All aboard the dollar train
Bank of America Merrill Lynch asked fund managers that question and the answer was unequivocal. A net 45% of those polled said "long USD" while "long high-yield" was second at 17%.
However, the most overvalued currency, according to the survey was GBP with a net 28% of managers sharing that view.
The question is: If everyone thinks a trade is overcrowded, is it?
