Stocks / ETF
UUPETF
Invesco DB US Dollar Index Bullish Fund
$28.381d -0.1%5d +1.2%settled close · 2026-09-17
β -0.1752w $27–29Shares 18.3MInd. Commodity Contracts Brokers & DealersNYSE Arca since 2007HQ Downers Grove, IL
The tape, with the calls on it
Who said what, and what UUP did next
Every dot is a day someone on the record made a call. Hover one to see who. We are not scoring them — the point is that you can see it and judge for yourself.
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Who’s talking about UUP
72 long8 neutral144 shortlatest 2026-09-10
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-09-10 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital | The dollar has already fallen from 110 to below 100 on the DXY since end-2024, and with US fiscal deficits at… |
| 2026-09-09 | Mohamed El-ErianChief economic adviser, Allianz | Neutral | Chora Media | Investors simultaneously want exposure to strong US private sector earnings and want to avoid the US… |
| 2026-09-04 | Cathie WoodCEO & CIO, ARK Invest | Bullish | ARK Invest | Returns on invested capital in the US are rising relative to the rest of the world, attracting capital… |
| 2026-09-04 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bearish | Louis-Vincent Gave | The dollar has lost its safe-haven status — it now falls alongside US equities in risk-off events… |
| 2026-09-02 | David RosenbergEconomist — Rosenberg Research | Short | David Lin | The US dollar is in the early stages of a fundamental secular bear market, evidenced by the portfolio being… |
| 2026-08-31 | Bob ElliottCEO & CIO, Unlimited Funds | Short | Bloomberg Surveillance | Investors are abandoning cross-currency expressions of dollar weakness in favor of hard assets as the cleaner… |
| 2026-08-28 | Danielle Dimartino BoothCEO & Chief Strategist, QI Research | Neutral | interview | Absent a significant expansion of Bessant's Treasury buyback program beyond the current scale, the dollar… |
| 2026-08-27 | Andreas Steno LarsenFounder & CEO, Steno Research | Short | Raoul Pal | Bessant's Treasury strategy requires dollar weakness to incentivize foreign central banks to recycle their… |
| 2026-08-25 | Darius DaleFounder & CEO, 42 Macro | Bearish | Macro Voices | Fourth turnings historically involve accelerating dollar debasement vs. scarce assets as fiscal deficits… |
| 2026-08-25 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bearish | Macro Voices | Bessant's bond buyback announcement broke key technical support in the dollar, neutralizing the prior bull… |
Show all 224 mentions
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-08-25 | Bob Doll | Bearish | Bloomberg Open Interest | Treasury bond-buying that engineers a de facto Treasury-Fed accord loosens financial conditions and… |
| 2026-08-24 | Luke GromenMacro strategist — founder, FFTT | Bearish | Mario Nawfal | Every time 10-year Treasury yields reach 4.7% the Treasury secretary intervenes to weaken the dollar without… |
| 2026-08-21 | Brent JohnsonCEO, Santiago Capital | Bullish | The Main Street Capitalist™ | The Eurodollar market means US rate rises tighten credit globally, creating dollar demand precisely when… |
| 2026-08-21 | Lacy HuntChief economist, Hoisington Investment | Neutral | Adam Taggart | Thoughtful Money® | Near-term dollar direction is likely lower due to fiscal imbalances and absence of global economic… |
| 2026-08-21 | Michael HowellLiquidity strategist — CrossBorder Capital | Bearish | Rob Wallace | Bitcoin News | Bessent's strategy of funding the deficit through bill issuance is de-facto monetization being copied… |
| 2026-08-20 | Brent JohnsonCEO, Santiago Capital | Bullish | Tall Oaks Podcast | The $40T+ eurodollar market creates inescapable structural demand for dollars because global borrowers must… |
| 2026-08-20 | Felix JauvinCo-host, Forward Guidance (Blockworks) | Short | Forward Guidance | Treasury's buyback expansion is explicit dollar debasement; foreign holders of US assets lose purchasing… |
| 2026-08-14 | Luke GromenMacro strategist — founder, FFTT | Bearish | The Meb Faber Show | Hamiltonian economics explicitly requires a weaker dollar to make US manufacturing competitive, and Bessant… |
| 2026-08-12 | Darius DaleFounder & CEO, 42 Macro | Bearish | Forward Guidance | Paradigm C fiscal profligacy and a structurally dovish Fed pivot underway create dollar debasement pressure… |
| 2026-08-09 | Brent JohnsonCEO, Santiago Capital | Bullish | Brent Johnson Milkshakes Pod | Investing • Finance | US/BOJ intervention can slow but not reverse yen depreciation because markets are ultimately more powerful… |
| 2026-07-29 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital | Growing US fiscal deficits and the Fed's delayed rate normalization will ultimately overwhelm the near-term… |
| 2026-07-23 | Hugh HendryFormer hedge fund manager — Eclectica | Bullish | Eurodollar Talk and 2 more | China property defaults (2021 onward) destabilized Japan's dollar-funded carry trade; bank counterparties… |
| 2026-07-15 | Peter BoockvarCIO, OnePoint BFG Wealth Partners | Short | Wealthion | The dollar's feeble rally from 97 to 101 despite a massive shift from two expected Fed cuts to one-and-a-half… |
| 2026-07-10 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bearish | Louis-Vincent Gave | MAG7 stocks have served as a de facto global reserve asset driving structural dollar demand; unwinding of the… |
| 2026-07-10 | Kamakshya TrivediGlobal markets strategist, Goldman Sachs | Bullish | CNBC International | Macro tailwinds (rising equities, high rates, high energy prices) structurally push toward yen weakness… |
| 2026-07-10 | Michael CembalestChairman of Market and Investment Strategy, J.P. Morgan Asset Management | Bullish | The Compound | Dollar's share of world trade, SWIFT payments, FX reserves, and cross-border loans remains dominant and… |
| 2026-07-07 | Tatsuo Yamasaki | Bearish | Bloomberg Television | Yen is 10-20% below economic fundamental value while the three market narratives driving the weakness… |
| 2026-07-07 | Hatsuo Yamasaki | Bearish | Bloomberg Television | The yen is 10–20% undervalued versus economic fundamentals, the BOJ's next move is definitively a rate hike… |
| 2026-07-07 | Charu ChananaChief Investment Strategist, Saxo | Bullish | Bloomberg Television | Structural inflation drivers — AI capex spending and fiscal expansion — sustain higher-for-longer Fed rates… |
| 2026-07-07 | Tatsuo Yamasaki | Bearish | Bloomberg Television | The yen is 10–20% undervalued relative to economic fundamentals; the three market narratives driving yen… |
| 2026-07-03 | Hugh HendryFormer hedge fund manager — Eclectica | Bullish | Rebel Capitalist Interviews and Hugh Hendry Official | Japan is deliberately engineering yen weakness to generate animal spirits and positive real wage growth; JGBs… |
| 2026-07-02 | Cathie WoodCEO & CIO, ARK Invest | Bullish | ARK Invest | Deregulation and corporate tax cuts are raising return on invested capital in the US relative to abroad, and… |
| 2026-06-26 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | WTFinance | Asian currencies are shadowing the dollar higher under an implicit Shanghai Accord 2 alignment, making the… |
| 2026-06-26 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | David Lin | The dollar has been in a structural uptrend since the GFC, underpinned by capital flows from international… |
| 2026-06-18 | Brent JohnsonCEO, Santiago Capital | Bullish | Macro Voices | 99% of all outstanding stablecoins are USD-denominated by market demand, and as citizens globally choose… |
| 2026-06-18 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Despite the Bank of Japan raising rates, the yen produced almost no reaction and USDJPY is quietly breaking… |
| 2026-06-14 | Brent JohnsonCEO, Santiago Capital | Bullish | Brent Johnson Milkshakes Pod | Investing • Finance | The dollar cannot die of weakness because every move toward dollar weakness generates more dollar-denominated… |
| 2026-06-12 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital | Structural forces including US fiscal deterioration and extreme US equity overvaluation relative to the world… |
| 2026-06-03 | Ray DalioFounder, Bridgewater Associates | Bearish | Bloomberg Podcasts | Rising long-term yields driven by fiscal stress and potential financial repression will weaken the dollar as… |
| 2026-06-01 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bearish | SALT | The US has weaponized the dollar for sanctions purposes, triggering gradual dedollarization — dollar share of… |
| 2026-05-29 | Jamie DimonChairman & CEO, JPMorgan Chase | Bullish | DRM News | The dollar will remain the dominant reserve currency because no other country combines US military strength… |
| 2026-05-06 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bullish | iCapital | An AI-driven US investment boom will attract sustained capital inflows that support the dollar's… |
| 2026-05-05 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bullish | EconFinAiMl | Dollar expected to rally as Asian banks open Monday morning and bid it up, creating a narrow informational… |
| 2026-04-28 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bearish | Invest Like The Best | The yen is grossly undervalued with Japan holding $4.5T net international investment position mostly in… |
| 2026-04-21 | Dr Mark ThorntonSenior Fellow, Mises Institute | Bearish | Julia La Roche Show | Petrodollar unraveling as Persian Gulf oil trade shifts toward Chinese yuan reduces foreign demand for… |
| 2026-04-15 | Ray DalioFounder, Bridgewater Associates | Bearish | Investor Weekly | M2 money supply growing at 10.6%, the Fed printing ~$120B in early 2026 as buyer of last resort for… |
| 2026-04-11 | Chris WhalenBanking analyst — Whalen Global Advisors | Bearish | Julia La Roche Show | The dollar is slowly receding in its reserve role as countries diversify away from Treasuries toward bank… |
| 2026-04-10 | Felix JauvinCo-host, Forward Guidance (Blockworks) | Bearish | interview | The dollar barely rallied during a scenario — Strait of Hormuz closed and oil near doubled — where it should… |
| 2026-04-10 | Cathie WoodCEO & CIO, ARK Invest | Bullish | ARK Invest | Foreign direct investment flowing into the US, combined with capital-friendly tax policy and deregulation… |
| 2026-04-01 | Brent JohnsonCEO, Santiago Capital | Bullish | Julia La Roche Show | US government endorsement via the GENIUS Act co-opts stablecoin technology as a geopolitical tool to deepen… |
| 2026-03-27 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | Julia La Roche Show | The dollar fell during the 2025 tariff-driven equity selloff—breaking its historical pattern of rising during… |
| 2026-03-24 | Brent JohnsonCEO, Santiago Capital | Bullish | Lacy Hunt | Stablecoins make dollar-holding infinitely easier for foreign populations fleeing weak local currencies… |
| 2026-03-24 | Ed DowdFounding partner, Phinance Technologies | Bullish | Lacy Hunt | Oil price shock from the war is creating a liquidity squeeze and rising credit defaults, which will drive… |
| 2026-03-12 | Jim BiancoMacro strategist — Bianco Research | Bullish | Macro Voices | Dollar-denominated stablecoins are already replacing local currencies in fragile economies like Venezuela… |
| 2026-03-05 | Brent JohnsonCEO, Santiago Capital | Bullish | Y'all Street | The dollar is structurally the 'best of all bad options' because every other country shares the same… |
| 2026-03-02 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Short | DoubleLine Capital | Foreign investors accumulated $28 trillion in net US assets over 16-18 years and are now repatriating… |
| 2026-02-27 | Stanley DruckenmillerChairman/CEO, Duquesne Family Office | Short | interview | The dollar sits near the top of its historic purchasing-power range while foreigners are heavily overweight… |
| 2026-02-23 | Nassim TalebAuthor; advisor, Universa Investments | Bearish | Bloomberg Television | Erratic US policy has alienated both allies and adversaries, the deficit requires ever-more foreign… |
| 2026-02-16 | Lyn AldenIndependent macro strategist | Bearish | Bankless | Valuation discount in foreign equities combined with potential capital flows that weaken the dollar create a… |
| 2026-02-12 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | The Financial Perspective | Fed must print trillions to absorb US debt as China and Saudi Arabia go on a buyer's strike, flooding markets… |
| 2026-02-11 | Luke GromenMacro strategist — founder, FFTT | Bearish | Wise Metals Investor | The dollar is wildly overvalued relative to gold given US trade deficits and the shift toward gold-settled… |
| 2026-01-30 | Russell NapierMarket strategist & financial historian | Bearish | Meb Faber | Foreign investors who funded US exceptionalism via persistent capital inflows are likely to repatriate… |
| 2026-01-29 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Short | interview | Sequential Fed rate cuts below neutral, persistent fiscal deficits, and rising debt-servicing costs… |
| 2026-01-21 | Cem KarsanFounder & CIO, Kai Volatility Advisors | Bearish | Forward Guidance | Erosion of rule of law and institutional trust has permanently damaged the exorbitant privilege underpinning… |
| 2026-01-20 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital and 2 more | The dollar has lost its flight-to-quality status — during the 2025 tariff-driven S&P correction it fell 8–10%… |
| 2026-01-20 | Luke GromenMacro strategist — founder, FFTT | Bearish | Natalie Brunell | All three major powers (US, Russia, China) now share an interest in moving away from the post-1971… |
| 2026-01-09 | Rick RiederCIO of Global Fixed Income, BlackRock | Neutral | Bloomberg Podcasts | European rates offer attractive yields for dollar-based investors given relatively higher real yields versus… |
| 2026-01-08 | Ray DalioFounder, Bridgewater Associates | Bearish | interview | US debt is unsustainable and will be resolved the way it always has been—through currency debasement, money… |
| 2025-12-30 | Luke GromenMacro strategist — founder, FFTT | Bearish | Network State Podcast | The US business model of dollar hegemony is structurally broken because the US can no longer produce the… |
| 2025-12-29 | Marko PapicGeopolitical macro strategist | Short | Jacob Shapiro | US dollar faces five headwinds — rich valuation, fading fiscal impulse, current account deficit adjustment… |
| 2025-12-27 | Lyn AldenIndependent macro strategist | Bearish | VRIC Media | The Fed's structural shift from quantitative tightening to gradual balance sheet expansion constitutes fiscal… |
| 2025-12-24 | Mike NovogratzFounder/CEO, Galaxy Digital | Short | Galaxy | Dollar weakness is expected as the Fed cuts rates aggressively and injects liquidity, making non-dollar… |
| 2025-12-18 | Ed YardeniPresident, Yardeni Research | Bullish | WEALTHTRACK | Consensus dollar-bear thesis is wrong because net capital inflows into the US remain near all-time records at… |
| 2025-12-12 | Marko PapicGeopolitical macro strategist | Short | American Farmland Owner | The US must reduce its fiscal deficit via tariffs and reduced spending, slowing domestic demand and making… |
| 2025-12-12 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bullish | Beryl Elites | US-vs-Europe growth differential (4% vs 1%) will drive real exchange rate appreciation and a sustained equity… |
| 2025-12-10 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital | Trump's public litmus test for the next Fed chair guarantees a dove who will cut rates aggressively, and more… |
| 2025-12-04 | Marko PapicGeopolitical macro strategist | Short | Macro Voices | Political pressure on the Fed to run more dovish monetary policy than warranted, combined with exhausted… |
| 2025-12-02 | Grant WilliamsFinancial writer & podcast host | Bearish | Grant Williams Podcast | The dollar's demise is ultimately inevitable as the US racks up unpayable debt and resorts to direct Fed… |
| 2025-11-20 | Mohamed El-ErianChief economic adviser, Allianz | Bearish | Barron's | Foreign investors are actively hedging incremental dollar exposure due to US trade policy uncertainty, rising… |
| 2025-11-19 | Luke GromenMacro strategist — founder, FFTT | Bearish | Preston Pysh | The US faces fiscal dominance where both rate hikes and rate cuts are inflationary/destabilizing, making… |
| 2025-11-17 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | interview | Dollar fell during the 2025 tariff-driven equity correction instead of its historical flight-to-quality rise… |
| 2025-11-07 | Mark MobiusEM investor — ex-Franklin Templeton | Bullish | Bloomberg Television | Trump's tariff revenues and trade policy focused on improving US balance of payments will strengthen the… |
| 2025-11-03 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | interview | Dollar broke its 12-of-13 streak of rallying during equity corrections (fell 8-10% in April 2025 while stocks… |
| 2025-10-22 | Luke GromenMacro strategist — founder, FFTT | Bearish | ForexAnalytix | A stronger dollar squeezes $13T+ in foreign dollar-denominated debt, forcing foreigners to sell Treasuries… |
| 2025-10-20 | Mohamed El-ErianChief economic adviser, Allianz | Bearish | CNBC Television | Global investors want exposure to US enterprise but are hedging dollar risk because of concerns about the… |
| 2025-10-16 | Mohamed El-ErianChief economic adviser, Allianz | Bearish | CNBC Television | Foreign investors are buying US equities but hedging out dollar exposure, reflecting a structural view that… |
| 2025-10-08 | Michael HowellLiquidity strategist — CrossBorder Capital | Bearish | Wealthion | The dollar weakens late in the global liquidity cycle historically, making international markets the… |
| 2025-10-03 | Tyler NevilleTrader, Muddy Waters Capital | Bullish | Forward Guidance | Record short positioning in USD, US economy outperforming Europe and Japan (both sliding toward stagflation)… |
| 2025-10-01 | Amy OldenburgHead of Digital Asset Strategy, Morgan Stanley | Bearish | Forward Guidance | Dollar has already fallen ~9% this year and further weakening is likely, acting as a direct tailwind for EM… |
| 2025-09-26 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | CFTC net dollar short positioning is at multi-decade extremes while interest rate differentials are very low… |
| 2025-09-26 | Tyler NevilleTrader, Muddy Waters Capital | Bullish | Forward Guidance | Rest-of-world is weakening (Germany heading into recession, Europe struggling, capital-flight rotation out of… |
| 2025-09-19 | Bill AckmanCEO, Pershing Square | Bearish | PermCap Investment Office | Blanket tariffs against 170-180 countries simultaneously create severe business uncertainty that causes capex… |
| 2025-09-19 | Tyler NevilleTrader, Muddy Waters Capital | Bullish | Forward Guidance | All foreseeable Fed cuts are already priced in while Europe and BOJ have only one to two cuts remaining, US… |
| 2025-09-18 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | DoubleLine Capital | The dollar faces sustained weakness from a policy shift toward negative real interest rates under a… |
| 2025-09-17 | Helen ThompsonProfessor of Political Economy, Cambridge University | Neutral | Forward Guidance | The dollar's dominance rests on the Eurodollar system being embedded in the plumbing of the world banking… |
| 2025-09-03 | Mark MobiusEM investor — ex-Franklin Templeton | Bullish | NA | US tariff revenues plus DOGE-style spending cuts will shrink the deficit, supporting the dollar despite… |
| 2025-09-03 | Chris WhalenBanking analyst — Whalen Global Advisors | Bearish | Wealthion | The dollar will lose significant long-term value as ballooning US fiscal deficits force debt monetization… |
| 2025-08-19 | Larry FinkChairman/CEO, BlackRock | Bearish | Citi | Isolationist tariff policy reduces foreign demand for dollar-denominated assets, growth of stablecoins erodes… |
| 2025-08-15 | Brent JohnsonCEO, Santiago Capital | Bullish | Forward Guidance | US dollar stablecoins will eventually replace eurodollar rails, giving the US government direct control over… |
| 2025-08-12 | Mike NovogratzFounder/CEO, Galaxy Digital | Bearish | Natalie Brunell | Structural deficit spending by the US, Europe, and Japan is politically irreversible, ensuring ongoing fiat… |
| 2025-08-05 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bearish | Wealthion | Dovish Fed trajectory plus a structural shift in USD correlation — now positively correlated to global risk —… |
| 2025-07-30 | Danny DayanCIO, DWD Partners | Bearish | Forward Guidance | Fed is pricing cuts despite full employment and above-target inflation, an incoming dovish Fed chair… |
| 2025-07-28 | Michael Anderson | Bullish | Hidden Forces | Demand for US dollar stablecoins is overwhelmingly a non-US phenomenon driven by dollarization needs in… |
| 2025-07-27 | Felix JauvinCo-host, Forward Guidance (Blockworks) | Bearish | Forward Guidance | Dollar is undergoing the same regime shift gold experienced post-Russia-Ukraine — the correlation to rate… |
| 2025-07-26 | Jens NordvigFounder & CEO, Exante Data | Bearish | Forward Guidance | Structural asset allocation shift away from USD assets (independent of Fed/growth cycles) combines with… |
| 2025-07-26 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | TGA refill creates near-term liquidity contraction that is historically dollar-positive, the US retains more… |
| 2025-07-25 | Jens NordvigFounder & CEO, Exante Data | Bearish | Forward Guidance | Five months of persistent structural shift in global asset allocation away from US equities, narrowing yield… |
| 2025-07-24 | Stanley DruckenmillerChairman/CEO, Duquesne Family Office | Short | interview | Both the pound and dollar sit at the bottom of his currency framework because both countries carry structural… |
| 2025-07-23 | Scott BessentSecretary of the Treasury, U.S. Department of the Treasury | Bullish | All-In Podcast | GENIUS Act cements USD as the global stablecoin standard, giving consumers in Nigeria, Qatar, and elsewhere a… |
| 2025-07-21 | Gerald CelenteFounder & Publisher, Trends Research Institute / Trends Journal | Bearish | Wealthion | BRICS nations are actively challenging dollar hegemony; lower interest rates (which Trump is forcing) deepen… |
| 2025-07-21 | Joseph WangCIO, Monetary Macro | Bearish | Hidden Forces | Structural dollar weakness driven by three reinforcing forces: perpetual ~$2T fiscal deficit effectively… |
| 2025-07-18 | Le ShrubCIO, family office (Monaco) | Bearish | Forward Guidance | Trump's fiscal expansion, money-printing, and alienation of traditional foreign bond buyers (Japan, Europe… |
| 2025-07-17 | David Beckworth | Bullish | Forward Guidance | Government-backed stablecoin expansion forces issuers to hold US Treasury bills as backing, structurally… |
| 2025-07-10 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | Master Investor | Extreme US equity overvaluation makes holding significant cash an attractive alternative, as history shows… |
| 2025-07-08 | Peter BoockvarCIO, OnePoint BFG Wealth Partners | Bearish | Wealthion | Foreigners are selling US Treasuries (Canada dumped $54B in one month, a 25-year record) and diversifying… |
| 2025-07-04 | Marko PapicGeopolitical macro strategist | Bearish | WTFinance | As the US current account deficit narrows in a multipolar world, portfolio inflows into the US will decline… |
| 2025-07-04 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | Bessant's bill-heavy issuance strategy is functionally zero-duration money printing more inflationary than… |
| 2025-07-04 | Chamath PalihapitiyaFounder, Social Capital | Short | All-In Podcast | US structural deficit spending and the debt death spiral make long-run dollar devaluation a near-certainty… |
| 2025-07-02 | Marko PapicGeopolitical macro strategist | Bearish | Wealthion | The US fiscal sugar rush from pandemic-era drunken-sailor spending is ending as the Big Beautiful Bill merely… |
| 2025-07-01 | Michael OliverFounder, Momentum Structural Analysis | Bearish | Wealthion | DXY broke a decade-plus annual momentum structure when it closed March below 104, and with the index now… |
| 2025-06-18 | Nassim TalebAuthor; advisor, Universa Investments | Bearish | Bloomberg Podcasts | The dollar is losing its reserve-currency role as central banks shift savings into gold; it remains a viable… |
| 2025-06-12 | Robert Bench | Bullish | Forward Guidance | Agentic AI systems require a native currency to buy/sell data, compute, and inference at scale, and whichever… |
| 2025-06-11 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bearish | Bloomberg Podcasts | The dollar is falling even as US equities sell off — a paradigm shift — because $25T of net foreign… |
| 2025-06-11 | Rick RuleFormer CEO, Sprott US Holdings | Bearish | Wealthion | US cannot politically sustain honest default, so will inflate the dollar by ~75% over a decade as in the… |
| 2025-06-09 | David RosenbergEconomist — Rosenberg Research | Bearish | Wealthion | The Trump administration's goal of eliminating bilateral trade deficits signals a structural reduction in… |
| 2025-05-30 | Jens NordvigFounder & CEO, Exante Data | Bearish | The Compound | After a 10-year dollar bull run, the US's closest allies—Canadians, Europeans, UK—are structurally reducing… |
| 2025-05-20 | Ronnie StoeferleManaging Partner, Incrementum AG | Bearish | Wealthion | Structural dollar decline is a deliberate policy outcome embedded in the Mar-a-Lago accord framework, the… |
| 2025-05-18 | David FriedbergCEO, Ohalo; co-host, All-In | Bearish | All-In Podcast | Fiscal unsustainability and the debt death spiral are triggering de-dollarization as global investors… |
| 2025-05-18 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | Trump-era destabilization of the capital system combined with rising fiscal deficits and potential capital… |
| 2025-05-17 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | The US cannot close its twin deficits while simultaneously being unwilling to accept pain in the bond or… |
| 2025-05-15 | Luke GromenMacro strategist — founder, FFTT | Bearish | Forward Guidance | Spiraling US deficits (headed to 9–10% of GDP with cold-war defense spending) leave dollar devaluation as the… |
| 2025-05-14 | Luke GromenMacro strategist — founder, FFTT | Bearish | Forward Guidance | Balance of trade IS currency — the only lever to offset China's superior productivity is a much weaker dollar… |
| 2025-05-09 | Felix JauvinCo-host, Forward Guidance (Blockworks) | Bearish | Forward Guidance | Foreign institutions globally — insurers, pensions, sovereign wealth funds — are massively overweight… |
| 2025-05-08 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bearish | Bloomberg Television | Growing US fiscal deficits and loss of credibility are prompting sovereign and rival-nation investors to… |
| 2025-05-01 | Bob ElliottCEO & CIO, Unlimited Funds | Bearish | Forward Guidance | Growth-negative US policies (tariffs as consumption tax, immigration cuts) are disappointing high growth… |
| 2025-04-25 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bearish | Bloomberg Television | While fixed-income reserve managers are nervous about dollar credibility, a massive AI-driven capex and… |
| 2025-04-17 | Le ShrubCIO, family office (Monaco) | Bearish | Hidden Forces | European pension funds holding ~€10T in unhedged USD assets are repatriating capital home after geopolitical… |
| 2025-04-16 | Mel Mattison | Bearish | Forward Guidance | Dollar weakens as over-allocated global portfolios rebalance away from US tech, sustained fiscal deficits and… |
| 2025-04-16 | Ed YardeniPresident, Yardeni Research | Neutral | Wealthion | The dollar is merely at the bottom of a year-and-a-half trading range, not in freefall; the rotation into… |
| 2025-04-15 | Jim BiancoMacro strategist — Bianco Research | Bearish | Wealthion | China has set up legal entities in Belgium and Luxembourg holding ~$700B of US Treasuries specifically to… |
| 2025-04-09 | Marko PapicGeopolitical macro strategist | Bearish | Wealthion | US pandemic-era fiscal stimulus (40% of GDP, 4x Europe's spend) was the primary driver of dollar strength… |
| 2025-04-05 | Kyle BassFounder/CIO, Hayman Capital | Neutral | TorontoWealthGroup | China was already in economic collapse before tariffs, runs a closed capital account, and is the world's… |
| 2025-04-04 | Jared DillianAuthor, The Daily Dirtnap | Short | Forward Guidance | The dollar is entering a multi-year bear cycle similar to the mid-2000s, though the first 8-9% leg is largely… |
| 2025-03-12 | Vincent DeluardGlobal Macro Strategist, StoneX | Bearish | Forward Guidance | Deglobalization and capital repatriation mean European and Japanese savings that previously flowed into… |
| 2025-02-26 | Andy LeesFounder, Macrostrategy Partnership | Bullish | Wealthion | Europe's energy-driven de-industrialization and capital flight to the US will persist — German industrial… |
| 2025-02-14 | Marc FaberEditor, Gloom Boom & Doom Report | Bearish | Wealthion | Dollar is significantly overvalued with real interest rates deeply negative — 10-year yield at 4.5% against… |
| 2025-01-22 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Wealthion | UK faces a simultaneous large fiscal deficit, large current account deficit, and must fund both against a… |
| 2025-01-15 | Chris VermeulenFounder & Chief Investment Strategist, The Technical Traders | Bullish | Wealthion | The dollar has put in a major base with a series of higher lows and higher highs, and safe-haven demand… |
| 2025-01-10 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | The strong dollar is causing a global margin call on roughly $13 trillion in EM USD-denominated debt, forcing… |
| 2025-01-09 | Mohamed El-ErianChief economic adviser, Allianz | Neutral | Walker & Dunlop | The dollar remains dominant versus all other national currencies due to US economic exceptionalism attracting… |
| 2025-01-08 | Kyle BassFounder/CIO, Hayman Capital | Bullish | American Thought Leaders - The Epoch Times | The US represents 46% of global capital markets with the most innovative workforce and strongest rule of law… |
| 2025-01-08 | Jonny MatthewsSenior Portfolio Manager, Fortem Capital | Short | Forward Guidance | Euro has fallen too far toward parity as speculative short positioning is crowded, while European inflation… |
| 2025-01-06 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | Ztrader Dorian | Foreign central banks will increasingly diversify FX reserves away from USD into gold and other currencies… |
| 2025-01-04 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | Ztrader Dorian | The world is moving toward a multi-polar reserve currency system where the RMB and Euro increasingly… |
| 2025-01-01 | Luke GromenMacro strategist — founder, FFTT | Bearish | Preston Pysh | The US debt spiral makes dollar devaluation the only mathematical exit — you can't raise taxes, raise rates… |
| 2024-12-31 | Brent JohnsonCEO, Santiago Capital | Bullish | Wealthion | Global dollar-denominated debt must be serviced in dollars regardless of de-dollarization rhetoric, and Trump… |
| 2024-12-13 | Jack MallersCEO & Founder, Strike | Bearish | Wealthion | US domestic debt-to-GDP near 130%, global over 300%; loss must be realized somewhere and the most likely path… |
| 2024-12-10 | Jared DillianAuthor, The Daily Dirtnap | Bearish | Wealthion | Dollar is at least 20% overvalued on purchasing power parity and the Trump administration — with JD Vance as… |
| 2024-12-04 | Dan TapieroFounder & CEO, 10T Holdings | Bullish | Forward Guidance | Trump administration's pro-capitalist agenda, DOGE fiscal consolidation, and American exceptionalism drive… |
| 2024-11-27 | Ron WilliamFounder & Market Strategist, RW Advisory | Bearish | Wealthion | The US dollar topped in 2022, and a break below the decade-long 100 floor on the DXY would confirm structural… |
| 2024-11-25 | Michael KaoFounder, Akanthos Capital Management | Bullish | Forward Guidance | US economy remains the strongest globally and as the Fed's aggressive cuts greenlight a global competitive… |
| 2024-11-22 | Lyn AldenIndependent macro strategist | Bullish | Dx Driving | Emerging market currencies like the Egyptian pound face money supply growth exceeding 20% per year versus ~7%… |
| 2024-11-13 | Stephen Miran | Bullish | Forward Guidance | Tariffs will be implemented before any Mar-a-Lago-style currency accord, and tariff-driven trade balance… |
| 2024-11-01 | Marko PapicGeopolitical macro strategist | Bearish | Lead-Lag Media | The end of the fiscal stimulus era combined with bond market pressure forcing fiscal consolidation will… |
| 2024-10-26 | Tyler NevilleTrader, Muddy Waters Capital | Short | Forward Guidance | Multiple major pairs (EUR RSI at 26, JPY RSI at 66, CAD MACD rolling over) are technically stretched against… |
| 2024-10-19 | Michael NicoletosFounder & CEO, DeFi Advisors | Bullish | Wealthion | Despite near-term Fed-engineered weakness, the dollar is in a structural multi-year bull market as BRICS… |
| 2024-10-18 | Michael NicoletosFounder & CEO, DeFi Advisors | Bullish | Wealthion | Structurally, global liquidity ends up in the US as the most competitive and transparent market, driving… |
| 2024-10-11 | Nassim TalebAuthor; advisor, Universa Investments | Bearish | Bloomberg Television | US-led confiscation of Russian-linked assets post-Ukraine war has permanently damaged incentives for foreign… |
| 2024-10-11 | David KellyChief Global Strategist, JPMorgan Asset Management | Bearish | The Compound | The dollar has been overvalued for 50 years, sustaining a perpetual trade deficit since 1975 that hollows out… |
| 2024-10-04 | David RosenbergEconomist — Rosenberg Research | Bearish | Wealthion | The Fed is catching down to the rest of the world on rates, eroding the dollar's yield advantage and driving… |
| 2024-09-28 | Tavi CostaPartner, Crescat Capital | Bearish | Wealthion | Fed is fiscally trapped — forced to suppress rates to cover surging interest payments, not by macro data —… |
| 2024-09-21 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | A preemptive 50bp cut stops recession fears and shortens the overall cutting cycle, causing implied… |
| 2024-09-17 | Darius DaleFounder & CEO, 42 Macro | Bearish | Forward Guidance | Fed front-loading rate cuts into expansion, fiscal dominance driving structural inflation above target, and… |
| 2024-09-13 | Richard KooChief Economist, Nomura Research Institute | Bearish | Forward Guidance | Dollar is chronically overvalued because post-1980 capital-flow liberalization means portfolio investors (95%… |
| 2024-09-12 | Jared DillianAuthor, The Daily Dirtnap | Bearish | Wealthion | The dollar is vastly overvalued on a purchasing-power-parity basis, the Fed is joining a coordinated global… |
| 2024-09-07 | Brent JohnsonCEO, Santiago Capital | Bullish | Wealthion | The global stock of dollar-denominated debt makes full de-dollarization structurally impossible without a… |
| 2024-09-06 | Brent JohnsonCEO, Santiago Capital | Bullish | Wealthion | The eurodollar debt structure forces the rest of the world to acquire dollars to service obligations they… |
| 2024-08-28 | Michael HowellLiquidity strategist — CrossBorder Capital | Bearish | Forward Guidance | Fed easing plus a tacit Shanghai Accord 2.0 coordinating Asian currency stabilization will push DXY toward… |
| 2024-08-10 | Marko PapicGeopolitical macro strategist | Bearish | The Market Huddle | Over the next 5 years, US abandonment of Washington Consensus fiscal discipline and relative overvaluation… |
| 2024-08-10 | Kevin MuirIndependent trader — The Macro Tourist | Bullish | Marko Papic | Canada's economy is weaker than the US, forcing the Bank of Canada to cut rates more aggressively than the… |
| 2024-08-09 | David SacksVC — Craft Ventures | Bullish | All-In Podcast | BOJ cannot raise rates because doing so creates the very market instability that prevents raising rates—a… |
| 2024-08-08 | Brent JohnsonCEO, Santiago Capital | Bullish | Forward Guidance | Global euro-dollar debt demand keeps dollar bid in all crisis scenarios; de-globalization restricts dollar… |
| 2024-08-07 | Ed YardeniPresident, Yardeni Research | Bullish | Wealthion | The US economy materially outperforms global peers (China in recession, Europe stagnating) which sustains… |
| 2024-08-03 | Kathy LienManaging Director of FX Strategy, BK Asset Management | Bearish | Wealthion | A potential Trump victory combined with an incoming Fed easing cycle creates a double catalyst for dollar… |
| 2024-08-01 | Danny DayanCIO, DWD Partners | Bearish | Forward Guidance | Fed cutting cycle and loosening financial conditions should weaken the dollar, though the trade is difficult… |
| 2024-07-25 | Marko PapicGeopolitical macro strategist | Bearish | Macro Voices | During the five trading days when Trump's win probability hit 70%, the dollar performed poorly, suggesting a… |
| 2024-05-24 | Luke GromenMacro strategist — founder, FFTT | Bearish | Kitco NEWS | Intentionally weakening the dollar is explicitly the new bipartisan US economic policy—Yellen has announced… |
| 2024-04-17 | Luke GromenMacro strategist — founder, FFTT | Bearish | ForexAnalytix | Treasury market dysfunction forces the Fed and Treasury to choose dollar weakness over rising yields every… |
| 2024-02-14 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bearish | Palm Beach Civic Association | Neither fiscal austerity nor inflationary deficit monetization—the only two realistic US policy paths—offers… |
| 2023-12-19 | Ed YardeniPresident, Yardeni Research | Bullish | Resource Talks | In a Roaring 2020s scenario driven by US tech dominance, no credible rival currency exists — counterparties… |
| 2023-10-05 | Luke GromenMacro strategist — founder, FFTT | Bearish | ForexAnalytix | Japan holds ~$3–4T net in U.S. dollar assets and can sell relentlessly to defend the yen; U.S. debt-to-GDP at… |
| 2023-10-05 | Lyn AldenIndependent macro strategist | Bullish | Natalie Brunell | Stablecoins are a productive intermediate-use-case giving developing-world users dollar access and monetizing… |
| 2023-09-29 | Alfonso | Bullish | Meb Faber | The Dollar Index has formed a textbook base reversal pattern around 105.50, with a bias higher — a… |
| 2023-09-03 | Brent JohnsonCEO, Santiago Capital | Bullish | Brent Johnson Milkshakes Pod | Investing • Finance | ~$40T of global dollar-denominated debt creates structural demand just to service it, while Fed tightening… |
| 2023-07-18 | Mark MobiusEM investor — ex-Franklin Templeton | Bullish | Greenwich Economic Forum | Companies earning in USD while paying operating costs in Turkish lira see margins and returns on capital… |
| 2023-07-11 | Kyle BassFounder/CIO, Hayman Capital | Bearish | The Julia La Roche Show | CPI is deliberately understated via chain-weighting while the true price level has risen ~40%, and wages have… |
| 2023-06-30 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | interview | As commodity trade invoicing shifts to RMB and other currencies and a Central Bank-to-Central Bank FX… |
| 2023-05-10 | Stanley DruckenmillerChairman/CEO, Duquesne Family Office | Short | Sohn Conference Foundation | US fiscal recklessness was only possible because of reserve currency privilege, and foreign central banks are… |
| 2023-04-27 | Stanley DruckenmillerChairman/CEO, Duquesne Family Office | Short | interview | Dollar weaponization is prompting countries to question USD reserve status, and future US tightening will be… |
| 2023-03-19 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bearish | The Heavy Wallet | The dollar is fundamentally overvalued given large twin fiscal and current account deficits, accelerating… |
| 2023-03-13 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | Resource Talks | Great-power conflict between the US and China is driving a renegotiation of dollar supremacy, with commodity… |
| 2023-03-13 | Dave NicoskiTechnical analyst — Vermilion Research | Bearish | Jim Chanos | The SVB crisis undermines global trust in the US financial system, which should weigh on the dollar just as… |
| 2023-03-07 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | Bullish Bearish | Freezing Russian FX reserves damaged trust in G7 inside money, incentivizing non-Western central banks to… |
| 2023-03-01 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bearish | Louis-Vincent Gave | Two structural 'dams' are breaking simultaneously: three years of Chinese offshore dollar accumulation… |
| 2023-02-18 | Luke GromenMacro strategist — founder, FFTT | Bearish | More George Gammon | Foreign central banks and global private sector have stopped growing Treasury holdings since 2014-2018… |
| 2023-01-04 | Warren BuffettChairman, Berkshire Hathaway | Bearish | Think Rich | US trade deficit forces the country to sell assets and IOUs to fund over-consumption, and the policies… |
| 2023-01-03 | Lyn AldenIndependent macro strategist | Bearish | Peter McCormack | Dollar Index has already rolled over in H2 2022 and a less hawkish Fed as recession risks mount should reduce… |
| 2022-11-09 | Luke GromenMacro strategist — founder, FFTT | Bullish | ForexAnalytix | US Treasury must net-issue ~$1.33T over the next two quarters while the Fed is not monetizing; the most… |
| 2022-09-01 | Kyle BassFounder/CIO, Hayman Capital | Bullish | The Julia La Roche Show | The HKD peg to the USD is likely to break under its own weight given China's deteriorating economy, and a… |
| 2022-07-14 | Erik TownsendHost, MacroVoices podcast | Bearish | Zoltan Pozsar | Putin's strategic goal is to displace the USD as global reserve currency by leveraging energy and commodity… |
| 2022-05-18 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bearish | Young Scholars Initiative | Reserve managers accumulated USD/Treasuries to suppress their currencies for export competitiveness, but in a… |
| 2022-05-02 | Raoul PalCo-founder, Real Vision; ex-GLG PM | Bullish | Real Vision | Japan's yield curve control and sustained money-printing have formed a multi-year inverse head-and-shoulders… |
| 2022-03-01 | Mark MobiusEM investor — ex-Franklin Templeton | Bullish | CNBC International Live | The US dollar and US stock market are benefiting from safe-haven flows as European risk escalates due to the… |
| 2021-12-30 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bearish | Louis-Vincent Gave | The Fed cannot tighten meaningfully because doing so would trigger a bond market meltdown cascading into… |
| 2021-10-31 | David SolomonCEO, Goldman Sachs | Bullish | Larry Fink | Despite inflation risks, Solomon retains confidence in dollar-denominated earning assets as the preferred… |
| 2021-04-17 | Michael BurryFounder, Scion Asset Management | Bearish | interview | The Fed's QE money-printing is actively debasing the dollar, making foreign-currency accounts such as… |
| 2020-06-28 | Peter SchiffCEO & Chief Global Strategist, Euro Pacific Capital | Bearish | Brent Johnson | Structural dollar oversupply from the US trade deficit (>$500B/year of dollars exported with no return… |
| 2020-04-16 | Raoul PalCo-founder, Real Vision; ex-GLG PM | Bullish | Real Vision | A $13 trillion short dollar position held by foreign corporations becomes unserviceable as global cash flows… |
| 2020-01-31 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bearish | Traders Network Show | The dollar is artificially elevated by a 5% US budget deficit and the most stimulative fiscal/monetary mix… |
| 2019-09-24 | John BurbankFounder, Passport Capital | Bullish | Kyle Bass | QE-driven positioning in weak dollar is unwinding as Fed tightens and global liquidity contracts, forcing a… |
| 2018-07-19 | Tim Seymour (Seymour Asset Mgmt)CIO, Seymour Asset Management | Bullish | Delivering Alpha | An administration digging in on China trade with 4% GDP growth confidence has no incentive to weaken the… |
| 2017-03-09 | Dan LoebFounder/CEO, Third Point | Bullish | Yoshida | Despite chatter from Russia, China, and Middle East about basket alternatives or gold, no currency or… |
| 2016-09-03 | Raoul PalCo-founder, Real Vision; ex-GLG PM | Bullish | The Intrinsic Value Podcast | A ~$9 trillion global dollar carry trade creates an unprecedented short position; as the dollar rises it… |
| 2014-07-22 | Mike NovogratzFounder/CEO, Galaxy Digital | Bearish | The New Yorker | The US will become structurally less relevant to the global economy every day as globalization empowers the… |
3 new mentions of UUP this week are in The Brief — who, which way, and what they said, in subscribers’ inboxes every morning. Free pages update a week later.
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The options tapeThe Brief · paid
Notable options days
Sessions in the last 120 where UUP’s settled options volume ran ≥ 2× its trailing 20-session baseline, or delta-dollar flow ran ≥ 2.5× — 6 of 120 sessions qualified.
The qualifying dates are the free record. Close, flow, call/LEAPS mix and the 20-session outcome — for every session below — are Brief subscriber content.
| Date | Close | RVOL | Δ$ flow ($M) | Call % | LEAPS % | +20 sess. |
|---|---|---|---|---|---|---|
| 2026-09-15 | ||||||
| 2026-09-14 | ||||||
| 2026-08-19 | ||||||
| 2026-06-15 | ||||||
| 2026-06-10 | ||||||
| 2026-06-09 |
+20 sess. = raw price change over the following 20
sessions — not market-adjusted; the tape tells you where to look,
not what happens next.
Today’s tape on
UUP is in this morning’s Brief.
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