US dollar soars: 5 trades on a surging greenback

Trades outside the equity market could prove more lucrative if a strengthening dollar brings volatility to stocks, CNBC "Fast Money" trader Pete Najarian said.

"People are definitely concerned as this dollar strengthens," Najarian said.

The euro hit a 12-year low against the dollar on Tuesday as the three major U.S. indexes each shed more than 1 percent. The dollar index—which measures the greenback against a basket of currencies—jumped more than 1 percent to close just below $99.

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The index is "probably a buy" right now, Najarian said. Options in the CBOE Volatility Index—which measures expectations for market uncertainty—also look appealing if choppy trading continues, he added.

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It spiked more than 10 percent on Tuesday to sit below $17.

Some stocks should prove resistant to a strong dollar, trader Karen Finerman said. She bought calls in United Rentals, which fell more than 4 percent to $87 per share on Tuesday.

It holds upside as it conducts most of its business in the U.S., Finerman said.

"It's almost immune to [a strong dollar]," she said.

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Trader Steve Grasso looked at E-Trade Financial and Charles Schwab, which he called "interest-rate speculative plays." He believes the stocks will climb higher "in what should be a rate increase sooner or later."

E-Trade and Schwab both lost ground on Tuesday, closing around $27 and $30 per share, respectively.

Disclosures:

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, PFE, POT, SO, T, TMUS and TWTR. His firm is long AMZN, AVP, EOG, NE, NEM, OXY, RIG and VALE. His kids are long EFG, EFA, EWJ, IJR and SPY.

Dan Nathan

Dan Nathan is long BBRY June call spread, CTRP March puts, IBB April put spread, KO March put spread, M March 65/67.50 call spread, QQQ May 108/98 put spread, SHAK, TWTR, XLF March put spread, XHB April 35/32 put spread and XRT March 90/85 put spread. Today, he bought IBB April put spread.

Karen Finerman

Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short DIA. Her firm is long AAPL, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE and URI. Her firm is long calls GPS and URI. Her firm is short MOY, IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.

Pete Najarian

Pete Najarian is long AAPL, AMAT, BABA, BAC, BMY, BP, CSX, DISC, GE, JPM, KKR, KO, LLY, LOCO, MRK, PEP and PFE. He is long calls AAL, AAPL, AMD, BAC, CAM, COP, DAL, EXXI, FB, FCAU, GE, GM, GRPN, GS, GT, HPQ, IAG, ISIL, JNJ, JPM, KNDI, KRFT, LULU, LYB, MCD, MSFT, NEE, RF, SPY, SYY, UAL, UFS, WFC, WMB and XOM. He is long puts BHP. Today, he bought KRFT calls.