Byron Donalds won the Republican nomination for Florida governor, while progressive Angie Nixon scored an upset in the Democratic Senate primary.

Trump's approval rating has fallen to 33% as most Americans expect U.S. involvement in the Iran war to continue for an extended period, while Republicans lose ground on the economy and immigration ahead of the midterms.

"Many participants assessed that policy tightening would likely be necessary if inflation did not decline," reads a summary of the meeting.

Cash levels among fund managers have fallen to just 3.5%, well below Bank of America's 4% threshold for what the firm considers a contrarian "sell signal."

The U.S. dollar is still up for the year, but currency strategists are questioning whether its recent strength can last.