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

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.

EM-brace the opportunity  

While rates remain so low in G10 and the Federal Reserve sticks to a gradual rate path, the case for investing in emerging markets just gets stronger, Roger Hallam of JP Morgan Asset Management tells Roger Blitz

The (trade) trouble with Trump  

Mexico's rapidly weakening peso shows how the tightening US election polls are focusing market minds on what a Trump-led protectionist policy might mean for America's trading partners. Paul McNamara of GAM discusses with Roger Blitz the implications for emerging markets and US rate expectations

Speak and ye shall find  

Could the Federal Reserve learn something about how to communicate to the market from the Swiss National Bank? Peter Rosenstreich of Swissquote and FT Switzerland correspondent Ralph Atkins join Roger Blitz to discuss how currencies respond to policymakerspeak.

Euro 0, Sterling 1 (Dollar wins on penalties)  

While the European Central Bank tackles a sceptical market, the Bank of England takes credit for surprising UK economic data. But as Rabobank's Jane Foley tells Roger Blitz, it's the US that really calls the shots.

Renminbi watch  

The market has become more sanguine about the devaluation of the Chinese currency in recent months. Geoffrey Yu of UBS discusses what has changed and tells Rochelle Toplensky what we can expect in the event of a Fed rate rise.

Psst... wanna buy the euro?  

The pound, the yen and the dollar have dominated FX in 2016, putting the euro in the shade. But as Dominic Bunning of HSBC tells Roger Blitz, there is growing resilience in the performance of the single currency and that is set to continue.

Stronger sterling stokes slow summer  

A pick-up in the pound, a call to rethink Federal Reserve strategy, yen strength and US rate hike talk awoke FX traders from their sunbeds. Societe Generale's Kit Juckes sifts through the week's developments and tells Roger Blitz which of them really matters

China's renminbi one year on: One step at a time from the PBoC  

Stephen Gallo from the Bank of Montreal looks back at China' s move to devalue its currency a year ago, and tells Michael Hunter that policymakers have since adopted a softly-softly approach to ensuring the renminbi can reflect the rebalancing of its economy while also adapting to conditons on the global market.

Time is ripe for commodity and emerging market currencies  

The Bank of England's rate cut, a stuttering US economy and the ongoing difficulties of the eurozone should help currencies linked to commodities and strong emerging markets, Koon Chow of UBP tells Michael Hunter.

'Mary Poppins' monetary policy  

The outlook for policy at central banks id back at the forefront of the market. Hans Redeker, global head of FX strategy at Morgan Stanley, joins Michael Hunter to discuss if policymakers will ever have conditions that are 'practically perfect in every way' before they can act

Traders not yet Trumped by the Donald  

The dollar is on the rise, suggesting the market is either unfazed by the prospect of a Trump presidency or has yet to focus on it. Jordan Rochester of Nomura tells Roger Blitz that a Trump triumph wouldn't be the first "shock" to be ignored by the market

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