BofA FMS: Net 61% expect the Dollar to deprecitate in the next 12 months

The BofA FMS Survey refers to Bank of America’s Fund Manager Survey which is a widely followed monthly report that captures the views and positions of global fund managers on key market topics. Here’s the latest findings:

• Net 61% expect the Dollar to deprecitate in the next 12 months.
• Allocation to US equities falls 53% points in 2 months (a record 2-month decline).
• Allocation to US equities dropped to net 36% underweight (most since May 2023).
• Investors allocation to global equities at net 17% underweight (most since July 2023).
• Cash level up to 4.8%, up 125 bps since February 2023 (largest 2-month increase since April 2020).
• 73% respondents say US exceptionalism theme has peaked.
• 49% respondents say “long gold” most crowded trade.
• 82% respondents say global economy to weaken (a 30-year high).
• 42% say recession is likely.
• Record number of global investors intend to reduce allocations to US stocks.

This article was written by Giuseppe Dellamotta at www.forexlive.com.