BofA notes that their month-end rebalancing model is pointing to outflows in EUR/USD and GBP/USD into the month's fix. The firm says that:"We estimate FX rebalancing needs based on a conventional 60/40 portfolio of global equities & bonds. The underperformance of USD vs GBP & EUR denominated assets over August suggests rebalancing out of GBP (-1.3σ) and EUR (-0.6σ) and into USD."It's not much but perhaps we've seen some signs of that already during the week. Both EUR/USD and GBP/USD are sitting lower this week, owing mostly to a drop on Wednesday during midday in Europe but that also comes after a mix of US data. The former is down by 0.3% so far this week with the latter down 0.4%.The changes so far today are relatively light but keep in mind that besides the potential month-end shenanigans, market players will be more focused on Fed chair Warsh's keynote speech in Jackson Hole later. The timing of that will come right before the London fix, so it is likely to override flows in the bigger picture. But still, it doesn't mean that things may not get messy as we get closer to the month-end fix later in the day.But overall, BofA's model is anticipating a very light impact - if any - from month-end flows in August. The full breakdown: This article was written by Justin Low at investinglive.com.