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
95 episodes
The challenge for dollar exceptionalism
In this episode Brian Daingerfield and Paul Robson discuss the current state of foreign exchange markets, focusing on the volatility of the US dollar, the dynamics of European currencies, and the implications of FX reserve diversification. They...
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23:50
The market reacts to tariffs, but where to from here?
In this crossover episode of Bondcast and Currency Exchange, Imogen Bachra is joined by Brian Daingerfield and Oriane Parmentier to discuss all things tariffs, and the political situation in France. It's not just markets that are surrounded by ...
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26:17
US tariffs, the UK Spring Statement and what's next for sterling
In this episode, Eimear Daly and Paul Robson discuss recent US auto tariff announcements and their muted market reaction and the implications of the UK Spring Statement on fiscal policy. Against this backdrop and inflation data, how will the Ba...
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16:44
Waits and measures
In this episode, Eimear Daly and Brian Daingerfield discuss the recent Federal Reserve meeting, focusing on updated economic projections and the implications for interest rates. They also explore the distinction between soft and hard data in th...
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21:36
A hard look at euro-dollar
In this episode Brian Daingerfield and Paul Robson discuss the current dynamics of the foreign exchange markets, focusing on the influence of US politics on euro-dollar rates. They explore the drivers behind the recent movements in currency val...
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26:15
A game-changer for Europe
In this episode of the Currency Exchange, Eimear Daly and Giovanni Zanni discuss significant developments in European defence spending and the implications for the economy and financial markets. They also analyse the European Central Bank's dec...
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15:11
Riding the market rollercoaster
In this week's episode, we dive into the fast-moving world of currency markets with a special focus on the latest developments in US trade policy. Host Eimear Daly is joined by US FX and rates strategist, Ian Vanderhorn, to break down the poten...
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15:03
What Europe's defence spend means for markets
In this episode, Eimear Daly and Paul Robson discuss the significant implications of the Trump presidency on European security. They explore the potential shifts in defence spending, and what it may mean for the EUR and regional European curren...
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15:57
Positives for the UK economy, but risks remain
In this episode of Currency Exchange, host Brian Daingerfield and Paul Robson discuss the latest developments in foreign exchange markets, focusing on the Bank of England's monetary policy stance, recent UK economic data, US tariff risks, and t...
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18:04
Mann in the middle?
In a week when the Monetary Policy Committee's arch hawk Catherine Mann turned most dovish, Brian Daingerfield and Paul Robson find themselves with much to analyse. Aside from the Bank of England's decision to cut rates, they also cover Trumpia...
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25:16
Is politics at play in the US and Poland?
In this episode, Eimear Daly and Brian Daingerfield discuss the recent Federal Reserve meeting, its implications for the currency markets, and the potential impact of tariff threats under the Trump administration. They also explore the politica...
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13:55
Under starter’s orders
Donald Trump made a running start to his second presidency by signing a record-breaking number of executive orders. This week Brian Daingerfield and Eimear Daly debrief on what Trumponomics 2.0 means for the dollar and emerging market currencie...
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12:03
A fistful of dollar questions (16 January 2025)
Will markets applaud Donald Trump’s second act as president? The Fed has been handed some welcome news on both inflation and labour - accompanied by some dollar highs and hopes for rate cuts. As Eimear Daly and Brian Daingerfield discuss, howev...
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14:09
New year’s gratings
This week Eimear Daly is joined by Paul Robson and Ian Vanderhorn to cover discordant sounds emanating from FX markets. They start with Sterling’s grapple with stagflation fears, moving on to the strength of the dollar against emerging market c...
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18:42
North American special
This week host Tokunbo Lawal is joined by Ian Vanderhorn and Kevin Cummins to discuss the fortunes of the both the US and Canadian dollars. In the US, recent data suggests that the currency may have to contend with a Fed cutting rate that is sl...
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18:10
Political turmoil in France, but market calm in the wake
This week Eimear Daly is joined by Giovanni Zanni to dissect the French political crisis, following Prime Minister Michel Barnier's departure. They ask what has happened, and why, plus what next for the country and Europe more widely – and how ...
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8:49
The Year Ahead 2025: A closer look at sterling and the US dollar in 2025
In this special edition of The Currency Exchange, host Brian Daingerfield is joined by Paul Robson for a closer look at sterling and the US dollar as we head into 2025.Where 2024 was characterised by political change, markets will exami...
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16:44
US election special: what the Trump victory means for markets (8 November '24)
This week it’s a podcast crossover, as Imogen Bachra and Brian Daingerfield deliver a Bondcast-meets-Currency Exchange special. High on the agenda is what the magnitude of Donald Trump’s election victory means for currencies and policy rate dec...
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32:28
Is fiscal policy moving the needle?
This week Brian Daingerfield and Paul Robson discuss what uncertainty in both the UK and US means for FX, ahead of some key dates. Looking to the UK Budget, it appears as though borrowing needs will require accommodative monetary policy, potent...
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24:01
What's been happening in emerging markets? (18 October '24)
This week Eimear Daly is joined by Alvaro Vivanco to discuss moves in emerging market currencies. They ask how the macro environment is affecting matters, analyse why some currencies have underperformed and find that many market participants ar...
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13:49
Edging closer to the US elections (10 October 2024)
With less than 25 days to go until the US presidential elections, Eimear Daly is joined by Brian Daingerfield to discuss how the outcome may affect the fortunes of the dollar, as well as the US economy. Given the continuity of Democratic policy...
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11:55
Middle East special
Amid the concerning escalation of attacks and reprisals in the Middle East, Paul Robson is joined by special guest and International Advisor Scott Livingstone to talk about geopolitics in the region and beyond. They discuss the speed at which t...
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18:15
A cut, a hold and what they mean for sterling and the US dollar
This week markets on both sides of the Atlantic were subject to diverging decisions towards monetary policy. Join Brian Daingerfield and Paul Robson as they analyse the Fed's decision to cut rates by 50 basis points in the US, and the Bank of E...
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17:01
Don't panic and mostly harmless...
...such is Paul Robson's assessment of the UK economy and the prospects for sterling. This week he and Brian Daingerfield also discuss rate cutting developments with the euro and latest news in the US presidential election race. NB:...
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2:32
Can Harris surf the political wave? (06 September '24)
Returning from the August break, the Currency Exchange team ask how the US election race is affecting markets. This week Eimear Daly is joined by Brian Daingerfield to discuss the early days of Kamala Harris’ bid for White House glory, and whet...
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14:09