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Meltdown in Carry Trades Could Last
Friday, 09 November 2007 21:36:24 GMT
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- Wednesday, 12 December 2007 22:49:58 GMT Japanese Yen Tumbles as Carry Trade Rebounds Sharply
- Thursday, 29 November 2007 21:51:36 GMT Mild Rally in the Dow Leads to Correction in Carry Trades
- Wednesday, 28 November 2007 20:58:53 GMT Dow Rises 300 Points, Triggering a Turn in Carry Trades
- Tuesday, 27 November 2007 21:32:56 GMT Carry Trades Rebound Thanks to Dow Rally but Losses Are Still Steep
- Monday, 26 November 2007 21:53:24 GMT Japanese Yen Crosses Tumble on Equity Market Weakness
- Friday, 23 November 2007 18:59:56 GMT Post Thanksgiving Day Rally in Stocks Fail to Help the Yen Crosses
- Wednesday, 21 November 2007 20:52:12 GMT Japanese Yen Hits 2 Year High Against the Dollar
- Tuesday, 20 November 2007 21:31:32 GMT Volatility in Stock Market Leads to Volatility in Carry Trades
- Friday, 16 November 2007 22:43:39 GMT Japanese Yen Sees Risks Ahead of G20 Meeting
- Thursday, 15 November 2007 18:37:42 GMT Correlation between Equities and Carry Trades Remain Intact
- Wednesday, 14 November 2007 21:22:50 GMT Dow Reverses in Last Hour of Trading, Will Carry Trades Resume Their Losses?
- Tuesday, 13 November 2007 21:33:10 GMT Carry Trades Come Close to Erasing Tuesday Losses
- Monday, 12 November 2007 21:33:55 GMT Carry Trades: Are They In for More Losses?
- Thursday, 08 November 2007 21:02:45 GMT Carry Trades Rebound as Stocks Reverse Intraday
- Wednesday, 07 November 2007 20:43:45 GMT USDJPY Falls to Weakest Level in Over a Month
- Tuesday, 06 November 2007 21:23:06 GMT Dow Up 117 Points, Taking Carry Trades Higher in the Process
- Monday, 05 November 2007 22:18:12 GMT Carry Trades Up One Day, Down the Next
- Friday, 02 November 2007 21:18:20 GMT Dow Meltdown Leads to Carry Trade Liquidation
- Thursday, 01 November 2007 20:44:14 GMT Dow Meltdown Leads to Carry Trade Liquidation
- Wednesday, 31 October 2007 22:40:42 GMT Carry Trades Take Off After Fed Decision
Rising risk aversion has led to broad based weakness in carry trades.
The market is growing more concerned about the financial sector with the latest speculation being focused on Mizuho Financial Group in Japan who could be delaying their brokerage merger because of sub-prime losses. The spread between Junk rated corporate bonds and US Treasuries rose beyond its August high when risk aversion was already very severe. Given that the Dow closed at its session lows, we expect follow through weakness in the Yen crosses at the open of Tokyo trading on Sunday. GDP, CGPI and the Current account are due for release, which we expect to be yen positive.
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