ETF Trends
ETF Trends

With the PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), the tracking exchange traded fund for the U.S. Dollar Index, down 9.2% year-to-date, it can be said being bearish on the dollar has been a pretty easy trade for currency market participants.

UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. Other currencies, including the Australian dollar, yen and Canadian dollar have recently been gaining momentum against the greenback.

As it has been easy (and rewarding) to be anti-dollar this year, some market observers believe that trade could be overdone.

“Currency markets are of particular concern right now to Matt Maley, equity strategist at Miller Tabak, who said in an interview Thursday that he is watching the dollar/euro relationship quite closely,” reports CNBC.

Conversely, the CurrencyShares Euro Currency Trust (NYSEArca: FXE), which tracks the euro’s price movements against the dollar, is one of this year’s best-performing developed market currency exchange traded funds.

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