Thanks very much to one of our professional-trader readers who has forwarded me some bank research on likely end-of-month fixing flows. Most of the flows will be based on asset manager reallocations and their conclusions are as follows;

  • Neutral EUR/USD and GBP/USD
  • Mildly USD bearish against the AUD, CAD and JPY

(Edit: A second bank research piece comes to pretty much the same conclusion as the first although they estimate some relatively heavy USD/JPY selling)

This is of course quite the opposite of what the rumour-mill is predicting.