Options action surged in the UUP exchange-traded fund UUP.N as investors positioned for more strength in the U.S. dollar, said optionMonster analyst David Russell in comments on the Web site. A surge of buying in the November $23 calls was detected, and the volume in the calls ripped to 106,168 contracts, more than twice existing open interest, he said. Almost all the transactions were priced for 15 cents. The UUP, known as the PowerShares DB US Dollar Index Bullish ETF, tracks the U.S. dollar index. It fell 0.66 percent to $22.53 in morning trading. But Russell said the call buying is difficult to interpret in isolation as it represents a bullish bet on the dollar, but could also be used as a hedge by an investor who owns assets such as oil or foreign stocks, which will probably fall if the dollar rallies. The trade also occurred before the Federal Reserve issues its monetary policy decision. If the Fed alters the language to hint at the possibility of higher interest rates, that could also support the dollar, according to Russell. Overall options volume is triple the average level this morning, with the Nov $23 calls accounting for more than 90 percent of the activity.