UDN (PowerShares U.S. Dollar Index Bearish) provides the inverse returns to the U.S. dollar versus a basket of other currencies, and may be a potential play for those whom are taking the stance that the recent dollar rally is overdone.
Similarly, UDNT (PowerShares DB 3X Short U.S. Dollar Index) provides 3 times the inverse returns of the dollar versus a basket of major world currencies, and UUPT (PowerShares DB 3X Long U.S. Dollar Index) would provide leverage to those believing that the recent dollar surge will continue.
DRR (Market Vectors Double Short Euro ETN) is another potential alternative for those looking for exposure to a weakening euro. For those looking to take the other side of both the recent euro sell-off/U.S. dollar rally, ULE (ProShares Ultra Euro) may also have some appeal. The ETF delivers 2 times the daily returns of the euro versus the U.S. dollar.
Additionally, URR (Market Vectors Double Long Euro ETN) also delivers 2 times the daily returns. With the European situation not going anywhere anytime soon, we will likely continue to see heavy activity in U.S. dollar and euro linked ETF/ETN products in early 2012.
PowerShares US Dollar Index Bullish
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