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Zeitpunkt              Nutzer    Delta   Tröts        TNR     Titel                     Version  maxTL
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Di 06.08.2024 00:51

Re market selloff, from Matt Levine's (free and truly amazing) newsletter. Looks like these were highly leveraged bets, and the selloff is being driven by the unwinding of that leverage.

An unwinding of global carry trades is helping to jolt markets around the world. The yen and yuan pushed higher Monday, while the Mexican peso extended its decline as traders continued to roll back the popular trading strategy. The peso pared some losses to trade 2.3% weaker to the greenback, the worst performance among currencies tracked by Bloomberg, while the Australian dollar was down 0.7%. The moves came as a selloff in risk assets intensified with markets including stocks and cryptocurrencies pummeled as concerns grew that the Federal Reserve is behind the curve with policy support for a slowing US economy. Investors sought the safety of bonds. The sudden appreciation in funding currencies has damaged the strategy that typically involves traders borrowing at lower rates to invest in higher-yielding assets, often in the emerging world but also in developed markets like Australia. “This is a carry trade liquidation still in the FX space and a race to cash across asset classes,” said Brad Bechtel, global head of FX at Jefferies LLC. “One heck of a deleveraging is taking place now and with the market so unhinged it’s hard to call a bottom just yet.”

An unwinding of global carry trades is helping to jolt markets around the world. The yen and yuan pushed higher Monday, while the Mexican peso extended its decline as traders continued to roll back the popular trading strategy. The peso pared some losses to trade 2.3% weaker to the greenback, the worst performance among currencies tracked by Bloomberg, while the Australian dollar was down 0.7%. The moves came as a selloff in risk assets intensified with markets including stocks and cryptocurrencies pummeled as concerns grew that the Federal Reserve is behind the curve with policy support for a slowing US economy. Investors sought the safety of bonds. The sudden appreciation in funding currencies has damaged the strategy that typically involves traders borrowing at lower rates to invest in higher-yielding assets, often in the emerging world but also in developed markets like Australia. “This is a carry trade liquidation still in the FX space and a race to cash across asset classes,” said Brad Bechtel, global head of FX at Jefferies LLC. “One heck of a deleveraging is taking place now and with the market so unhinged it’s hard to call a bottom just yet.”

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