The Currency Exchange - An FX Podcast by NatWest
Episodes
136 episodes
No silver bullet for doves
This week on Currency Exchange, the team discusses the market implications of the first Federal Reserve meeting under Chair Kevin Warsh, the outlook for the US dollar following a hawkish shift in Fed expectations, the Bank of Japan’s widely ant...
From dollar to yen: answering policy questions from around the world
In this week’s episode of Currency Exchange, host Brian Dangerfield is joined by Paul Robson, to discuss the major themes driving foreign exchange markets. The conversation covers the ECB’s latest decision, upcoming meetings from the Fed, Bank ...
Low conviction and high uncertainty: inside FX markets now
This week on Currency Exchange, Eimear Daly and Brian Daingerfield step back from the day-to-day market headlines to focus on what global FX clients are thinking about the US dollar, geopolitical risk and the broader macro outlook.Agains...
Xi, Putin and pressures on Asia FX
This week on The Currency Exchange, Eimear Daly and Aditya Sharma explore the geopolitical and macroeconomic developments shaping global FX markets. The discussion focuses on Chinese diplomacy following President Xi Jinping’s meetings with Dona...
UK political uncertainty and geopolitical developments
In this episode, Eimear Daly, Paul Robson and Brian Daingerfield discuss the political and macroeconomic themes currently shaping FX markets, including:* Rising UK political uncertainty and implications for sterling* Why markets m...
Sterling's resilience and China’s tactical game
This week Eimear Daly and Paul Robson explore the reasons behind sterling’s strength against uncertainty both politically in the UK and geopolitically in the Middle East. They also discuss Chinese-US relations ahead of the Trump-Xi summit, and ...
On hold, and holding off
This week Co-Heads of G10 FX Brian Daingerfield and Paul Robson explore the FX implications of central bank rate holds in the US, the euro area and the UK. They also discuss Japan, where it appears as though policymaker intervention is boosting...
A fall in FX market volatility, but what next?
This week Co-Heads of G10 FX Brian Daingerfield and Paul Robson explore further market developments amid geopolitical tensions around Iran, including central bank policies and wider macroeconomic developments.Key topics covered:1....
Ceasefires, central banks, and currency crosswinds
FX markets are caught between relief and reality. This week on The Currency Exchange, Paul Robson, Brian Daingerfield, and Eimear Daly unpack how a fragile Middle East ceasefire is reshaping the dollar narrative – unwinding war-driven gains, bu...
Calmed by uncertainty
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 Eas...
More energy market shocks, and the knock-on for FX
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...
Oil be damned for energy markets, but what about FX?
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 pri...
What's happening in the Middle East, and how are markets affected?
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...
What to make of the US tariff decision?
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 ...
UK data, oil moves and geopolitical tensions
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 ...
Emerging markets, trade and politics
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 potentia...
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...
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...
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...
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...
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...
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...
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 ...