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Keep up to date with the latest in FX markets with The Currency Exchange podcast. Each week, the NatWest Markets team of FX strategists – Eimear Daly, Brian Daingerfield, and Paul Robson – help investment professionals and corporate treasurers get to grips with the biggest themes & events moving global currency markets. Check back here regularly for new episodes and subscribe to The Currency Exchange wherever you get your podcasts so you can listen to our latest episodes as soon as they’re available.
127 Episodes
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This week, Co-Heads of G10 FX Brian Daingerfield and Paul Robson discuss sources of heightened market uncertainty and puzzle over the calm that has beset currency volatility. Key topics covered: 1. Market reactions to the Middle East conflict 2. The US dollar and market positioning 3. Sterling’s surprising resilience 4. The Yen and fiscal considerations 5. Lasting themes for currency markets This episode was recorded on 26 March 2026. For any terms used please refer to this glossary htt...
This week, Eimear Daly (Emerging Markets Macro Strategist) is joined by Co-Heads of G10 FX Brian Daingerfield and Paul Robson to talk about the ongoing situation in the Middle East. They explore how threats to energy infrastructure might affect central bank policies, even if interest rates are still on hold in major economies. They also delve into what the crisis means for emerging markets. This episode was recorded on 19 March 2026. For any terms used please refer to this glossary ht...
This week Eimear Daly (Emerging Markets Macro Strategist) is joined by G10 FX Strategy Co-Heads Brian Dangerfield and Paul Robson to talk about currency moves during ongoing military action in Iran. Key topics include: - Energy prices and oil market volatility - Central bank reaction functions and monetary policy - Emerging markets' response to geopolitical risks - Sterling’s performance and UK monetary policy - The Bank of Japan's stance on inflation and energy costs This episode was...
This week’s combined episode of Currency Exchange and Bondcast focuses on the ongoing Middle East conflict and its impacts on currency and rates markets. This episode features edited highlights from a client webinar hosted on Tuesday, featuring host Imogen Bachra (Head of Economics and Markets Strategy) and guests Scott Livingstone (International Advisor) and Paul Robson (Co-Head of G10FX Strategy). They discussed: - Management of ammunition and defence resources by regional pla...
In this crossover episode of Bondcast and its sister show Currency Exchange, host Brian Daingerfield is joined by Ian Vanderhorn to explore the recent Supreme Court decision on US tariffs, its implications for FX and rates market dynamics, and the future of tariff policy. This episode was recorded on 25 February 2026. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving mark...
In this episode, Brian Daingerfield and Paul Robson discuss market sentiment for major currencies. Firstly, they dissect UK economic data and the implications for sterling, plus the Bank of England policy and receding political risk. They also cover Fed policy, wider geopolitical influences on FX markets, the price of oil and implications for Japanese yen. This episode was recorded on 19 February 2026. For any terms used please refer to this glossary https://www.natwest.com/corpor...
In this episode, Eimear Daly and emerging market specialist Aditya Sharma discuss the recent India-US trade deal and its implications for Indian assets and the rupee. They also delve into the upcoming Hungarian elections, analyzing the potential outcomes and their impact on markets. You can also find this episode of The Currency Exchange on Spotify and Apple Podcasts. This episode was recorded on 12 February 2026. For any terms used please refer to this glossary https://www.natwest....
This week, Paul Robson and Brian Daingerfield dig into the major themes affecting currency markets. They begin by examining the Bank of England’s ‘dovish hold’ on 5 February – and the drivers behind a recent uptick in volatility in UK assets more generally of late. Then they turn to the US, where they discuss the recent nomination of Kevin Warsh to replace Jerome Powell when his leadership term at the Fed ends in May – and the potential impact on monetary policy and Fed independence.&...
This week Eimear Daly is joined by Paul Robson and Brian Daingerfield to discuss some major themes affecting currency markets. They begin by examining how the US dollar has responded to geopolitical developments and provide an update on the Federal Reserve. They also discuss volatility as it relates to Japan’s currency, and stability as it relates to sterling and recent UK data. Finally, they touch on emerging trends in European and Scandinavian currencies, and examine the nuances between cur...
In this episode of Currency Exchange, host Brian Daingerfield and guest Paul Robson delve into the current state of foreign exchange markets. They discuss the recent strength of the pound against the euro, the implications of upcoming UK economic data, and the overall low volatility in FX markets despite significant geopolitical events. They also focus on the Federal Reserve's influence on the dollar, and how political events in Japan are affecting the yen. Remember to hit subscribe so you ca...
In this episode of the Currency Exchange, Brian Daingerfield and Paul Robson return to discuss the state of foreign exchange markets as we enter 2026. They analyse the recent performance of the British pound, the euro's stability, and the implications of geopolitical events on the dollar. The conversation also touches on New Year's resolutions for FX watchers, Paul's intake of Stilton cheese and potential future drivers for the dollar. Remember to hit subscribe so you can listen to the lates...
In this lookahead to 2026, host Tim Phillips is joined by Eimear Daly, Paul Robson and Brian Daingerfield to discuss key themes shaping the year ahead. They start with the dollar, where 2026 is expected to be dominated by the Fed’s interest rate policy. Should we expect a policy error if rates are kept low under new Fed leadership and continued fiscal expansion? And what, crucially, does this mean for the dollar's exceptional status in foreign reserves? They also discuss how FX ...
On the back of the Fed’s widely-predicted decision to cut rates this week, Eimear Daly speaks to Brian Daingerfield about changes to the monetary guidance, and how this feeds indecision about a further cut in December. Elsewhere they talk about Japan’s currency, and the structural versus cyclical nature of monetary policy in Canada. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events movi...
In this episode of Currency Exchange, Brian Daingerfield and Paul Robson discuss the latest developments in foreign exchange markets, focusing on UK inflation data, the Bank of England's monetary policy outlook, the upcoming UK budget, and the performance of sterling. They also touch on the European Central Bank's position, the Federal Reserve's upcoming decisions, the Bank of Japan's policy considerations, and the Canadian economy's inflation data. The conversation highlights the interconnec...
In this episode of Currency Exchange, Brian Daingerfield and Paul Robson discuss the current dynamics in foreign exchange markets, focusing on the UK budget, European currency outlook, US trade tensions, the impact of the government shutdown, and Japanese politics. Phew! They also explore how fiscal and monetary policies are influencing currency movements globally. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our ...
In this episode of Currency Exchange, Brian Daingerfield and Ian Vanderhorn discuss the recent LDP leadership election in Japan, its impact on the yen, and the implications for fiscal and monetary policy. They also explore the potential coalition dynamics and the Bank of Japan's decision-making process amid political uncertainty. This episode was recorded on 9 October 2025, and captions are automatically generated. For any terms used please refer to this glossary https://www.natwest.com/cor...
This week host Eimear Daly is joined by Brian Daingerfield and Paul Robson to discuss the major themes affecting currency markets. They focus on the Federal Reserve's recent interest rate decision and the Bank of England's interest rate hold. They analyse the implications of these decisions on the dollar and sterling, the impact of economic data on market expectations, and the significance of dollar hedging of international assets and interest rate differentials. Remember to hit subscribe so...
In this episode of Currency Exchange, host Brian Daingerfield and Ian Vanderhorn discuss the current state of the US dollar and the Federal Reserve's expectations for interest rate cuts. They highlight the implications of recent labour market data and inflation readings, as well as the legal back-and-forth surrounding President Trump’s tariff moves. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big...
The Currency Exchange returns from the summer break, with host Eimear Daly and guest Paul Robson discussing recent dynamics in currency markets. They focus on the sensitivity of sterling to fiscal developments, the outlook for the UK economy, and the implications of political risks in France on the euro. They also analyse Poland's recent interest rate decisions and the potential for its currency to track emerging market peers. Remember to hit subscribe so you can listen to the latest episode...
Listen to host Brian Daingerfield and guest Ian Vanderhorn discuss recent developments in foreign exchange markets, focusing on the strengthening of the dollar due to trade deals, the Federal Reserve's stance on interest rates, and the contrasting approaches of central banks like the Bank of Canada. They also analyse the implications of the quarterly refunding announcement by the Treasury and its impact on interest rate dynamics. Remember to hit subscribe so you can listen to the latest epis...
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