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 Japan’s currency, and the structural versus cyclical nature of monetary policy in Canada.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 30 October 2025.

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

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 performance of sterling. They also touch on the European Central Bank's position, the Federal Reserve's upcoming decisions, the Bank of Japan's policy considerations, and the Canadian economy's inflation data. The conversation highlights the interconnectedness of global economic indicators and their impact on currency markets.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 23 October 2025.

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

In this episode of Currency Exchange, Brian Daingerfield and Paul Robson discuss the current dynamics in foreign exchange markets, focusing on the UK budget, European currency outlook, US trade tensions, the impact of the government shutdown, and Japanese politics. Phew! They also explore how fiscal and monetary policies are influencing currency movements globally. 

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 16 October 2025.

 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

In this episode of Currency Exchange, Brian Daingerfield and Ian Vanderhorn discuss the recent LDP leadership election in Japan, its impact on the yen, and the implications for fiscal and monetary policy. They also explore the potential coalition dynamics and the Bank of Japan's decision-making process amid political uncertainty.

This episode was recorded on 9 October 2025, and captions are automatically generated.

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

This week host Eimear Daly is joined by Brian Daingerfield and Paul Robson to discuss the major themes affecting currency markets. They focus on the Federal Reserve's recent interest rate decision and the Bank of England's interest rate hold. They analyse the implications of these decisions on the dollar and sterling, the impact of economic data on market expectations, and the significance of dollar hedging of international assets and interest rate differentials.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 18 September 2025.

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

In this episode of Currency Exchange, host Brian Daingerfield and Ian Vanderhorn discuss the current state of the US dollar and the Federal Reserve's expectations for interest rate cuts. They highlight the implications of recent labour market data and inflation readings, as well as the legal back-and-forth surrounding President Trump’s tariff moves. 

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

NB. This episode was recorded on 11 September 2025.

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

The Currency Exchange returns from the summer break, with host Eimear Daly and guest Paul Robson discussing recent dynamics in currency markets. They focus on the sensitivity of sterling to fiscal developments, the outlook for the UK economy, and the implications of political risks in France on the euro. They also analyse Poland's recent interest rate decisions and the potential for its currency to track emerging market peers.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

This episode was recorded on 4 September 2025, and captions are automatically generated. 

For any terms used please refer to our glossary:
https://www.natwest.com/corporates/insights
/markets/glossary.html
Please view our full disclaimer here:
https://www.natwest.com/corporates/disclaim
er.html

Listen to host Brian Daingerfield and guest Ian Vanderhorn discuss recent developments in foreign exchange markets, focusing on the strengthening of the dollar due to trade deals, the Federal Reserve's stance on interest rates, and the contrasting approaches of central banks like the Bank of Canada. They also analyse the implications of the quarterly refunding announcement by the Treasury and its impact on interest rate dynamics.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

NB. This episode was recorded on 31 July 2025.

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

In this episode, host Eimear Daly is joined by Brain Daingerfield and Paul Robson to discuss the significant impact of Japan's upper house elections on FX markets, the implications for fiscal policy, and the potential for changes in leadership. They also explore the Federal Reserve's upcoming policy decision, the European Central Bank's recent hold, and the outlook for the Bank of England and sterling. The conversation highlights the interconnectedness of global monetary policies and their effects on currency markets.

Remember to subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.


This episode was recorded on 24 July 2025.

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

Brian Daingerfield and Paul Robson dig into the latest US and UK data prints and discuss how labour and inflation trends are affecting their views on the GBP and USD outlook.

They look ahead to what we might expect from the forthcoming European Central Bank meeting – and the potential impact on the outlook for EURUSD. And they consider the impact of recent shifts in US trade policy on markets more broadly, and the market whiplash around media reports about Fed Chair Powell’s fate.

NB. This episode was recorded on 17 July 2025.

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