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.