Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss what has been behind the JPY’s recent rebound and whether it is likely to continue. In addition, they discuss the outlook for ECB policy ahead of next week’s meeting.

Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Simon Mayes, Head of UK, Ireland & Swiss FX Corporate Sales to discuss the key takeaways from the Jackson Hole speech by Fed Chair Kevin Warsh. Derek also discusses the fleeting USD debasement focus following the UST bond buyback announcement earlier in August and the implications of the speech by BoJ Deputy Governor Himino.

Joining us in this special podcast, George Goncalves, MUFG Head of Macro Strategy and Agron Nicaj, MUFG’s US Desk Economist preview what to expect from the Fed’s Jackson Hole Symposium. The Macro Strategy team see 3 potential options that Warsh can take when delivering his opening remarks, all with different market implications.  The team also covers their latest macro thinking and how its driving their Fed and rates views ahead of the Symposium, which could be one of the last opportunities for the markets to get a clear signal ahead of the September FOMC. Given recent trends, the team still see no compelling case for a hike in the near future.

Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Shan Husain in FI FX Sales to discuss the fallout for the US dollar following the US Treasury announcement of increase UST bond buybacks on Wednesday. The dollar drop over the four weeks covering Japan/US FX intervention is the largest since the period following the Liberation Day announcements last year. Washington policy has again undermined confidence and depressing bond yields brings USD downside risks. However, it might not be one-way traffic given the US-iran risk persists and higher energy prices could discourage foreign currency buying.

Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss why the yen has quickly given intervention driven gains over the past week. In addition, they discuss the resilience of the UK economy to the negative energy price shock and impact on BoE policy.   

Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with James Roulston in FX Institutional Sales to discuss the FX and rates impact following the much weaker than expected US jobs report. Derek also outlines the implications for USD/JPY following the joint intervention last week and highlights using historic examples why joint intervention matters but policy and fundamentals matter more.

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss the fallout for the FX market from this week’s Fed, BoJ and BoE policy meetings. How have the latest developments impacted the outlook for USD/JPY?

Elizabeth Wren, European Political Analyst, sits down to speak with Henry Cook, Senior Economist, to talk about recent developments in the UK economy. They discuss new PM Andy Burnham’s policy platform and how much fiscal flexibility there may be for his proposals, as well the outlook for the upcoming Bank of England meeting amid renewed energy price pressures.

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss what has been driving a weaker USD over the past week. In addition, they discuss if recent GBP outperformance will continue now that Andy Burnham has been confirmed as the new Labour leader. 

Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down to speak with James Roulston in FX Institutional Sales to discuss the latest FX/Rates themes. Derek discusses the implications of Japan Finance Minister Katayama ‘s comment on encouraging households and pension funds, including GPIF to invest in domestic markets. This marks a potentially significant shift in policy direction. The re-escalation of the Middle East conflict and next week’s CPI and semi-annual testimony of Fed Chair Kevin Warsh are discussed as well.