Barclays Research highlights the expected flows from this month-end rebalancing.

"Our passive month-end rebalancing model shows weak USD buying against most majors, and moderate against the CAD and GBP," Barclays notes.

"Overall, the marginal underperformance in US equity and bond markets dominates our month- end model due to the large market cap and induces a weak dollar-buying signal against most majors Canada and the UK are an exception, as the signal points to moderate USD buying, driven by the outperformance of equities in these countries," Barclays adds.