Bank of America survey: US dollar faces the biggest bear market in 19 years.

A global fund manager survey released by Bank of America on Tuesday showed that in May, global fund managers' bearishness on the US dollar reached its highest level since 2006. This reflects how the chaotic trade policies of US President Trump have weakened investors' interest in US assets. Bank of America said, "Investor sentiment was gloomy before the Geneva meeting, especially towards US assets. Although the May survey showed a slight improvement in market sentiment compared to April, it was still very negative, indicating that 'painful trades' may increase slightly." The report showed that fund managers have reduced their cash holdings from 4.8% to 4.5%, which is usually seen as a sign of increased confidence. However, their reduction in the US dollar holdings has reached its highest level since May 2006. Bank of America pointed out that 75% of the data in this survey was collected before the Geneva talks.