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12 July 2023 FX

FX Carry Suffers on Safe-Haven Strength

Bilal Hafeez

By Bilal Hafeez and Ben Ford
2 min read

It was a difficult week for our FX carry strategies, with the average strategy paring back recent gains by 1.0% WoW, led by Carry Vol, which dropped 2.1%. 3M performance remains strong, up 3.7% on average. JPY (+3.1% WoW vs USD) and CHF (+2.2%) strength and COP weakness (-1.3%) were the main factors in the poor performance. Supporting the strategies however was HUF strength (+2.5%).

It was a difficult week for our FX carry strategies, with the average strategy paring back recent gains by 1.0% WoW, led by Carry Vol, which dropped 2.1%. 3M performance remains strong, up 3.7% on average. JPY (+3.1% WoW vs USD) and CHF (+2.2%) strength and COP weakness (-1.3%) were the main factors in the poor performance. Supporting the strategies however was HUF strength (+2.5%).

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