It’s May 31st and the London fix will be very busy indeed as MSCI-tracking fund managers, who’ve left their portfolio rebalancing to the last minute, make their adjustments. I presume much of this has already been done but we shouldn’t expect finance professionals to be particularly good at what they do.
So, the best research I’ve read suggested that the CHF was to be the big winner and the JPY and GBP would be the biggest losers. Of course the CHF has already strengthened appreciably over the last 2 weeks but don’t be surprised if we see some more buying as the time of the London Fix approaches.