FX & CFD trading involves significant risk
According to the latest Bank of America Merrill Lynch (BofAML) fund manager survey, which was conducted between July 2 and July 9, cash levels rose to 5.5% due to concerns over Greece, China and a possible interest rate hike by the Federal Reserve. It was the highest level since December 2008.
"When average cash balance rises above 4.5% a contrarian buy signal is generated for equities. When the cash balance falls below 3.5% a contrarian sell signal is generated," BofAML analysts said.
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