Citi's month end fixing model points to a USD buying into this month's fix.

" potential for quarter-end flows keeps us cautious in overinterpreting some of the intraday moves," Citi notes.

"As a reminder our CitiFX Quant see FX hedge rebalancing flows resulting in USD demand, with the buy-signal at 1.7 historical standard deviations, based on their preliminary estimates," Citi adds.