An exchange traded fund (ETF) tracking the greenback has seen its assets plunge as investors flee the dollar.
PowerShares DB US Dollar Index Bullish Fund (NYSEArca: UUP) is an $857.1 million ETF. At the end of March 2010, it had nearly $1.7 billion in assets, according to National Stock Exchange data.
Investors have been steadily pulling assets from the currency ETF, while the dollar has weakened against rivals. PowerShares DB US Dollar Index Bullish Fund fell to a new 52-week low on Thursday to end a tough week.
With low interest rates, inflation fears and the huge federal budget deficit, many see the dollar continuing to weaken, The Wall Street Journal reports.