Carry Trade Gets Turned on Its Head, Stoking Rush to the Dollar [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
The Federal Reserve's tight monetary stance has extended for so long that some emerging economies are struggling to keep their yields competitive, making them the target of a so-called reverse carry trade. That trade is paying off. Borrowing in emerging-market currencies and buying the dollar has produced returns of as much as 9% this year. The Chinese yuan, Thai baht, Malaysian ringgit and even Czech koruna are some of the currencies being used. That's not to say the traditional carry trade is dead: it's still being used to invest in high-yielding currencies such as the Mexican peso, Turkish lira and Egyptian pound, but even those trades are increasingly being funded by the Japanese yen, Swiss franc or other EM currencies, rather than the dollar. “We like owning the US dollar against Asian currencies,” said Paul Greer, a money manager at Fidelity International in London. “We like using low beta, low-yielding Asian currencies as funders, as well as the euro and Czech koruna where
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