BofA Survey: Investors Cut Euro FX Exposure by Record Margin

The striking part is the speed of the swing: euro sentiment flipped from bullish to bearish within a single survey cycle, and the positioning drop set a record in a sample of only 34 respondents — a small base for a headline-grabbing claim. Sterling's entrenched bearishness alongside it suggests the move is less a euro-specific story than a broader re-rating of European currencies. Whether the next survey confirms this as a trend or a one-month distortion is the open question.