The dollar position has reached its most negative level in over 14 years.

The latest foreign exchange and interest rate sentiment survey from Bank of America shows that in February, the US dollar's sentiment reached the most negative level in over 14 years. The size of US dollar short positions is the largest since January 2012, which is the earliest year for which Bank of America has records. The survey also shows that in February, fund managers' US dollar exposure is at its lowest level since April of last year. Concerns about the independence of the Federal Reserve have decreased after President Trump nominated Kevin Warsh as Fed Chairman. However, this has not translated into a greater demand for the US dollar, nor has it reignited optimism for US assets. Survey respondents believe that further signs of weakness in the US labor market are the main risk leading to a decline in the US dollar.