Meanwhile, while the dollar rose yesterday after the Federal Reserve kept interest rates steady, today it’s fallen back some against both the yen and euro, reports Elaine Fei for Investment Markets. The dollar was also hurt by news about the housing market, which stated that home construction had fallen to its slowest pace in 17 years.
The PowerShares DB U.S. Dollar Index Bullish (UUP) is up 3.1% year-to-date.
For full disclosure, some of Tom Lydon’s clients own shares of UUP.