High Flying US Dollar Gets Shot Down (UUP)
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PowerShares DB US Dollar Index Bullish (NYSE: UUP) is lower by 1.4 percent, as investors bailout on the U.S. dollar in favor of European currencies. The move signals investors are moving out of safe-haven U.S assets and get back into 'risk assets' such as equities and commodities. In terms of size, the drop in the U.S. dollar was relatively massive, making it one of the largest single day moves of the year.
Support for the U.S. dollar comes in at just ahead of 81. Traders say a break of this level could signal a medium term reversal. Investors seeking to go short the U.S. dollar index can short UUP or go long UDN.
Support for the U.S. dollar comes in at just ahead of 81. Traders say a break of this level could signal a medium term reversal. Investors seeking to go short the U.S. dollar index can short UUP or go long UDN.
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