Bank of America Global Research summarizes the latest G10 FX flows heading into this week's Fed Warsh speech at Jackson Hole on Friday.

"The partial unwinding of USD longs, esp. vs GBP and CHF, has been the main G10 FX flows theme post-July FOMC  Still, the USD longs added after the June FOMC have not been fully unwound on some metrics, so the USD sell-off could extend if Chair Warsh disappoints markets. Last week's vol action was telling in that regard. USD aside, the lack of meaningful JPY demand has been another highlight from our flows signals - we remain bullish on JPY," BofA notes.

"Equity flows have failed to cushion the recent USD sell-off: Relative equity inflows have not offset the recent USD sell-off. Within G4 FX, relative equity flows this year have favoured GBP, JPY and USD over EUR, while fixed income flows have favoured EUR and GBP over USD," BofA adds.