Gold Bull Peter Schiff Flags 'Ominous Sign' Of Dollar Losing Safe-Haven Appeal As Greenback Weakens On Rate Cut Expectations
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff warns that the U.S. dollar is at risk of losing its safe-haven appeal as the Swiss franc is set to record its biggest annual gain since 2010. The Dollar Index has fallen about 3% this year due to expectations of Federal Reserve rate cuts. Schiff predicts the franc will hit a record high against the dollar in early 2024, indicating the dollar's waning status. The Invesco DB US Dollar Index Bullish Fund (UUP) reflects this trend, closing down 0.52% recently.
December 28, 2023 | 9:08 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The Invesco DB US Dollar Index Bullish Fund (UUP) is likely to be impacted by the weakening U.S. dollar and the potential loss of its safe-haven appeal, as indicated by Peter Schiff's analysis and the recent decline in the Dollar Index.
The UUP ETF tracks the performance of the U.S. dollar against a basket of currencies. With the Dollar Index falling and Schiff's prediction of the dollar's decline, investor sentiment towards UUP may turn negative, leading to a potential short-term price drop.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90