Investor sentiment recovers to “Goldilocks bull” levels, BofA says

MILAN, June 17 (Reuters) - Global investor sentiment recovered in June to pre-Liberation day "Goldilocks bull" levels, as trade war and recession fears abated, Bank of America's monthly global fund manager survey (FMS) showed on Tuesday.

That drove cash levels down to 4.2% versus 4.8% in April, although investors held the largest underweight position in the U.S. dollar in 20 years, the survey showed.

Global growth expectations improved and there was a big reversal in recession odds, with a net 36% of respondents now saying a recession was "unlikely", the bank said. In April, a net 42% viewed a recession as "likely".

The global survey of 190 fund managers with a combined $523 billion in assets under management took place between June 6-12 before the surge in geopolitical risk in the Middle East.