Thomson Financial News - The emergency Fed 75 basis point rate cut and expectations of more easing to come has at least temporarily changed the focus of the foreign exchange market from high risk-aversion/repatriation/unwinding of carry trades to selling the US dollar against higher-yielding currencies. The reversal higher of the yen-funded carry trades was breathtaking, but with market volatility on the rise and the Dow still closing over 100 points lower it is too early to signal the all-clear for carry trades.