The PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) lost ground on Tuesday and closed near a fresh 52-week low after the government said the U.S. trade deficit narrowed in February, but was still larger than expected.

Separately, import prices rose in March at the fastest pace since June 2009, led by gains in oil and food costs, Bloomberg reported.

The dollar ETF, which tracks the movement of the greenback against a basket of foreign currencies, slipped 0.3% on Tuesday. The currency ETF is down more than 5% so far this year.

PowerShares DB US Dollar Bullish Fund

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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