The Currency Exchange - An FX Podcast by NatWest
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.
Episodes
120 episodes
Warsh and peace: a nuanced market response to the new Fed nomination
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...
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20:54
A busy, busy week in markets
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 Fed...
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23:22
Where has market volatility gone?
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 econom...
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28:03
Sterling is high, but world events dampen the dollar
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 impli...
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19:34
The Year Ahead 2026: Beyond de-dollarisation
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...
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27:52
An October cut by the Fed, but what for December?
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...
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14:30
Our take on major global currencies
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 ...
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26:39
Budgets, politics and market moves
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, a...
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27:09
What Japan's elections mean for the yen
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 coaliti...
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16:54
Policy meets expectations, but long-term questions linger
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. T...
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20:27
What to expect from a more dovish Fed
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 d...
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18:50
Sterling moves and updates from Europe
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, a...
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17:24
A busy, busy week for the dollar
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 contrast...
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19:52
What next for Japan, and central bank updates
In this episode, host Eimear Daly is joined by Brain Daingerfield and Paul Robson to discuss the significant impact of Japan's upper house elections on FX markets, the implications for fiscal policy, and the potential for changes in leadership....
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20:47
Labour, inflation, and tariffs – oh my
Brian Daingerfield and Paul Robson dig into the latest US and UK data prints and discuss how labour and inflation trends are affecting their views on the GBP and USD outlook.They look ahead to what we might expect from the forthcoming E...
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26:35
Fireworks for 4 July, but are markets celebrating?
This week, Eimear Daly and Kevin Cummins discuss the latest US labor market report, which revealed a surprising increase in job growth. They analyse the implications of the report for the Federal Reserve's monetary policy, particularly in light...
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15:51
Middle East tensions ease, with mixed fortunes for dollar and sterling
In this episode, host Brian Daingerfield and guest Paul Robson discuss the recent developments in the Middle East and their impact on foreign exchange markets, particularly the dollar's safe haven status. They delve into the Federal Reserve's d...
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20:59
Interest rate holds and global uncertainty
This week Joann Spadigam is joined by Paul Robson in a Bondcast/Currency Exchange crossover to talk about interest rate holds in the UK and US. Were there any clues about the nature of future decisions? Away from the central banks, they also di...
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13:42
Where next for the Bank of England?
This week, Eimear Daly and Paul Robson discuss recent UK economic data, its implications for the Bank of England, and the outlook for sterling. They delve into the labour market's performance and the significance of upcoming interest rate decis...
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12:51
Policy and politics at play in major currencies
In this episode of Currency Exchange, Brian Daingerfield and Paul Robson discuss the current state of foreign exchange markets, focusing on the influence of the US dollar, recent decisions by the European Central Bank (ECB), and the fortunes of...
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15:41
How vulnerable are FX markets to tariff whiplash?
This week Eimear Daly, Brian Daingerfield, and Paul Robson discuss the current state of global markets, focusing on US trade re-escalation and de-escalation – and the impact on global FX markets. Remember to hit subscribe so you ca...
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16:26
Dollar weakness and cautiously bullish emerging markets
In this episode, Brian Daingerfield and Eimear Daley discuss the current state of the dollar, emerging markets, and the implications of recent US trade policies. They analyse the impact of the recent tax bill in the US and the political landsca...
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16:38
De-escalations in trade, but re-escalations in inflation?
This week Brian Daingerfield and Paul Robson discuss the current state of global markets, focusing on unexpected strength in the UK economy and the impact of recent US trade de-escalation on the dollar. But what challenges lie ahead for growth ...
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20:21
Dollar, sterling and the UK-US trade agreement
This week Brian Daingerfield and Paul Robson discuss the latest developments in foreign exchange markets, focusing on the Bank of England's recent decisions, the implications of the UK-US trade agreement, and the Fed's cautious stance. They ana...
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21:39