For investors seeking momentum, WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU Quick QuoteUSDU - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up nearly 8.8% from its 52-week low price of $24.78/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.

USDU in Focus

The fund offers an effective way of gaining exposure to the U.S. dollar against a basket of foreign currencies in an ETF structure. The product charges 50 bps in fees (see all Currency ETFs here).

Why the Move? 

The U.S. dollar has been an area to watch lately. Solid U.S. economic data from jobs, inflation and retail data perspective are creating a gainful situation for the currency. The possibility of faster Fed policy tightening is also going in favor of the currency. Plus, geopolitical worries emanating from Turkey boosted its safe-haven appeal.

More Gains Ahead?

It seems that the fund will perform decently in the near term given a positive weighted alpha of 6.30.

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