August 8 news, JPMorgan Chase said that three-quarters of the world's carry trades have been closed, the recent decline erased this year's gains。In a letter to clients, quantitative strategists Antonin Delair, Meera Chandan and Kunj Padh said returns on the G-10, emerging markets and global carry trade baskets tracked by the bank had fallen by about 10 per cent since May.。The decline erased year-to-date returns and slashed profits accumulated since late 2022。The team writes that the spot portion of the global carry trade basket indicates that 75% of carry trades are closed。They reiterate that there is not much time left in the G-10 carry trade。These strategists say the chances of an August rally are likely to be slim, a period during which the central bank's schedule is light and volatility has begun to cool。(Golden Ten)