US Dollar Rises To 10-Week Peak With Debt Ceiling Breakthrough, Rate Hike Buzz: Crucial House Vote Wednesday
Portfolio Pulse from Piero Cingari
The US dollar has reached a 10-week peak due to progress on the debt ceiling deal and expectations of Federal Reserve interest rate hikes. The Invesco DB USD Index Bullish Fund ETF (UUP) has gained almost 3% in May, marking its strongest monthly performance since September 2022.
May 31, 2023 | 12:39 pm
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The Invesco DB USD Index Bullish Fund ETF (UUP) has gained almost 3% in May due to progress on the debt ceiling deal and expectations of Federal Reserve interest rate hikes.
The US dollar's rise to a 10-week peak is driven by progress on the debt ceiling deal and expectations of Federal Reserve interest rate hikes. This directly impacts the Invesco DB USD Index Bullish Fund ETF (UUP), which tracks the US dollar index (DXY), causing it to gain almost 3% in May. The upcoming House vote on the debt ceiling deal and potential rate hikes will continue to influence UUP's performance in the short term.
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