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Credit Agricole's month end rebalancing.......>

FOREX: Credit Agricole's month end rebalancing model notes that "risk-sentiment
came under pressure earlier this month weighed by market fears of escalating
trade tensions between the US and China. However, sentiment has since recovered,
and global equity markets are broadly higher on the month. Meanwhile the USD has
generally lost ground this month, except against the JPY. Overall, equity
performance when adjusted for market capitalisation and FX performance, suggests
month-end portfolio-rebalancing flows are likely to be neutral across the board.
However, it is also the end of the quarter. US equity outperformance in Q3
suggests quarter-end flows will be USD-selling."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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