The yen carry trade that spectacularly reversed in August already feels long ago, but Bank of America thinks it’s found another potential landmine: International corporate deposits.
The bank’s analysts point out that companies in Europe and Asia have been accumulating a huge trove of FX deposits since 2019, initially as a precaution after Covid-19 and afterwards because higher US interest rates and the dollar’s strength made them attractive.
Even after dipping a bit lately, that stash now exceeds $1tn.
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