Three-quarters of global carry trade has been unwound: JPMorgan
Around three-quarters of the global carry trade has been removed, JPMorgan strategists said in a Wednesday note.
For G10, EM, and global portfolios, the drawdowns have been roughly 10%, “which means that all positive year-to-date returns have been wiped out,” they wrote. JPMorgan observes that the strategy drawdown has been substantial compared to equities, undershooting the historical FX carry-equity drawdown relationship.
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