💵 Institutional sentiment toward the U.S. Dollar is near multi-year lows. Global fund managers’ net USD exposure has dropped to -35, the lowest in ~14 years. That’s a sharp reversal from +30 at the start of 2025, one of the most bullish readings on record. Additionally, 87% of managers expect central banks to keep reducing USD holdings in FX reserves. Bearish sentiment on the Dollar is elevated. 📉

💵 Institutional sentiment toward the U.S. Dollar is near multi-year lows.

Global fund managers’ net USD exposure has dropped to -35, the lowest in ~14 years.

That’s a sharp reversal from +30 at the start of 2025, one of the most bullish readings on record.

Additionally, 87% of managers expect central banks to keep reducing USD holdings in FX reserves.

Bearish sentiment on the Dollar is elevated. 📉