Goldman analysts also pointed out that traders are increasingly looking to overseas central banks to gauge the dollar outlook. For instance, the European Central Bank and Bank of Japan have played a large role in the USD’s recent weakness.

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“The Fed has been something of a sideshow for the dollar recently. After all, it was the decision by the BOJ not to take action last month that set in motion that last round of dollar weakening. The yen and the euro strengthened sharply, giving rise to the latest round of dollar weakening,” Brooks wrote in a note.

UUP includes a 57.6% tilt toward the euro currency and 13.6% to the Japanese yen. The euro was trading around $1.1429 Wednesday while the greenback was hovering around ¥108.45.

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PowerShares DB U.S. Dollar Index Bullish Fund