PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) gained 1% in midday trading Monday as the dollar strengthened versus a basket of foreign currencies even though Standard & Poor’s downgraded its credit view on the U.S.

Worries over Europe’s debt crisis and surging Greek bond yields appeared to trump the S&P warning on U.S. debt.

Exchange traded funds (ETFs) that follow the euro’s movements against the dollar were sharply lower Monday.

Still, the dollar has been in a steep downtrend lately. The PowerShares DB US Dollar Bullish Fund was off 5.5% year to date through the end of last week, according to Morningstar.

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.