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FT Hard Currency

Updated 2 days ago

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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.

Read more

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
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High production and smart commentary.

Smart and concise

By Dr. Duru - Jul 02 2012
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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.

Listen to:

Cover image of FT Hard Currency

FT Hard Currency

Updated 2 days ago

Read more

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.

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. For information regarding your data privacy, visit acast.com/privacy

Nov 27 2015

13mins

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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. For information regarding your data privacy, visit acast.com/privacy

Jun 04 2015

9mins

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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 For information regarding your data privacy, visit acast.com/privacy

Sep 21 2017

9mins

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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? For information regarding your data privacy, visit acast.com/privacy

May 22 2014

7mins

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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

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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. For information regarding your data privacy, visit acast.com/privacy

May 31 2012

9mins

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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. For information regarding your data privacy, visit acast.com/privacy

May 27 2012

8mins

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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. For information regarding your data privacy, visit acast.com/privacy

Aug 21 2014

5mins

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A year in the life of forex

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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 conditions will last and what to watch out for in 2018.

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Nov 09 2017

10mins

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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 For information regarding your data privacy, visit acast.com/privacy

Mar 03 2017

8mins

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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? For information regarding your data privacy, visit acast.com/privacy

Nov 20 2014

7mins

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The rouble's slide

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As an effective free float of the rouble drives the currency to all-time lows, Delphine Strauss, currencies correspondent, is joined by Tom Levinson, strategist at Sberbank CIB, to discuss the change in policy. Will Russia's central bank step in to defend the rouble; does it have further to fall before it finds a new level; and what are the implications for currencies of central and eastern European neighbours? For information regarding your data privacy, visit acast.com/privacy

Nov 06 2014

8mins

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Dollar doubts, French fears, steady sterling

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Itchy investors are saying goodbye and good riddance to February in the forex market. Kathleen Brooks of City Index tells Roger Blitz that there is much more to look forward to in March, but for the moment, dollar uncertainty is the dominant theme, followed by rising European political risk and a more measured view of Brexit For information regarding your data privacy, visit acast.com/privacy

Feb 24 2017

7mins

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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. For information regarding your data privacy, visit acast.com/privacy

Jul 27 2017

10mins

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Who's doing good from dollar doldrums?

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Not many, says Steven Barrow of Standard Bank. There may be some short-term upside for the euro, the pound and emerging market currencies, he tells Roger Blitz, but none of these are likely to stay supported as investors itch to revive the dollar rally. For information regarding your data privacy, visit acast.com/privacy

Mar 24 2017

9mins

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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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Worried dollar and sterling bulls - worry not

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A dovish Federal Reserve is giving grief to the greenback, but Sam Lynton-Brown of BNP Paribas tells Roger Blitz there is good reason to expect the dollar to keep rising, while there is a fair chance that sterling will enjoy short-term support For information regarding your data privacy, visit acast.com/privacy

Mar 17 2017

8mins

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Take me to your leader

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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 For information regarding your data privacy, visit acast.com/privacy

Oct 05 2017

9mins

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Sterling's puzzling purple patch

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The pound has proved surprisingly resilient around the $1.25 level, even as inflation data out this week looked lacklustre. Koon Chow of UBP tells Michael Hunter what is on the watchlist for the UK currency and takes a tour or the agenda for the dollar and the euro For information regarding your data privacy, visit acast.com/privacy

Feb 17 2017

12mins

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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