Bank of America Global Research summarizes the latest G10 FX flows patterns.

"USD demand vs CHF and CAD stands out post-June FOMC USD demand vs CHF and CAD has been the dominant post-June FOMC theme in G10 FX flows  Positioning risks are most evident in GBP, NZD, and CAD shorts, while JPY positioning remains short and EUR positioning light," BofA notes.

"We remain comfortable with our bullish bias on JPY, GBP and NZD. Although CHF remains our preferred funder, CHF shorts are becoming increasingly crowded. Within G4, we continue to favour tactical USD longs against the EUR," BofA adds.