Carry trades don't die - they rotate. When the yen carry unwound in July 2024, the money didn't vanish. It migrated. Same story every cycle:

Carry trades don't die - they rotate. When the yen carry unwound in July 2024, the money didn't vanish. It migrated. Same story every cycle: the funding currency shifts, the target basket reshuffles, and the players who track the flow instead of fighting the last war catch the next leg. As of August 2026, the rotation is underway - and it's writing itself across $USDZAR, $USDTRY, and $USDMXN in ways most retail screens miss. Follow the funding, not the yield Everyone watches the target yield. Pros watch the funding cost. The carry trade lives or dies at the short end:...