Sure looks like it has been unwound. Indeed, evidence is starting to accumulate that the carry trade is being put back on. This chart illustrates how tightly gold and the dollar have traded this year. Strength in gold mirrors weakness in the dollar, and weakness in gold tracks strength in the dollar. Gold is a good proxy for all things physical, so when it rises in value it generally reflects a weaker dollar and more expensive things. Gold has some unique qualities, one being that it is the most sensitive of physical things to respond to underlying changes in the fundamentals that determine the dollar's value.
The recent collapse in the dollar and resurgence in gold is thus good evidence that the Fed has succeeded in over-supplying dollars to the market via its new zero interest rate policy and its aggressive purchases of all sorts of assets. With money now virtually free, the market is willing to accept the Fed's offer of cheap dollars: the carry trade is being reborn. Borrow now, secure in the knowledge that borrowing costs will remain exceptionally low for quite "some time," and buy gold, buy homes, buy commodities, etc.
Thus begins a new reflationary cycle in the U.S. economy. Sadly, we've had one too many already, with the last one beginning in 2003 and ending preciptiously last July.