Credit Agricole CIB Research highlights the suggested flow into this month-end fixing.

'Global equity markets were somewhat mixed in July. In FX, the USD was somewhat mixed on the month," CACIB notes.

"Overall, the moves in equity markets, when adjusted for market capitalisation and FX performance this month, suggest that month-end portfolio-rebalancing flows are likely to be mild USD buying across the board with the strongest buy signal in the case of the USD vs the CAD," CACIB adds.