Emerging-Market Carry Traders Have Their Worst August on Record

  • Weakness in Turkey, Argentina feeding off each other: Manulife
  • EM currencies, risk aversion had worst August since 2015

Pimco's Kiesel Sees 'Select Value' in Emerging Markets, Aug. 28

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August has historically been a cruel month for emerging markets. By one measure, this year’s has been the worst on record.

A Bloomberg currency index that tracks carry-trade returns from eight emerging markets, funded by short positions in the dollar, has slumped about 6 percent since end-July, set for its biggest August drop since Bloomberg started compiling the data in 1999.