Invesco’s Top Fund Manager Sticks to Bearish Dollar Call Despite Surge

A top fund manager at Invesco Ltd. sees the dollar’s rally since the start of the Iran War as nothing more than a fleeting boost for a currency she argues is overvalued.

Kristina Campmany, a senior portfolio manager at the $2.3 trillion investment firm, says the dollar is still expensive when compared to major peers like the Japanese yen, Australian dollar and Chinese yuan, even after falling nearly 5% since President Donald Trump put tariffs on global trading partners in April. That loss was even bigger before the war, with the greenback climbing 2% since Feb. 27.