Goldman Sachs Research discusses the performance of FX carry strategies.

"FX carry has faced a series of headwinds over the past month - a higher-velocity phase of the fixed-income sell-off in September, recent AI/risk wobbles, continued vulnerabilities to energy pressures (including an uneven impact from concerns around a potential US diesel export ban), and stress in European sovereign credit," GS notes.

"Despite these challenges, FX carry performance at an aggregate level has remained firm. Through a factor lens, procyclical currencies have underperformed following the risk-off in equities, energy importer-vs-exporter currencies have plateaued recently, while our carry factor hit fresh year-to-date highs earlier this week," GS adds.