Bank of America Global Research highlights the reading from its month-end fixing model.

"We estimate FX rebalancing needs based on a conventional 60/40 portfolio of global equities & bonds. Our estimates reflect broadly an outperformance of EM denominated assets over May (and to a lesser extend USD assets), and relative underperformance of GBP, EUR and JPY denominated assets," BofA notes.

"This underperformance implies scope for rebalancing flows out of EM (-0.9σ) + to lesser extend USD (-0.2σ), and into GBP, EUR & JPY with Z-Scores c.+1.1σ, +0.9σ & +0.8σ, respectively)," BofA adds.