Investor exposure to the dollar fell to a 19-year low in May, according to the latest Bank of America survey of global fund managers. About 17 percent of investors are now underweight the dollar, the highest level since May 2006. The May survey also showed that 40 percent of investors want more protection against a weaker dollar. The percentage of investors who think the dollar is overvalued stands at 57 percent, down 12 percentage points from the April survey and the largest monthly drop since September 2023.