Credit Agricole CIB Research highlights the reading from its month-end fixing model.

"Global equity markets were broadly firmer in April. In FX, the USD was broadly weaker on the month

Overall, the moves in equity markets, when adjusted for market capitalisation and FX performance this month, suggest month-end portfolio-rebalancing flows are likely to be strong USD selling across the board, with the strongest sell signal in the case of the USD vs EUR," CACIB notes.