Institutional investors have rarely ever been this bearish on the US Dollar: US Dollar net exposure by global fund managers is down to -35 points, the lowest in at least 14 years. This is below the April 2025 bottom when President Trump surprised markets with "Liberation Day." By comparison, at the start of 2025, net exposure was +30 points, one of the highest readings in the data set. Furthermore, 87% of fund managers surveyed anticipate central banks worldwide to continue reducing their Dollar holdings in their foreign reserves. The US Dollar is facing historic bearish sentiment.