Bank of America Global Research highlights the expected flows from this month-end rebalancing.

"We estimate FX rebalancing needs based on a conventional 60/40 portfolio of global equities & bonds," BofA notes.

"Our estimates point to outperformance of GBP denominated assets over July.  This scope for rebalancing out of GBP (-1.5σ) and relatively muted inflows into EM and other DM denominated currencies (ex-JPY)," BofA adds.