According to the latest Fund Managers Survey (FMS) by Bank of America, one of the most notable phenomena in the current market is the extreme bearish sentiment towards the US dollar. The underweighting of the US dollar by fund managers has reached its highest point in 20 years. Almost all mainstream investment banks list 'short selling the US dollar' as their preferred trade. However, driven by geopolitical risks, the US dollar has significantly strengthened as a safe haven asset, causing crowded short positions in the US dollar to face huge "Pain Trade", which may trigger a large-scale short squeeze market in the future.