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Invesco DB US Dollar Index Bullish ETF (UUP) - free report >>
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Invesco DB US Dollar Index Bullish ETF (UUP) - free report >>
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U.S. Dollar ETF (UUP) Hits a New 52-Week High
Invesco DB US Dollar Index Bullish ETF (UUP - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 13.8% from its 52-week low price of $26.92/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
UUP ETF in Focus
The underlying Deutsche Bank Long USD Currency Portfolio Index - Excess Return is a rules-based index composed solely of long U.S. Dollar Index futures contracts that trade on the ICE futures exchange. The product charges 78 bps in annual fees.
Why the Move?
The U.S. dollar has been on the rise since Donald Trump’s big win in the presidential election. Trump's policies on restricting illegal immigration, enacting new tariffs, lowering taxes and reducing regulations may boost the economy and inflation, thereby limiting the Federal Reserve's ability to cut rates, which is a positive for dollar.
More Gains Ahead?
The ETF UUP might continue its strong performance in the near term, with a positive weighted alpha of 13.79, which gives cues of a further rally.