Dollar Index Looks to Test Highs (UUP)
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The dollar index is climbing today and is nearing June highs at 83.54, currently 83.05. The move higher in the index comes as demand for U.S. assets increases. Yields on U.S. treasuries are significantly lower today, as global investors continue to plow money into U.S. bonds. The increase in the U.S. dollar is driving down commodity prices in early trading on Friday, with most commodity futures well into the red.
If resistance at 83.54 is broken, the price of the USD could test significantly higher into levels not seen in 2 years. PowerShares DB US Dollar Index Bullish (NYSE: UUP) currently trades at 22.86, higher by 0.3 percent intraday on Friday.
If resistance at 83.54 is broken, the price of the USD could test significantly higher into levels not seen in 2 years. PowerShares DB US Dollar Index Bullish (NYSE: UUP) currently trades at 22.86, higher by 0.3 percent intraday on Friday.
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