The Invesco DB US Dollar Bullish (UUP), which tracks the U.S. dollar against a basket of developed market currencies, rose 3.0% over the past month. The greenback has made a quick turnaround from previous bets against pricey U.S. assets as heightened geopolitical risks from the Russia-Ukraine war weighed on the European growth outlook. Many market observers already anticipate the Fed to hike interest rates this year to clamp down on inflationary pressures, but the ECB is also facing its own difficulties in wrangling a surge in raw materials prices in response to the threat to Europe's energy-dependent economy.