U.S. Dollar ETF (UUP) Hits New 52-Week High
Invesco DB US Dollar Index Bullish ETF UUP is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 7.88% from its 52-week low price of $26.40 per 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 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 0.70% in annual fees (see: all Currency ETFs).
Why the Move?
The U.S. dollar has strengthened in recent sessions, climbing to a 13-month high against a basket of major currencies, supported by growing expectations of further Fed rate hikes and increased safe-haven demand amid recent broad selloff across technology and semiconductor stocks, as per Reuters.
According to TradingView, the U.S. Dollar Index (DXY) has gained 0.37% in the latest trading session and 0.95% over the past five days. The index has risen 2.67% over the past month and 3.59% year to date.
More Gains Ahead?
Currently, UUP has a Zacks ETF Rank #3 (Hold) and has a Medium ETF Risk. It might continue its strong performance in the near term, with a positive weighted alpha of 5.90 (as per Barchart.com), which gives cues of a further rally.
Boost Your Portfolio with Our Top ETF Insights
Zacks' exclusive Fund Newsletter delivers actionable information, top news and analysis, as well as top-performing ETFs, straight to your inbox every week.
Don’t miss out on this valuable resource. It’s free!
Get it now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Invesco DB US Dollar Index Bullish ETF (UUP): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
