All about the flows as August winds down

It's month-end and the UK is on holiday

It's a dangerous day to try and make sense of market moves. The volatility last week is forcing some large fund rebalancings. These should add a US dollar bid but it's competing with a generally risk-negative theme.

S&P 500 futures are down 20 points and have come under some pressure in the past 10 minutes. That's helping give a lift to EUR/USD.