Investors avoid EM, commodities, yen on bullish dollar view: BofA poll

The number of investors who think the dollar is cheap has hit its highest level since August 2008, encouraging asset managers to avoid emerging market assets, commodities and the yen, a survey showed on Tuesday. The monthly fund managers poll by Bank of America Merrill Lynch showed investors kept their high cash levels in December, partly thanks to their expectation the dollar will appreciate. Supporting their bullish dollar view, slightly more investors thought the U.S. Federal Reserve would start reducing its bond-buying program this week or in January, rather than in March.


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