The Currency Exchange - An FX Podcast by NatWest

NatWest Corporates and Institutions

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.

  1. 6 DAYS AGO

    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 the value of the yuan ahead of Donald Trump’s visit there.  Key takeaways: - UK political risk may matter more to sterling later in 2026 than immediately. - The Trump–Xi summit could become a major catalyst for USD direction, and Asian currencies. - Markets are increasingly focused on capital flows, reserve diversification and long-term exposure to US assets.   You can also find this episode of Currency Exchange on Spotify and Apple Podcasts.  This episode was recorded on 7 May 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    15 min

  2. 1 MAY

    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 the value of the yen as oil prices hit new highs. But can such a move work in the long run?  This episode was recorded on 30 April 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html   Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    27 min

  3. 24 APR

    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. Impact of Iran-US tensions on FX markets 2. Central bank reaction functions and monetary policy outlooks 3. US dollar and yen outlook, alongside market expectations for Fed and Bank of Japan actions This episode was recorded on 23 April 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    26 min

  4. 17 APR

    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, but leaving behind stubbornly higher energy prices and hawkish rate expectations.  With positioning reset and the dollar stuck mid-range, the team debates what parts of the pre-war playbook – and what’s changed for good. In Europe, attention turns to capital flows and whether structural pressures on the dollar could finally push EUR/USD higher. Meanwhile, in the UK, a sharp repricing of Bank of England expectations is already reversing as policymakers signal patience in the face of an energy shock. Looking ahead, all eyes are on Fed nominee Warsh: will he accelerate the pivot to rate cuts, or reinforce the market’s wait-and-see stance? Finally, we take a closer look at how a political shake-up in Hungary sparked a rally in the forint, and raises the prospect of deeper EU integration. This episode was recorded on 16 April 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    24 min

  5. 27 MAR

    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 East conflict 2. The US dollar and market positioning 3. Sterling’s surprising resilience 4. The Yen and fiscal considerations 5. Lasting themes for currency markets  This episode was recorded on 26 March 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    19 min

  6. 20 MAR

    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 central bank policies, even if interest rates are still on hold in major economies. They also delve into what the crisis means for emerging markets.  This episode was recorded on 19 March 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    20 min

  7. 13 MAR

    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 prices and oil market volatility - Central bank reaction functions and monetary policy - Emerging markets' response to geopolitical risks - Sterling’s performance and UK monetary policy - The Bank of Japan's stance on inflation and energy costs This episode was recorded on 12 March 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    24 min

  8. 5 MAR

    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 host Imogen Bachra (Head of Economics and Markets Strategy) and guests Scott Livingstone (International Advisor) and Paul Robson (Co-Head of G10FX Strategy).  They discussed:  - Management of ammunition and defence resources by regional players. - Political pressure on President Trump to conclude this initial phase swiftly. - Expected continuation of heightened military activity over the next few days. - Monitoring Iranian missile, drone, and maritime operations, including possible threats to the Strait of Hormuz. - Indicators for de-escalation: signs of pragmatic politics or regional diplomatic intervention. - Importance of maritime security in global energy markets. - Currency markets responding as expected: dollar strength sterling resilience in cross-currency pairs. - Volatility in bond markets reflecting both safe-haven demand and concerns over defence spending and future inflation. - Key market drivers to watch. This episode was recorded on 3 March 2026. For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    20 min
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Ratings & Reviews

5
out of 5
2 Ratings

About

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.

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