It’s the time for the usual end-of-month rebalancing and also for the 6-monthly MSCI review.
From what I can gather, much of the latter turnover has already been catered for. The SEK was expected to be the big winner and it has been moving higher in recent sessions, and the GBP is the other expected beneficiary, and it has also been gaining in recent sessions. (Total turnover of $10billion was anticipated).
On the other hand, one of the bigger banks has just put out an analysis piece for normal end-of-month rebalancing and it expects medium strength flows to favour the USD whilst adversely affecting the GBP, AUD and CAD.