The view that the Fed will kick off its easing cycle on Sept. 18 with a large cut has been gaining traction.
Hedge funds have been using the grenback to buy emerging-market currencies.
The $1.7 billion hedge fund took profit in its discretionary macro fund on a long Treasury position.
Many of the strategies being put in place to trade the graying of the world reflect inflationary concerns.
The firm is betting on a half-point cut in June and 150 basis points of easing by the end of the year.
UBS strategists see a growing possibility that inflation fails to decline to the Fed's target.
Many bond investors have been caught wrong-footed this year over inflation.
The investment company is forecasting that inflation will finish the year at about 3.5%.
The $3.6 trillion asset manager thinks the Fed will front-run monetary easing ahead of the presidential election.
The world's biggest money managers think a global slowdown will have traders flocking to the dollar.
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