In a note to clients, quantitative strategists Antonin Delair, Meera Chandan, and Kunj Padh at JPMorgan state that the spot component of their global carry trade basket indicates that 75% of carry trades have been closed. They emphasize that the remaining duration of G-10 carry trades may be limited. Although there might be some rebound opportunities in August, given relatively low central bank activity and a start of cooling volatility, the likelihood of this is smaller. This report reflects the challenging situation that global carry trades face, especially with an unfavorable outlook for G-10 carry trades.