Carry trades are having their strongest year in decades: An emerging-market carry strategy, borrowing in euros to invest in higher-yielding currencies such as the Brazilian real, Colombian peso, and

Turkish lira, is up +18% year-to-date, its strongest start to a year since 2005. A carry trade is a strategy where traders borrow in a low-yielding currency and invest in currencies with higher interest rates, earning the difference as long as the exchange rate does not move against them. By comparison, a G10 carry strategy, which borrows in currencies such as the euro, Danish krone, and Swiss franc to invest in higher-yielding currencies, including the New Zealand dollar, Norwegian krone, and Ca

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