Synopsis:

Credit Agricole's month-end fixing model suggests overall neutral flows with a notable signal to buy GBP/USD.

Key Points:

• Mixed Global Equity Markets: August saw mixed performance in global equity markets, leading to a generally neutral flow outlook for month-end portfolio rebalancing.
• USD Underperformance: The US dollar underperformed across the board in August, influencing the flow signals.
• Neutral Rebalancing Flows: The model indicates neutral flows across most currency pairs, with no strong bias in any particular direction.
• Strongest Signal for GBP/USD: The strongest signal from the model is a recommendation to buy GBP against the USD, driven by rebalancing flows.

Conclusion: 

Credit Agricole's month-end fixing model points to neutral flows overall, with a specific emphasis on buying GBP/USD, suggesting that investors may see opportunities in the British pound relative to the US dollar.