PowerShares DB US Dollar Index Bullish Fund (NYSEArca: UUP) has broken a key support level with the greenback falling sharply on news the Federal Reserve will stay full steam ahead on quantitative easing.
The dollar on Thursday was languishing near a seven-month low against its major currency rivals, according to Reuters.
The Dollar Index fallen to levels not seen since Federal Reserve Chairman Ben Bernanke first mentioned the possibility of Fed tapering in May, according to the report.
“Currency traders are just taking the dollar down across the board,” said Jonathan Lewis, chief investment officer at Samson Capital Advisors, in a Dow Jones Newswires report.