Investors overweight in global equities plummeted from 52% in April to 30% in May as fund managers abruptly quit their Euro zone holdings for those in the U.S. as a result of sovereign debt concerns, a Bank of America/Merrill Lynch survey found.

A full two-thirds of institutional investors now think the dollar will appreciate the most of all the reserve currencies, and 42% of investors feel the outlook for corporate profits is weakest in Europe. One-third of investors say the U.S. has the strongest potential for growth in corporate profits.

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