The euro is at its cheapest since April 2003 following the European Central Bank’s various monetary easing measures, according to a survey of fund managers by Bank of America Merrill Lynch.
An investor survey showed such “unambiguous pessimism,” that either risk assets are ripe for a rally or the markets are positioning for a recession and/or an imminent debt default, according to Bank of America Merrill Lynch research, which carried out the survey.
Being long US dollar is the most overcrowded trade for August, while this month the pound is the most overvalued since November 2008, a survey of fund managers showed.
If you are a contrarian, your best bet for July would be to go short banks, as a fund managers survey by Bank of America Merrill Lynch revealed there was a record long in global banks in the month.
Forecasts about the euro’s exchange rate against the dollar and other currencies are made even more difficult than usual by the increasing danger that Greece will have to exit the eurozone.
Contrarian investors should buy US stocks and stay away from Europe, a survey of fund managers by Bank of America Merrill Lynch shows.
US equity allocation fell to its lowest level since January 2008, despite the fact that the S&P 500 hit another record high, according to the survey carried out between May 8 and May 14.
The number of investors who believe the oil price is undervalued is the highest since April 2009, according to the latest survey of fund managers by Bank of America Merrill Lynch.