“Any further dollar weakening on election likely to be short-lived as investor appetite to chase the move may be low, midterms do not historically mark a break in currency trends, policy levers for USD depreciation are weak, and dollar-positive implications from the elections may be underplayed,” Bloomberg reports, citing Citigroup.

The Federal Reserve is expected to raise interest rates for a fourth time this year at its December meeting, a move that could fuel more upside for the dollar regardless of political gridlock on Capitol Hill.

On the other hand, traders who are considering a bearish position on the dollar can capitalize on the further weakness through an inverse USD strategy, the Invesco DB US Dollar Index Bearish (NYSEArca: UDN). UDN may be seen as the direct inverse play against UUP, rising 1.2% over the past month as the greenback weakened.

For more information on the USD, visit our U.S. dollar category.