Analysts are rushing to cut their year-end forecasts for the Mexican peso after it underperformed every other major currency over the past month. Societe Generale, Morgan Stanley and Banco Base have all revised their estimates for the peso lower as carry traders flee the market. The peso has weakened almost 6% this month, underperforming all currencies tracked by Bloomberg after hitting a two-year high early in September. Once known as the “super peso,” the currency slid amid a rate hike from the US Federal Reserve and a subsequent central bank hold in Mexico, narrowing the interest-rate differential that has helped underpin the popular carry trade.

“The peso was a vulnerable currency leading into this selloff,” said Brendan Mc Kenna, an emerging-markets strategist at Societe Generale in New York. “Once Banxico confirmed its willingness to decouple from the Fed and allow for a thinner rate gap, those vulnerabilities were realized and the peso reacted appropriately.” The differential between US and Mexico interest rates narrowed to the lowest since at least 2008, halving in the last year alone, data compiled by Bloomberg show.

After Mexico policymakers kept rates unchanged on Sept. 24, Societe Generale adjusted its forecast for the peso at year-end to 18 per dollar. This week Morgan Stanley revised its fourth quarter forecast to 18.25 pesos per dollar, 6% weaker than its earlier prediction. Banco Base changed its estimate to 18.20 per dollar. “The carry trade party is over,” according to Gabriela Siller, head of economic analysis at Banco Base.

Deutsche Bank strategist Carlos Munoz-Carcamo wrote that the peso’s “carry story is losing appeal.” Mexico’s currency also came under pressure amid a broad selloff in risk assets as US yields jumped to their highest levels in decades. “As long as US yields remain high and the market anticipates a more hawkish Fed, it will be difficult for the peso to make a sustained recovery,” said Antonio Di Giacomo, a senior markets analyst at XS.com.