The first is the fluctuation of the exchange rate market, and the second is the fluctuation of the asset prices held by carry traders.

What is carry trade? Carry trade is to borrow currencies with low interest rates and earn interest differentials by buying and holding high-yield currencies. Carry trade is not only the culprit of global liquidity flooding , and may also lead to the formation of a bull market. From 2005 to 2006, global liquidity was abundant, mainly due to arbitrage caused by interest rates between currencies. Therefore, every bull market myth from crude oil futures to metal futures has spreads. Boosted by trading funds.