF.com's Dennis Hudachek.
    • ETFs: UUP, UDN, UUPT, FORX, UDNT, USDU
    | 1 Comment
  • Nov. 7, 2014, 5:07 AM
    • The dollar firmed to near a 4-1/2 year high against a basket of currencies this morning, with its near-term future hinging on whether U.S nonfarm payrolls number today will support optimism about the U.S. economy.
    • Analysts predict that the U.S. economy created 240K new jobs in October.
    • The dollar index touched a high of 88.174, its strongest level since June 2010. The euro languished below $1.24, near two-year lows, after ECB President Mario Draghi renewed a pledge yesterday to provide more stimulus if needed.
    • ETFs: UUP, UDN, FORX, UUPT, UDNT, USDU
    | Comment!
  • Nov. 5, 2014, 7:38 AM
    • The greenback is well-bid following the GOP victory overnight, with the dollar index higher by 0.6% (a fairly sizable move for this product).
    • UUP +0.65% premarket.
    • Dollar ETFs: UUP, UDN, FORX, UUPT, UDNT, USDU
    • The euro (NYSEARCA:FXE) is lower by 0.5% vs. the dollar; the pound (NYSEARCA:FXBby 0.6%; the yen (NYSEARCA:FXYby 1%; the Swiss franc (NYSEARCA:FXFby 0.5%, the aussie by 1.4%, and the loonie by 0.3%.
    • On the flip side, precious metals continue to tumble, with gold (-2.3%) and silver (-4.7%) at more than four-year lows.
    | 1 Comment
  • Oct. 29, 2014, 2:30 PM
    • While the statement - an end to QE, retention of the "considerable time" language, chatter about improving employment -wasn't much a surprise, the fact that the dissent came from the dove camp suggests perhaps there was a bit more hawkishness in the conference room than past meetings.
    • In any case, while stocks and longer-dated rates have a relatively subdued reaction, money is moving into the greenback (UUP +0.7%), with the euro (FXE -0.7%), yen (FXY -0.7%), pound (FXB -0.2%), Swiss franc (FXF -0.6%), loonie (FXC -0.4%), and aussie (FXA -0.6%) all considerably lower than they were 30 minutes ago.
    • ETFs: FXE, UUP, FXY, EUO, FXA, YCS, UDN, ERO, JYN, DRR, CROC, FORX, UUPT, UDNT, YCL, EUFX, ULE, USDU, URR, GDAY
    • Previously: QE ends, "considerable time" language stays for now
    | Comment!
  • Oct. 22, 2014, 3:40 AM
    • The euro flirted with one-week lows today following reports that the ECB is considering buying corporate bonds on the secondary market, expanding upon its private-sector asset-buying program which it began on Monday.
    • The euro briefly fell to $1.2706 its lowest level since Thursday and last stood at $1.2715.
    • U.S. CPI data due at 8:30 p.m. ET is expected to reveal a flat annual core CPI inflation at 1.7% in September, but a softer reading could undermine the dollar by adding to speculation that the Fed could wait longer before raising rates.
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, FORX, UUPT, UDNT, EUFX, ULE, USDU, URR
    | Comment!
  • Oct. 15, 2014, 11:59 AM
    • Markets and bond yields are falling everywhere, but it's the greenback (UUP -0.8%) which is taking the brunt of sales in foreign exchange. The euro (FXE +1%), yen (FXY +0.9%), swissie (FXF +0.9%) are all sharply higher, with cable (FXB +0.2%) advancing moderately. The loonie (FXC +0.1%) is up slightly vs. the dollar.
    • Dollar ETFs: UUP, UDN, FORX, UUPT, UDNT, USDU
    • Gold (GLD +0.9%) is up to $1,243 per ounce, about its highest price since Labor Day.
    | 4 Comments
  • Oct. 13, 2014, 11:53 AM
    • Net dollar longs at the CME rose to $40.91B in the week ended October 7, according to the latest CFTC data, the eighth straight week net longs in the dollar have been over $30B.
    • In the ETF world, the PowerShares (NYSE:IVZ) U.S. Dollar Index Bullish ETF (UUP -0.5%) took in $154.8M in new money, more than quadruple the amount for PowerShares' second-place fund. Total AUM at the UUP have now risen to $882M. The fund is up 6.2% YTD, 160 basis points better than the S&P 500.
    • ETFs tracking the euro, yen, loonie, and aussie are lower by an average 6.2% over the last 90 days.
    • ETFs: UUP, UDN, FORX, UUPT, UDNT, USDU
    | Comment!
  • Oct. 6, 2014, 3:49 PM
    | 2 Comments
  • Oct. 4, 2014, 4:43 PM
    • The ECB's attempts to weaken the euro and interfere with the euro/dollar exchange rate are "shocking," former ECB chief economist tells Focus magazine.
    • "The ECB is not demonstrating leadership, but is bowing to the expectations of the financial markets and political pressure from France and Italy."
    • He also criticized the ECB's bond-buying program, saying it has "nothing to do with monetary policy," and is forcing the ECB to take unpredictable risks.
    • Stark says the ABS purchases could lead to substantial redistribution among member stats, a mandate never given to the ECB.
    • ETFs: FXE, UUP, EUO, UDN, ERO, DRR, FORX, UUPT, UDNT, EUFX, ULE, USDU, URR
    | 8 Comments
  • Sep. 24, 2014, 1:12 PM
    • “If the dollar were to strengthen a lot, it would have consequences for growth,” said FRBNY chief Bill Dudley earlier this week, becoming the first Fed official to mention the greenback in several years. “We would have poorer trade performance, less exports, more imports ... And if the dollar were to appreciate a lot, it would tend to dampen inflation. So it would make it harder to achieve our two objectives. So obviously we would take that into account.”
    • Highly influential at the Fed and already in the dovish camp, Dudley's comments suggest a new front being opened by the doves, and that he would prefer a longer timeline before rate hikes begin.
    • What to check for next is whether Fed boss Janet Yellen begins to echo Dudley's dollar concerns.
    • Dollar ETFs: UUP, UDN, FORX, UDNT, UUPT, USDU
    | 2 Comments
  • Sep. 16, 2014, 9:38 AM
    • Forty-eight percent of fund managers believe the Fed will begin rate hikes in Q2, according to the BAML Fund Manager Survey for September. That's up from 38% one month previous. The ECB is a different story - with 42% expecting QE before year's end vs. only 32% believing so in August.
    • Naturally in this scenario, the group overwhelmingly - 86% - expects the dollar (NYSEARCA:UUP) to strengthen, not just against the euro (NYSEARCA:FXE), but the yen (NYSEARCA:FXY) as well, given the BOJ's threat to ease more.
    • The Scottish referendum, meanwhile, has managers skittish, with the U.K. (NYSEARCA:EWU) being the region most want to underweight in the coming 12 months.
    • Dollar ETFs: UUP, UDN, FORX, UDNT, UUPT, USDU
    | 3 Comments
  • Sep. 12, 2014, 10:43 AM
    • The last time the greenback climbed for nine consecutive weeks was from Dec. 1996-Feb. 1997, and Morgan Stanley sees next week's Fed meeting as a catalyst for more gains should forward guidance tilt a little less dovish.
    • The reason for the dollar strength is no secret: U.S. growth is outpacing that of most of the rest of the world, and the Fed is talking rate hikes, while central banks in Europe and Japan are figuring how to ease policy even more (though the Bank of England is also on course for rate hikes).
    • Previously: BofA moves up forecast of first rate hike by 3 months
    • The PowerShares U.S. Dollar Index Bull ETF (NYSEARCA:UUP) is higher by about 6% since the streak began.
    • ETFs: UUP, UDN, FORX, UDNT, UUPT, USDU
    | 14 Comments
  • Sep. 5, 2014, 4:47 AM
    | Comment!
  • Sep. 2, 2014, 9:15 AM
    • At issue as the euro (NYSEARCA:FXE) touches a one-year low and the yen (NYSEARCA:FXY) nears its weakest level of 2014 are expectations for the divergent paths of monetary policy. While the Fed is signaling a rise in interest rates by this point next year, the ECB is set to further ease policy this week and the BOJ isn't tightening any time soon.
    • Old news? CFTC data on futures positions show bearish bets against the euro have jumped to their highest level in more than two years, and those short the yen approaching peaks seen in 2013. Futures, of course, are a tiny slice of a vast foreign currency trading market.
    • ETFs: UUP, UDN, FORX, UDNT, UUPT, USDU
    | Comment!
  • Aug. 21, 2014, 3:58 PM
    • "Relative to the norm," the market is overexposed to the greenback and to U.S. stocks, says Saxo Bank CIO Steen Jakobsen, expecting the dollar to "significantly weaken" beginning in mid-Q3.
    • Behind his call is his disagreement with the conventional wisdom that U.S. growth is set to accelerate. While Q3 may be decent, he says, "the real damage will come in Q4."
    • The dollar index hit its highest level in nearly a year this week, showing particular strength over the past few weeks against the euro, the pound, and the loonie.
    • Dollar ETFs: UUP, UDN, FORX, UDNT, UUPT, USDU
    | 1 Comment
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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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