เกี่ยวกับคู่สกุลเงิน EM และผลกระทบของการทำ Carry Trade

The tail risks seem to outweigh the narrowing differentials for the time being. It's difficult to justify the carry when a significant unwind could wipe out months of gains.

I'm still seeing opportunities in EM, but it's more about picking your spots. BRL has been interesting, but the political noise always gives me pause. ZAR's carry looks attractive, but the rand's volatility can eat into those gains quickly if you're not careful.