Bank of America’s latest survey of global fund managers shows that investors' exposure to the dollar fell to a 19-year low in May. Currently, about 17% of investors have reduced their dollar holdings, the highest level since May 2006. The May survey also revealed that 40% of investors want to increase protection against a depreciation of the dollar. The proportion of investors who believe the dollar is overvalued is 57%, down 12 percentage points from April's survey, marking the largest monthly decline since September 2023.