Bank of America's global fund manager survey released on Tuesday showed that global fund managers were bearish on the dollar in May at the highest level since 2006. This reflects the fact that US President Donald Trump's chaotic trade policies have dampened investor interest in US assets. BofA said: "Ahead of the Geneva meeting, investor sentiment was subdued, especially pessimistic attitudes towards U.S. assets. Although the May survey showed a slight improvement in market sentiment from April, it was still negative, suggesting that the 'pain trade' may have risen slightly. "The report shows that fund managers have reduced their cash holdings from 4.8% to 4.5%, which is often seen as a sign of increased confidence. But their exposure to the dollar has reached its highest level since May 2006. BofA noted that 75 percent of the data in the survey was collected before the Geneva talks. ( gold ten )