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

Big currencies look spent as other options emerge  

There are too many snags to offer a convincing case for buying the dollar, the euro and sterling, says Adrian Owens of GAM. He tells Roger Blitz why he thinks there are better opportunities in emerging market currencies

Sterling gets the market's vote  

Theresa May's snap election caused a surge in the pound and had investors purring at the idea that a smooth Brexit is coming. Roger Hallam of JP Morgan Asset Management tells Roger Blitz whether he thinks the market's optimism is justified and looks at the euro's prospects after Sunday's first round in the French presidential election.

Markets mull meddling Mélenchon  

Investors seemed fairly relaxed about the French presidential election until far-left candidate Jean-Luc Mélenchon spoiled their mood by polling strongly. Nomura's Jordan Rochester tells Roger Blitz what his emergence spells for the euro and explains how to trade the markets between the first and second rounds of the election.

No room for complacency on the pound  

The official start of Britain's negotiations to leave the EU hasn't done further damage to the pound. But George Saravaleos, head of currency research at Deutsche Bank, says that the messy politics of Brexit will eventually catch up with sterling.

Keep on down the road of optimism, but mind the bumps  

The first quarter's popular bets - strong dollar, weak peso, high yields - did not pan out the way investors expected. But Ugo Lancioni of Neuberger Berman tells Roger Blitz that the next few months promise decent returns in forex despite ongoing worries about political risk

Who's doing good from dollar doldrums?  

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.

Worried dollar and sterling bulls - worry not  

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

Eurozone on the move, but not the euro  

Strong Eurozone growth and inflation has increased talk about the European Central Bank moving away from easy monetary conditions. But Max Kettner of Commerzbank tells Roger Blitz why the case for a stronger euro is balanced at best

Fed in fashion, but don't discount the Donald  

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

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

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