Bank of America Survey: US Dollar Faces Strongest Bearish Sentiment in 19 Years

BlockBeats News, May 13th—On Tuesday, Bank of America released its Global Fund Manager Survey, showing that in May, global fund managers' bearishness on the US dollar reached its highest level since 2006, reflecting waning investor interest in US assets due to President Trump's tumultuous trade policy. Bank of America stated: "Investor sentiment is subdued ahead of the Geneva meeting, particularly with a bearish attitude towards US assets. Although the May survey showed a slight improvement in market sentiment compared to April, it remains very negative, indicating a potential modest increase in 'pain trade'." The report shows that fund managers reduced their cash holdings from 4.8% to 4.5%, typically seen as a signal of increased confidence. However, their reduction in holdings of the US dollar has reached the highest level since May 2006. Bank of America pointed out that 75% of the data in this survey was collected before the Geneva talks. (FXStreet)