Betting on the peak of US interest rates, investors are selling the US dollar at the fastest pace in a year.

Betting on the Federal Reserve having completed its aggressive rate hike campaign and will conduct multiple rate cuts next year, Deutsche Bank, which manages $40 trillion in assets, announced that its asset management company will sell 1.6% of its open US dollar positions this month, marking the largest monthly outflow since November last year. The US dollar index also recorded its worst monthly performance in a year. Analysts warned that the asset sell-off by asset management companies may just be the beginning of a long-term trend of investors reducing their exposure to US dollar assets.