HSBC drawn up by drawdown
"A carry drawdown was an accident waiting to happen," said David Bloom, global head of FX strategy at HSBC in London. "Like a driver who loves risk, it makes small gains over long periods of time and then crashes, suffering large losses over a small period."
HSBC believed carry had a higher probability of unwinding in the summer, when trading volumes were typically light and the markets can become easily unsettled. "The carry trade had gone too far too fast and HSBC felt a correction was in the
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