“With the weakening euro, the U.S. dollar tracked by UUP is poised for a breakout to the upside,” Street One Financial said in a research note. “Near term strength has once again put the ETF right near $23 where it will meet some resistance at a recent high. A break through this level and we may see more upside to 2$4 and perhaps challenge 2010 levels of $25.75.”
Elsewhere in currency ETFs, CurrencyShares Japanese Yen Trust (NYSEArca: FXY) traded higher Thursday after the Bank of Japan stood pat on interest rates.
CurrencyShares Euro Trust
PowerShares DB US Dollar Index Bullish