Ft Hard Currency

Market jitters have hit equities, junk bonds and emerging market currencies. Is this something for forex investors and others to worry about? No, State Street's Michael Metcalfe tells Roger Blitz, but although the global economy remains in "Goldilocks" territory, surprise upside inflation data could change all that.   See acast.com/privacy for privacy and opt-out information.

Donald Trump's election victory 12 months ago set off a dollar rally and protectionism fears, and heightened political risk in Europe. Roger Blitz asks Eoin Murray of Hermes Investment Management whether markets are more immune to shock, if benign forex conditions will last and what to watch out for in 2018.  See acast.com/privacy for privacy and opt-out information.

The first Bank of England rates hike in a decade left forex investors underwhelmed. With the economy sluggish and wage growth limited, John Wraith of UBS tells Roger Blitz why BoE governor Mark Carney is risking a policy mistake   See acast.com/privacy for privacy and opt-out information.

In the week the European Central Bank outlined its plans to wind down stimulus, Stephen Gallo of the Bank of Montreal joins Michael Hunter to tune into the signals hidden in the noise  See acast.com/privacy for privacy and opt-out information.

Investors couldn't help notice the impasse in negotiations over Nafta, Brexit and Catalonia, but did they care very much? Michael Sneyd of BNP Paribas tells Roger Blitz why the foreign exchange market is more interested in central bank developments than talks deadlock   See acast.com/privacy for privacy and opt-out information.

Investors brushed off the plunge in the lira as a Turkish difficulty rather than wider issues with emerging market currencies. Is EM FX less vulnerable these days to contagion, or are there more pressing worries for EM, such as a rising dollar, China growth concerns and commodity price movements? Sergei Strigo of asset manager Amundi discusses its prospects with Roger Blitz  See acast.com/privacy for privacy and opt-out information.

Whether it is the choice of Federal Reserve chair, Japan's election, Theresa May's chaotic speech or Catalonia's bid for independence, leadership has been the dominant theme moving currencies, as Itay Tuchman of Citigroup explains to Roger Blitz  See acast.com/privacy for privacy and opt-out information.

Politics was the driver of the forex market at the start of the year, but its influence is now waning, says HSBC's David Bloom. Investors are far more focused on monetary policy and interest rate differentials, he tells Roger Blitz, although pockets of political risk persist  See acast.com/privacy for privacy and opt-out information.

A hawkish Federal Reserve pushed the dollar higher, but investors stopped short of igniting a full-throttle greenback rally. That is because their focus is on the interest rate deliberations of other central banks, Swissquote's Peter Rosenstreich tells Roger Blitz, with the European Central Bank the one being watched most closely  See acast.com/privacy for privacy and opt-out information.

The Bank of England is leaning towards a rate hike, pushing the pound higher. But does UK data justify the bank's hawkishness, and is sterling's elevated level warranted in the context of ongoing Brexit uncertainty? Jeremy Cook of World First talks to Roger Blitz about BoE governor Mark Carney's options.  See acast.com/privacy for privacy and opt-out information.

Worries about euro volatility featured heavily in ECB president Mario Draghi's press conference this week. But if he was trying to talk down the euro, he failed, says Commerzbank's Max Kettner. He tells Roger Blitz what this means for the euro now and looks at other factors likely to move the currency  See acast.com/privacy for privacy and opt-out information.

After a hammering from Donald Trump's election, emerging market currencies have sprung back in style. Paul McNamara from GAM talks to Katie Martin about Donald's dollar, global growth, and whether Tajik bonds are the latest sign of exuberance.  See acast.com/privacy for privacy and opt-out information.

Is the dollar flickering back into life and when will the pound reach its bottom against the euro? Richard Blackden puts these questions to Simon Derrick of BNY Mellon.  See acast.com/privacy for privacy and opt-out information.

Sterling found support this week after strong wages and jobs data. The rebound followed lacklustre inflation data, but after a multi-decade high for employment and a forecast-beating rise in incomes, have the Bank of England's hawks been left with more room to fly? Nick Gartside, International CIO of Fixed Income at JPMorgan Asset Management thinks so, and explains why to Michael Hunter.  See acast.com/privacy for privacy and opt-out information.

Geopolitical risk made its presence felt across the currencies spectrum this week, as Donald Trump and Kim Jong Un clashed over North Korea's nuclear ambitions. Lee Hardman of MUFG joins Michael Hunter to measure the market's reaction.  See acast.com/privacy for privacy and opt-out information.

The pound received a pummeling after the Bank of England voted 6-2 to leave rates on hold and cut growth forecasts in its quarterly inflation report. John Wraith, head of UK rates strategy and economics at UBS joins the FT's Michael Hunter to plot where the pound fits in with the shifting outlook for monetary policy under the shadow of Brexit. Read more at Brexit uncertainty is holding back investment, Mark Carney warns  See acast.com/privacy for privacy and opt-out information.

The world's reserve currency hit a 14-month low after the Fed's statement on monetary policy this week. Concern about the US central bank's preoccupation with softer-than-expected inflation put the dollar under broad pressure. Stephen Gallo, European Head of FX Strategy at Bank of Montreal, joins Michael Hunter to assess the shifting policy outlook at the Fed, the European Central Bank and the Bank of England.  See acast.com/privacy for privacy and opt-out information.

If ECB president Mario Draghi was hoping his press conference would temper market expectations about tapering, he didn't succeed, as the euro pulled higher. Valentin Marinov of Credit Agricole looks at the key takeaways from the ECB meeting and concludes that tapering is indeed coming, so long as the euro doesn't appreciate too fast  See acast.com/privacy for privacy and opt-out information.

Canada raised rates, unworried that inflation remains below target. But doubts about inflation targeting resurfaced in the US. Kamal Sharma at Bank of America Merrill Lynch tells Roger Blitz why central bank views on prices differ, and how the debate will shape monetary policy in the UK and Europe  See acast.com/privacy for privacy and opt-out information.

Central bankers are thinking of turning off the taps all over the world, sending markets into a spin. But with the trend so widespread, it's tough to see where this leaves currencies, Peter Schaffrik of RBC tells Katie Martin.  See acast.com/privacy for privacy and opt-out information.