According to Odaily, a survey released by Bank of America on Tuesday reveals that global fund managers' negative sentiment towards the US dollar in May reached its highest level since 2006. This trend reflects a decline in investor interest in US assets, which is attributed to the volatile trade policies of President Donald Trump. Bank of America noted that investor sentiment was particularly low ahead of the Geneva conference, with a pessimistic outlook on US assets. Although the May survey indicated a slight improvement in market sentiment compared to April, it remained largely negative, suggesting a potential slight increase in 'pain trades.' The report highlights that fund managers have reduced their cash holdings from 4.8% to 4.5%, a move typically seen as a sign of increased confidence. However, their cutbacks in dollar holdings have reached the highest level since May 2006. Bank of America pointed out that 75% of the survey data was collected before the Geneva talks.
