Despite concerns that an eighth-month rally of the U.S. dollar may be dissipating, mutual funds and exchange traded funds (ETFs) that make dollar bets continue to perform. In the last two weeks, the PowerShares DB USD Index Bullish (UUP) is up 2.8%.

The dollar has had a roller coaster week, falling against most major currencies. It bounced back after the announcement of interest rate cuts by the European Central Bank, and then fell again on reports of a poor job market.

Some indicate that there is prosperity in the dollar because of favorable political changes, the necessary financing of two wars, and the flexibility of the U.S. credit system as compared to those in foreign markets.  Others believe that the U.S. dollar is on a downward spiral on fears of inflation, weak fundamentals and the fundamental soundness of foreign markets as compared to the U.S. market, states David Hoffman of InvestmentNews.

If one does invest in the dollar, a possible hedge could be found through increased exposure to foreign stocks, says one strategist.

It looks like a classic “will it or won’t it?” debate, and the answers can never be known ahead of time. Right now, the trend for the dollar is still up. Whether you’re in the bullish camp or the bearing camp, there are two ETF options when it comes to investing directly:

• PowerShares DB USD Index Bullish (UUP), up 13.5% for the year.

• PowerShares DB USD Index Bearish (UDN): is down 14.4% for the year.

Tags: U.S. Dollar, UDN, UUP