U.S. Dollar ETF Finds Support From Trump

The U.S. dollar has been in a free fall, but the greenback-related ETF regained its footing after President Donald Trump confirmed his strong dollar outlook.

The PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP) rose 0.1% Thursday. However, it still declined 4.1% over the past month and decreased 10.1% over the past year. UUP tracks movements of the U.S. dollar against a basket of currencies including euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

Meanwhile, the PowerShares DB US Dollar Index Bearish (NYSEArca: UDN), an inverse play on the greenback, fell 0.1%. UDN, though, still strengthened 4.2% over the past month and increased 10.7% over the past year.

The USD appreciated against its foreign peers late Thursday after Trump declared that the dollar will continue to strengthen and that remarks made by his Treasury secretory on a weaker U.S. currency the day prior were taken out of context, Bloomberg reports.

“The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar,” Trump said during an interview with CNBC from the World Economic Forum in Davos, Switzerland.