Credit Agricole CIB Research highlights the prelim reading of its month-end fixing model for the month of May.

"Global equity markets were broadly firmer in May. In FX, the USD has outperformed across the board on the month," CACIB notes.

Overall, the moves in equity markets, when adjusted for marketcapitalisation and FX performance this month, suggest that month-end portfolio-rebalancing flows are likely to be moderate USD selling across the board, with the strongest sell signal in the case of the USD vs the AUD," CACIB adds.