Michael Hartnett, Bank of America Merrill Lynch says Global Fund Manager Survey reveals that cash levels have dropped sharply from 5.1 percent to 4.6 percent, but remain too high for a big correction in risk assets in the near term.
"Long US dollar is among the most crowded trades while oil is the most undervalued since July 2012. 48 percent investors now expect Fed rate hikes, which is up from 38% last month," he adds.
Also read: Expect US Fed to reaffirm focus on growth: StanChart
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