The carry trade is back on – for now
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As global appetite for risk has rebounded after the Fed’s interest-rate cut, carry trades – whereby investors sell low-yielding currencies (mostly yen) and buy high-yielding assets with the proceeds – have resumed. The yen is back on the defensive and currencies of countries where yields are high, such as the Australian and New Zealand dollars, are rebounding. The Aussie dollar has bounced back from this summer’s 18% slide against the yen, while against the greenback it has reached a 23-year high of 90 cents.
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