Fund managers' dollar bullishness hits record high

The number of fund managers backing a strengthening in the US dollar hit a record high in March, as optimism over the US recovery also gathered pace.

The latest BofA Merrill Lynch fund manager survey found a net 72% of respondents expect the dollar to appreciate over the coming 12 months, a 30 percentage point increase on February's figure. That increase was accompanied by more positive sentiment on US stocks, with a net 5% of managers selecting the US as the regional market they most want to overweight. That compares with a net 19% underweight for the US in January's survey. At a net 57%, the number of investors overweight equities as a whole touched its highest level for over two years, the study found. A net 61% expect a st...