Yen Rally Pushes Traders to Eye CNH and CAD for Carry Trades
TL;DR Summary
The yen’s strength has traders seeking new carry-trade funding sources, with offshore yuan and the Canadian dollar emerging as contenders; the yen has risen about 6% against the dollar since July, and while hawkish BOJ signals and potential rate hikes support the move, analysts expect rotation rather than an end to yen carry trades, as CNH and CAD offer competing carry dynamics and funding options.
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- USD/JPY outlook: Yen shorts flushed again as history points lower FOREX.com
- Bank of Japan Tightening Bets, U.S. Pressure Spark Yen Recovery WSJ
- Asian currencies under pressure as dollar gains, yen stays elevated Investing.com
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