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FT Hard Currency

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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.

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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.

iTunes Ratings

23 Ratings
Average Ratings
16
3
2
1
1

Great podcast

By Mr. Carmean - May 19 2016
Read more
High production and smart commentary.

Smart and concise

By Dr. Duru - Jul 02 2012
Read more
Very good way to start the week of trading. Knowledgeable guests and host make for an informative 10-minute or so session on the topic forex topics and predictions. The show clearly makes an effort to gather a diversity of opinions and analysis as well.

iTunes Ratings

23 Ratings
Average Ratings
16
3
2
1
1

Great podcast

By Mr. Carmean - May 19 2016
Read more
High production and smart commentary.

Smart and concise

By Dr. Duru - Jul 02 2012
Read more
Very good way to start the week of trading. Knowledgeable guests and host make for an informative 10-minute or so session on the topic forex topics and predictions. The show clearly makes an effort to gather a diversity of opinions and analysis as well.
Cover image of FT Hard Currency

FT Hard Currency

Latest release on Oct 04, 2018

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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.

Rank #1: Mind the gap

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Adam Cole of RBC Capital Markets tells Katie Martin why the euro and dollar still pounce on well-known signs of contrasting US and European monetary policy.  

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Nov 27 2015

13mins

Play

Rank #2: Fed can't feed the dollar beast

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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  

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Sep 21 2017

9mins

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Rank #3: The euro-dollar rally, central bank signals and risk around the Turkish election

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Roger Blitz is joined by David Bloom, global head of currency strategy at HSBC, to discuss the euro-dollar rally, how the markets read the Fed's forward guidance and other central bank signals, and political risk in forex ahead of the Turkish election.  

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Jun 04 2015

9mins

Play

Rank #4: Wither the dollar?

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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.  

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Jul 27 2017

10mins

Play

Rank #5: Dollar to drive on, pound to stay pat

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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 the case for further sterling weakness.

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Jul 19 2018

11mins

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Rank #6: Macroprudential measures' impact on sterling

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With UK policy makers flagging concerns over the rising risks of a bubble in the housing market, Delphine Strauss, currencies correspondent, asks David Bloom, currency strategist at HSBC, how macroprudential measures would affect sterling. Also, what would be the knock-on effects of ECB easing for other currencies - and what does range-bound trading in the yen tell us about the state of the forex market?  

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May 22 2014

7mins

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Rank #7: Calling Draghi's bluff

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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  

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Jul 20 2017

11mins

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Rank #8: Trump wrecks Mex FX

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Mexico's peso is too competitive for its own good, Stephen Gallo of Bank of Montreal tells Roger Blitz - but it is in also in US interests to conclude a mutually acceptable renegotiation of Nafta  

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Jan 27 2017

7mins

Play

Rank #9: Currency intervention watch

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Valentin Marinov, director of FX strategy at Citi, talks to FT currencies correspondent Alice Ross about currency interventions, looking at why the Swiss National Bank will keep defending the Swiss franc’s peg with the euro in the face of increasing money flow into the haven currency, the prospects for intervention in the yen, and the outlook for the euro.  

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May 31 2012

9mins

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Rank #10: The other view on Greece and QE prospects for the US and UK

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FT currencies correspondent Alice Ross talks to Steven Saywell, head of FX currency strategy in Europe at BNP Paribas about why he thinks a Greek exit is unlikely and remains bullish on the euro, as well as a look ahead to the US non-farm payroll data and the prospects for more quantitative easing in the US and UK.  

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May 27 2012

8mins

Play

Rank #11: The long and noisy road toward normal monetary policy

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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

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Oct 26 2017

9mins

Play

Rank #12: All talk, not much currency action

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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 

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Oct 19 2017

9mins

Play

Rank #13: Plotting the pound's pivotal data point

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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.  

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Aug 17 2017

10mins

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Rank #14: Can emerging markets withstand a rallying dollar?

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With the dollar's rally putting emerging markets currencies under pressure, Delphine Strauss, currencies correspondent, asks Ilan Solot, strategist at Brown Brothers Harriman, whether emerging markets are now better placed to withstand a rise in global rates - and what political developments in Brazil and Turkey will mean for two of last year's 'fragile five' currencies.  

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Aug 21 2014

5mins

Play

Rank #15: EM contains contagion risk

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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  

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Oct 12 2017

11mins

Play

Rank #16: China plays its currency card

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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 normalisation is back on track, which should see the euro push higher  

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Jul 05 2018

11mins

Play

Rank #17: Dollar down but far from done

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Markets took their cue from policymakers' speeches at a central bank gathering this week to inject new life into the euro and the pound. But Steven Saywell of BNP Paribas tells Roger Blitz that he believes they are too bearish about the US and are mispricing the dollar  

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Jun 29 2017

11mins

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Rank #18: Neighbours facing two ways

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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  

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Jul 13 2017

11mins

Play

Rank #19: Fed in fashion, but don't discount the Donald

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Hawkish rhetoric from Federal Reserve officials was the big dollar driver this week, but Steven Englander of Citigroup tells Roger Blitz why investors should still keep faith in the Trumpflation trade  

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Mar 03 2017

8mins

Play

Rank #20: The crowded dollar trade

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With the dollar at a 7 year high against the yen, Delphine Strauss, currencies correspondent, asks David Bloom, currency strategist at HSBC, what it will take to reignite its rally against other major currencies. Also, does the Save our Swiss Gold Initiative threaten the SNB's cap on the Swiss franc, and should investors worry about the consensus prevailing in forex markets?  

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Nov 20 2014

7mins

Play

Death of the dollar bears

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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 has endured, and outlines the wider factors setting the pace for the euro, emerging market currencies and the pound.


This is the final edition of Hard Currency before the podcast is relaunched, taking a fresh approach to a wider range of markets. Please stay subscribed to be among the first to hear it. 

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Oct 04 2018

10mins

Play

Markets on horns of euro-dollar dilemma

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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 and sell dollars? Jeremy Thomson-Cook of World First gives his thoughts to Roger Blitz and looks at the the effect of growing trade tensions on emerging market currencies

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Sep 27 2018

10mins

Play

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

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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 why currency moves are not reverting to type

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Sep 20 2018

11mins

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Wages growth pays dividend for euro and sterling

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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 tells Roger Blitz what that means for the dollar, the euro and the pound, and whether EM currencies are out of the woods

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Sep 13 2018

11mins

Play

EM can't catch a break

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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 Société Générale discusses with Roger Blitz the reasons why EM are again under pressure and what it would take for their currencies to gain some respite


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Sep 06 2018

11mins

Play

Pushed around by politics

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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 are telling us and what these shocks tell us about global market conditions.

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Aug 30 2018

8mins

Play

Troubling Trump depresses the dollar

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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 dovish side, that should see the dollar lose the momentum of recent months, Société Générale's Alvin Tan tells Roger Blitz. That should mean renewed strength for the euro and yen, but not necessarily for emerging market currencies. 

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Aug 23 2018

11mins

Play

Turkish turmoil raises markets' temperature

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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 Roger Blitz the longer term implications of the weeks of summer turmoil, and offers a note of caution on the rising dollar

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Aug 16 2018

12mins

Play

Dollar to drive on, pound to stay pat

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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 the case for further sterling weakness.

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Jul 19 2018

11mins

Play

Pound takes a pass on Boris blow-out

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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 of sterling, and looks at the implications of trade tensions on the market

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Jul 12 2018

12mins

Play

China plays its currency card

Podcast cover
Read more

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 normalisation is back on track, which should see the euro push higher  

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Jul 05 2018

11mins

Play

Markets mindful of Merkel's migration problems

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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 about the implications of a slowing eurozone economy and rising populism on the continent

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Jun 28 2018

10mins

Play

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

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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 economies 

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Jun 21 2018

10mins

Play

Fed flies, ECB evolves

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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. Michael Sneyd of BNP Paribas tells Roger Blitz what that means for the euro and the dollar. 

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Jun 14 2018

11mins

Play

Euro-bulls should rein in their euphoria

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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 Blitz - there is less to this ECB strategy shift than meets the eye.

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Jun 07 2018

10mins

Play

Rome's home truths for markets

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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 the rest of 2018 

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May 31 2018

9mins

Play

How to digest a roasted Turkey

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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 London last week, examines the pros and cons with Roger Blitz

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May 24 2018

11mins

Play

Ripple effects of EM forex falls

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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 tells Roger Blitz why the US cannot ignore the sell-off for too long

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May 17 2018

11mins

Play

EM investors' pain trade

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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 to Roger Blitz the lessons of this episode 

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May 10 2018

10mins

Play

Don’t dismiss dollar drive

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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.

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May 04 2018

10mins

Play

iTunes Ratings

23 Ratings
Average Ratings
16
3
2
1
1

Great podcast

By Mr. Carmean - May 19 2016
Read more
High production and smart commentary.

Smart and concise

By Dr. Duru - Jul 02 2012
Read more
Very good way to start the week of trading. Knowledgeable guests and host make for an informative 10-minute or so session on the topic forex topics and predictions. The show clearly makes an effort to gather a diversity of opinions and analysis as well.