currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … the estimation results, two currencies, the Swiss franc and (to a lesser extent) the US dollar qualify as safe haven … analysis of bilateral euro-based exchange rates, given the euro's prominent role during the euro area sovereign debt crisis …

2012. There is evidence of significant Australian Dollar (AUD), Euro and Japanese Yen (JPY) carry trades during non …We investigate carry trade opportunities in major currencies against the US Dollar over the period 2 Jan 1999 to 31 Dec …-crisis periods. The AUD (JPY) was an investment (a funding) currency, and the Euro was both. However, cross currency carry trades …

-factor model. We identify them as a dollar factor and a euro factor. Exchange rates are thus driven by global, US, and Euro …