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

"Global equity markets were broadly firmer in August. 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 mild USD selling across the board with the strongest sell signal in the case of the USD vs the JPY," CACIB notes.