• Fund Managers most underweight US Dollars since 2006.
  • US-China trade war ceasefire prevents recession/credit event.
  • Prior to US-China talks in Geneva, fund managers saw US tariffs on China goods at 37%.
  • 61% of fund managers see soft landing for the economy versus 37% in April.
  • 26% see hard landing, down from 49% in April.

We can see here that the "short US Dollar trade" has been (and I think it's still is) a pretty overcrowded trade.

Source: Forex Live