FT Hard Currency

By Financial Times

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What's FT Hard Currency about?

Financial Times foreign exchange correspondent Roger Blitz talks to experts on the currencies market about the week ahead, looking at the global political and economic factors driving the world’s largest market. Hosted on Acast. See acast.com/privacy for more information.

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FT Hard Currency episodes:

10.04.2018
Death of the dollar bears
The US currency's ascent in 2018 has surprised many analysts and investors. The reflation trade that followed the election of Donald Trump was not expected to last. Stephen Gallo of the Bank of Montreal tells Michael Hunter why the rally...
09.27.2018
Markets on horns of euro-dollar dilemma
A Federal Reserve rate rise had little impact on the dollar while ECB president Mario Draghi drove the euro higher with optimistic comments on eurozone wages and inflation. But is that enough for a sustained market push to buy euros...
09.20.2018
Brexit, trade tensions, and why investors don't look too fussed
Trade tensions are hotting up, Brexit talks are souring and the Federal Reserve is gearing up for another rate hike, yet currencies in the firing line, from emerging markets to sterling, seem unperturbed. Jane Foley of Rabobank tells Roger Blitz...
09.13.2018
Wages growth pays dividend for euro and sterling
Inflation strength in Europe and the the UK and weakness in the US were important factors in forex as central banks took centre stage, while Turkey's big interest rate rise helped stabilise emerging markets. Kamal Sharma of BofA Merrill Lynch...
09.06.2018
EM can't catch a break
A week dominated by falls in emerging market currencies, notably the South African rand, is triggering another bout of concern that the problems that afflicted the Argentine peso and the Turkish lira this year are becoming contagious. Kit Juckes of...
08.30.2018
Pushed around by politics
The British pound, Argentina's peso and Turkey's lira: all of them in the news and all getting pushed around (albeit in different directions) by politics. Katie Martin talks to Eoin Murray, head of investment at Hermes, about what the moves...
08.23.2018
Troubling Trump depresses the dollar
The dollar came under pressure on two fronts this week - Donald Trump's impeachment risk and the president's disparaging remarks about the Federal Reserve for raising US interest rates. But it is the Fed's own views, with a tilt to the...
08.16.2018
Turkish turmoil raises markets' temperature
Turkey's troubled lira, worries about emerging market currencies and the impact of sanctions and tariffs on the rouble and renminbi have put foreign exchange at the heart of the financial market's traditional August anxiety. Derek Halpenny of MUFG discusses with...
07.19.2018
Dollar to drive on, pound to stay pat
Federal Reserve chair Jay Powell this week injected renewed vigour into the dollar, while weak data and Brexit woes undermined the pound. David Bloom of HSBC tells Roger Blitz why the case for continued dollar strength is more convincing than...
07.12.2018
Pound takes a pass on Boris blow-out
Investors treated the UK foreign secretary's resignation with little concern, leaving the pound poised for a rally as the prospect of a softer Brexit looms into view. Ugo Lancioni of Neuberger Berman tells Roger Blitz why he is a buyer...
07.05.2018
China plays its currency card
China's central bank verbally intervened to stabilise the renminbi after a fall that echoed the dramatic declines of 2015-16. Stephen Gallo of Bank of Montreal tells Roger Blitz what we learned about China's currency strategy and argues that G10 policy...
06.28.2018
Markets mindful of Merkel's migration problems
Investors have barely had time to acknowledge that there is an EU summit taking place, as trade wars and China worries occupy their thoughts. But as John Wraith of UBS tells Roger Blitz, that's not to say they are complacent...
06.21.2018
EM sell-off: now it's Asia's turn
The emerging markets sell-off is starting to weigh on Asian currencies. Mansoor Mohi-uddin of NatWest Markets explores the reasons with Roger Blitz, looking at the impact of trade tensions on China and Federal Reserve chair Jay Powell's ambivalence towards EM...
06.14.2018
Fed flies, ECB evolves
A big week in the policy making world saw the US Federal Reserve plough on with rate hikes while the European Central Bank took a more dovish approach, even though it set a timetable for the end of asset purchases....
06.07.2018
Euro-bulls should rein in their euphoria
European Central Bank policymakers warmed up investors to a potentially big announcement next week on asset purchases and normalisation, sending the euro higher. Does this mark the end of the dollar rally? Not so fast, Rabobank's Jane Foley tells Roger...
05.31.2018
Rome's home truths for markets
Markets were guilty of complacency about Italy, says Adrian Hilton of Columbia Threadneedle, failing to appreciate the existential threat to the euro. He tells Roger Blitz what this week's fallout in bonds and currencies means for investors' risk appetite for...
05.24.2018
How to digest a roasted Turkey
The Turkish lira's collapse has emerging market investors wondering whether there is any case for continuing to hold assets there. Yerlan Syzdykov of European asset manager Amundi, who was among those investors to lunch with president Recep Tayyip Erdogan in...
05.17.2018
Ripple effects of EM forex falls
Local factors are contributing to sharp falls in the currencies of Argentina and Turkey, but other emerging markets cannot escape the impact of the dollar's strength. Simon Quijano-Evans of Legal & General Investment Management looks at the implications for EM and...
05.10.2018
EM investors' pain trade
The rout in emerging market currencies has exposed investors to an uncomfortable realisation - they were too willing to buy the EM rally at the start of the year, says Roger Hallam of JP Morgan Asset Management. He spells out...
05.04.2018
Don’t dismiss dollar drive
The sharp rally in the dollar has investors asking whether it is sustainable or about to fizzle out. Simon Derrick of BNY Mellon has the answer, and as he tells Roger Blitz it’s all to do with yield. Hosted on...
04.27.2018
Forget the dollar, follow the yield
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...
04.19.2018
Doubt dominates market mood
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...
04.12.2018
FX fails to get the memo
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...
04.05.2018
EM embraces the change
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...
03.29.2018
Keep calm, but keep an eye on protectionism
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...
03.22.2018
Doubts about the dollar, positives for for the pound
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 Hosted on Acast....
03.15.2018
Currency traders track a trade 'cold war'
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...
03.08.2018
Euro on the edge
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...
03.01.2018
Powell pumps up the dollar
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...
02.22.2018
Dollar decline - here to stay
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...
02.15.2018
Currency markets keep their poise
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. Hosted on...
02.08.2018
Bad week for markets? Not a bit of it
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...
02.01.2018
Droopy dollar prompts a rethink
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...
01.25.2018
Dollar bears gain a cheerleader
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...
01.18.2018
A dumbfounding dollar decline
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...
01.11.2018
Jumpy January
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...
12.14.2017
2018 call? Dollar's gonna fall
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,...
12.07.2017
Trapped in the headlights?
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. Hosted on Acast. See acast.com/privacy for more information.
11.30.2017
Currencies on the move
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. Hosted on Acast. See acast.com/privacy for more information.
11.23.2017
Markets give Merkel troubles a miss
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...
11.16.2017
Bears clouding Goldilocks outlook
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...
11.09.2017
A year in the life of forex
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...
11.02.2017
Can Carney convince the markets?
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 Hosted...
10.26.2017
The long and noisy road toward normal monetary policy
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 Hosted on Acast. See acast.com/privacy for more...
10.19.2017
All talk, not much currency action
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...
10.12.2017
EM contains contagion risk
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...
10.05.2017
Take me to your leader
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 Hosted on...
09.28.2017
Policymakers push politicians aside
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,...
09.21.2017
Fed can't feed the dollar beast
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...
09.14.2017
Carney hawks the case for higher rates
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...

What's FT Hard Currency about?

Download our free app to listen on your phone

FT Hard Currency episodes:

Death of the dollar bears

Markets on horns of euro-dollar dilemma

Brexit, trade tensions, and why investors don't look too fussed

Wages growth pays dividend for euro and sterling

EM can't catch a break

Pushed around by politics

Troubling Trump depresses the dollar

Turkish turmoil raises markets' temperature

Dollar to drive on, pound to stay pat

Pound takes a pass on Boris blow-out

China plays its currency card

Markets mindful of Merkel's migration problems

EM sell-off: now it's Asia's turn

Fed flies, ECB evolves

Euro-bulls should rein in their euphoria

Rome's home truths for markets

How to digest a roasted Turkey

Ripple effects of EM forex falls

EM investors' pain trade

Don’t dismiss dollar drive

Forget the dollar, follow the yield

Doubt dominates market mood

FX fails to get the memo

EM embraces the change

Keep calm, but keep an eye on protectionism

Doubts about the dollar, positives for for the pound

Currency traders track a trade 'cold war'

Euro on the edge

Powell pumps up the dollar

Dollar decline - here to stay

Currency markets keep their poise

Bad week for markets? Not a bit of it

Droopy dollar prompts a rethink

Dollar bears gain a cheerleader

A dumbfounding dollar decline

Jumpy January

2018 call? Dollar's gonna fall

Trapped in the headlights?

Currencies on the move

Markets give Merkel troubles a miss

Bears clouding Goldilocks outlook

A year in the life of forex

Can Carney convince the markets?

The long and noisy road toward normal monetary policy

All talk, not much currency action

EM contains contagion risk

Take me to your leader

Policymakers push politicians aside

Fed can't feed the dollar beast

Carney hawks the case for higher rates