Bank of America survey: Dollar suffers biggest bearish trend in 19 years
2025-05-13 07:30:51
Global fund managers were more bearish on the dollar in May than at any time since 2006, according to a survey of global fund managers published by Bank of America on Tuesday, reflecting US President Donald Trump's chaotic trade policies that have dented investor appetite for US assets. "Ahead of the Geneva meeting, investor sentiment was subdued, particularly on US assets. While the May survey showed a slight improvement in sentiment from April, it was still negative, suggesting a slight uptick in'pain trades'," BofA said. Fund managers cut their cash holdings from 4.8 per cent to 4.5 per cent, often seen as a sign of increased confidence, the report showed. But they have reduced their holdings of the dollar to the highest level since May 2006. Bank of America pointed out that 75% of the data in the survey was collected before the Geneva talks. (Jin Ten)
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