But. When the outlook of the currency is not good investors and trades tend to flee to those currencies which do not have high interest rates like USD or JPY. This way they are increasing their risk aversion factor.
Currencies with low interest levels which tend to attract attention of traders in difficult trading and economic times are called safe havens. That means that it is safer to trade them and sacrifice high profits for the possibility not to lose your money during turbulent performance of other currencies.
But running towards safe havens is a polar opposite of carry trades as it is the exchange of high interest level differential for high risk aversion factor. In both cases earning are going to be very different.