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Written by Kathy Lien, Chief Strategist

Carry traders aren’t quite ready to give up yet.  Despite the Dow having been down over 100 points intraday, the highest yielding carry trade currencies still managed to end the day in positive territory.   The Dow also recuperated half of its losses which suggests that the rally could go on. The only currencies that the Japanese Yen managed to rally against were the Euro, Swiss franc, US and Canadian dollars and for the most part, the damage was small.  Looking ahead, we expect carry trades to continue to track the Dow.