Ft Hard Currency

A rising dollar and a rising oil price are two of the big market moves of the week. But as Bill McQuaker of Fidelity International tells Roger Blitz, the biggest was the 10-year Treasury yield hitting 3 per cent, signalling the end of the bond bull market and the start of a more turbulent phase for markets.  See acast.com/privacy for privacy and opt-out information.

Despite global growth, investors are struggling to find a driver, not just in foreign exchange but in other markets. What's causing this doubt and introspection? Helen Thomas of macro-economic consultancy Blonde Money tells Roger Blitz that three market tremors of recent weeks, related to electronically-traded funds, are behind investor uncertainty   See acast.com/privacy for privacy and opt-out information.

With some notable exceptions, currencies are spookily quiet in the middle of tensions over trade, signs of slowing growth in Europe, and the ever-present risk that Twitter spats could spiral into geopolitical crises. But Tim Graf of State Street Global Markets tells Katie Martin that's what currencies are supposed to do. Embrace the calm, but keep an eye on the Turkish lira and rouble.  See acast.com/privacy for privacy and opt-out information.

Trade tensions and equity sell-offs should be making investors wary of risky emerging market assets. But Wike Groenenberg of BNP Paribas tells Roger Blitz why EM is proving resilient to market pressures and looks at the factors that will influence its performance for the rest of the year    See acast.com/privacy for privacy and opt-out information.

January's euphoria seems a world away as volatility infects markets, but Silvia Dall'Angelo of Hermes Investment Management tells Roger Blitz that economic fundamentals are still sound and the dollar remains under pressure. The big worry, however, is a widening trade war.  See acast.com/privacy for privacy and opt-out information.

A Fed rate hike, market tensions about tariffs, a Brexit transition deal and Bank of England hawkishness - Erik Norland of CME Group tells Roger Blitz why things are looking up for sterling and less promising for the greenback  See acast.com/privacy for privacy and opt-out information.

How big an impact is the prospect of an international trade dispute centred on US tariffs having on the foreign exchange market? Viraj Patel joins the FT's Michael Hunter to look at the main factors moving currencies, including economic fundamentals and the outlook for interest rates  See acast.com/privacy for privacy and opt-out information.

The European Central Bank is creeping towards the exit from super-stimulative monetary policy. How can it do this without sending the euro flying, particularly while US trade policy unnerves dollar bulls? Stephen Gallo from BMO Capital Markets talked to the FT's Katie Martin about Trump, trade, and taper tantrums.  See acast.com/privacy for privacy and opt-out information.

New Federal Reserve chair Jay Powell's optimistic view of the US economy and faster rate hikes caused stocks to sell off and the dollar to rise. But Jean Medecin of Carmignac thinks this outlook is too rosy, and that the world needs to get used to the idea of slowing global growth and static inflation.  See acast.com/privacy for privacy and opt-out information.

Federal Reserve hawkishness and market nerves have given the dollar a reprieve from depreciation, but reasons for its weakness far outweigh reasons why it may rebound. Bilal Hafeez of Nomura tells Roger Blitz that not only are we in a dollar bear market but we've been trading it for a year and it's got several years to go.  See acast.com/privacy for privacy and opt-out information.

Foreign exchange investors have sat out much of the recent market volatility. Roger Hallam of JPMorgan Asset Management joins Michael Hunter to look at why dollar weakness has proved so stubborn and to identify the‎ wider market trends.  See acast.com/privacy for privacy and opt-out information.

Was it a market turmoil, a crash? Or just a jolt, a correction? Whatever your description of this week's equities sell-off, it adds up to a healthy adjustment to a market that is better placed for volatility, as the world gets used to rising inflation and rate rises. That's the view of Max Kettner of Commerzbank, who also discusses with Roger Blitz the surprisingly hawkish Bank of England meeting and the fluctuating dollar   See acast.com/privacy for privacy and opt-out information.

The apparent fondness for a weaker dollar among US administration officials has been enough to prompt HSBC's David Bloom to rip up his forecasts. But he tells Katie Martin that this is no currency war. In fact, currencies are on a path to peace and harmony.  See acast.com/privacy for privacy and opt-out information.

US Treasury secretary Steven Mnuchin sent forex traders' screens into meltdown when he said a weak dollar was in US interests. With trade tensions adding to currency volatility, Tim Graf of State Street talks to Roger Blitz about how much more the dollar could suffer from this double whammy, how Europe and China might respond and whether the gains being enjoyed by the euro, the yen and sterling are justified.   See acast.com/privacy for privacy and opt-out information.

2018 has so far seen the dollar fall - but why? Rising Treasury yields, strong US growth and a Federal Reserve all set to raise rates three times this year should be giving the greenback some impetus, but the opposite is happening. Adam Cole of Royal Bank of Canada Capital Markets admits it is hard to understand, but tells Roger Blitz why it may be happening, and looks ahead to next week's keenly-anticipated European Central Bank meeting  See acast.com/privacy for privacy and opt-out information.

Data, rumours and policy announcements big and small caused notable forex moves, including swings towards the euro and the yen, as investors rushed to grab the initiative at the start of 2018. Viraj Patel of ING sifts through the evidence and tells Roger Blitz which currency he thinks is this year's one to watch   See acast.com/privacy for privacy and opt-out information.

2017 was a year of transition, says Nick Gartside of JP Morgan Asset Management, as growth became more global and central banks adjusted monetary policy towards normalisation. That sets up 2018 as a year for accelerated growth and rising inflation, he tells Roger Blitz, and that means the euro is going to grow further at the dollar's expense as the ECB steps up tapering.   See acast.com/privacy for privacy and opt-out information.

BNY Mellon's Simon Derrick talks to Katie Martin about the curious case of stable sterling, the pending wave of tighter monetary policy, and the hidden signs of nerves in global markets.  See acast.com/privacy for privacy and opt-out information.

Roger Blitz discusses the impact on the currency markets of signs of Brexit breakthroughs and movement on US tax cuts with Richard Benson of Millennium Global.   See acast.com/privacy for privacy and opt-out information.

The German chancellor's coalition problems had only a fleeting impact on the euro, as investors were more interested in rising business confidence in the eurozone. George Papamarkakis of North Asset Management tells Roger Blitz why the single currency is in good shape and why the Swedish krona is also heading higher despite a big fall this week  See acast.com/privacy for privacy and opt-out information.