The Dollar Isn’t Dying Yet — But the Cracks Are Widening

Wall Street’s Vote of No Confidence The latest positioning data shows global fund managers have reduced net exposure to the U.S. dollar to -35 points, the lowest level in 14 years. That’s not a rounding error. That’s a sentiment earthquake. Just a year ago, positioning was at +30 — near the highest levels in the dataset. Now institutional investors are betting against the greenback. Even more telling: 87% of surveyed fund managers expect central banks to continue reducing dollar holdings in their reserves. That’s not retail chatter. That’s institutional capital quietly shifting weight. But before the panic merchants declare the funeral of the dollar, let’s get one thing straight: positioning is not dominance. There’s a massive difference between a cyclical…