Dollar's Falling Volatility Creates Appeal as Carry-Trade Funder
Selling the dollar to invest in emerging-market currencies looks increasingly appealing, as greenback volatility drops relative to other traditional funders, according to a Bloomberg analysis.
The ' sell-America ' trade driven by the US fiscal situation and President Donald Trump's tariffs is making the greenback less sensitive to risk events. The 90-day correlation between a dollar-funded carry trade into six emerging-market currencies and the S&P 500, a proxy of risk sentiment, has tumbled. However, those for the euro and yen are the highest in five years.
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