January 5th, 2009 10:01 AM
Investors Continue to Digest the Dollar
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The dollar likes the proposed stimulus plan and is moving higher again today.
We when wrote about the dollar back on August 4th the PowerShares DB Dollar Bullish ETF (UUP) was trading just under $23 per share. That ETF hit a high of just under $27 back on November 21st. While it then came off its highs to the mid-$24 range, the UUP has firmed back up and is back above $25. It’s been one of the rare areas to make money in the past few months.
The weak U.S. economy should bring down the dollar. Should. Except that currency mavens worldwide agree that as bad as America looks economically, the rest of the world looks worse. Europe is grinding to a halt and Japan may have already halted.
The dollar may end up being the most appetizing meal at what is overall an awful global economc buffet.
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