Still, the implication that the Fed’s next rate hike after this week could be several months off could be enough to dampen near-term enthusiasm for the dollar and ETFs like UUP. Some market observers recently noted the dollar should rise against the euro next year, but that the common currency’s losses against its U.S. rival will not be nearly as severe in 2016 as what was seen last year.

Oil prices will also figure prominently in dollar price action this year.

“Given that crude oil prices are quoted in the U.S. currency, a strengthening dollar could place pressure on the resource, affecting commodity-driven countries, which could, in turn, affect the U.S. dollar,” according to Forbes.

PowerShares DB U.S. Dollar Index Bullish Fund