Hard Currency

Hard Currency

United Kingdom

The FT's currency show takes a hard look at what's driving the largest market in the world, discussing market trends, political and economic factors affecting global currencies. Correspondent Alice Ross talks to global experts on the foreign exchange market about their views on the week ahead

Episodes

Dollar doubts, French fears, steady sterling  

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

Sterling's puzzling purple patch  

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

Teed off Trump wages war on FX  

Donald Trump is golfing with Japan's prime minister, with currency manipulation high on the agenda. Jeremy Cook of World First tells Roger Blitz what the FX implications are likely to be, and also weighs up political risk on the euro

Gaming Trump and Brexit transition  

US protectionism may be more talk than action, but that's not to say it won't have a currencies impact. Athanasios Vamvakidis of BofA Merrill Lynch tells Roger Blitz why, and also explains how to apply game theory to a Brexit transition deal and what that means for the pound

Trump wrecks Mex FX  

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

Trading Theresa and Trump  

The pound's rally following the UK prime minister's Brexit speech and Donald Trump's problems with a strong dollar dominated currency markets - even before inauguration day. Paul Lambert of Insight Investments walks Roger Blitz through another week of FX fluctuations

Dollar declines as markets doubt Donald will deliver  

Investors were left baffled and disappointed by Donald Trump's lack of policy detail at his feisty press conference. Jane Foley of Rabobank tells Roger Blitz why market scepticism about the reflation trade is growing and what that means for the dollar rally

Quiet start to 2017? FX traders beg to differ  

A 14-year high for the dollar, the renminbi's best-ever two-day gain, a sharp dollar correction and a central bank intervention. David Bloom of HSBC walks Roger Blitz through the frantic foreign exchange start to the year and concludes that the dollar rally is nowhere near over.

Frazzled by 2016? Stand by for more FX furore  

Simon Derrick of BNY Mellon looks back on a trumultuous year in the foreign exchange market, and gives Roger Blitz his predictions of the big market events for 2017

Yellen and shoutin' about US data  

The Federal Reserve's hawkish position, which is driving dollar strength, is not a response to Donald Trump and the prospects of fiscal stimulus, Mark Astley of Millennium Global Investments tells Roger Blitz, but a reappraisal of the strength of the US economy

Fancy an FX punt on 2017?  

After the turbulence of 2016, Saxo Bank chief economist Steen Jacobsen dares to offer Roger Blitz his predictions for next year, including a stronger pound and yen, and a dollar that disappoints its bull advocates

Markets set for month of melodrama  

November awoke investors' animal spirits, no more so than in the dollar rally, but Alan Wilde of Barings tells Roger Blitz that pitfalls lie in the way throughout December

Donald's dollar?  

The US currency is on a tear, but it's not all down to Donald Trump, Silvia Ardagna from Goldman Sachs tells Katie Martin. With investors finally catching up to US economic strength, an overshoot in the buck is easy to imagine.

The art of investing in political risk  

A market that is learning to tread cautiously when it comes to politics has become remarkably gung-ho about what Donald Trump's election victory means for the dollar and the US economy. Kamal Sharma of Bank of America Merrill Lynch tells Roger Blitz why investors are piling into the greenback and treating the euro with caution

Donald drives the dollar  

We don't know which of his policies President Trump will be able to implement, Nomura's Bilal Hafeez tells Roger Blitz - but it's a pretty reasonable bet that a period of dollar strength is coming

Pound soars, and other trades you have missed  

Political risk once again messed with foreign exchange investors, putting pressure on the dollar in the week before the US election and boosting the pound. Paul Lambert at Insight Investment tells Roger Blitz why this is no time for conviction trading

Watching the renminbi  

Geoffrey Yu of UBS Wealth Management puts this week's record low for the offshore version on China's currency into context, and tells Michael Hunter what the market will be looking at for the renminbi towards the end of 2016.

Calm before the storm  

Expectations this week of big moves in the pound, the dollar and the euro all failed to materialise. Simon Derrick of BNY Mellon tells Roger Blitz why this may not last long, as a US election and continuing Brexit worries exercise market minds

Beware the Brexit bounce  

No one likes the pound right now as the market focuses heavily on UK politics, but Steven Saywell at BNP Paribas tells Roger Blitz that investors are leaning too heavily towards selling sterling and so a rebound is on the cards

Hard Brexit and taper tantrums  

Sterling bashers have once again got the upper hand as the UK seems to swing towards a messy divorce from the EU, while eurozone markets are chewing over the potential for the ECB to turn off the stimulus taps. Frederik Ducrozet of Pictet Wealth Management talks about the implications with Katie Martin.

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