Bank of America Global Research highlights the key themes for its latest G10 FX flows and positioning report.

"USD buying vs JPY and EUR has been the key theme in G10 FX flows since the start of the Middle East conflict (Exhibit 1). Notably, options and futures flows have continued to support the USD even post-ceasefire, likely reflecting strong US data," BofA notes.

"Our positioning signals point to risks around AUD longs and NZD, JPY, and GBP shorts. EUR positioning appears light and, within G4 FX, we tactically favour USD longs against it," BofA adds.