Episodes

  • Death of the dollar bears

    Death of the dollar bears
    Oct 4 2018

    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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    11 mins
  • Markets on horns of euro-dollar dilemma

    Markets on horns of euro-dollar dilemma
    Sep 27 2018
    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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    11 mins
  • Brexit, trade tensions, and why investors don't look too fussed

    Brexit, trade tensions, and why investors don't look too fussed
    Sep 20 2018
    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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    12 mins
  • Wages growth pays dividend for euro and sterling

    Wages growth pays dividend for euro and sterling
    Sep 13 2018
    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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    11 mins
  • EM can't catch a break

    EM can't catch a break
    Sep 6 2018

    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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    12 mins
  • Pushed around by politics

    Pushed around by politics
    Aug 30 2018
    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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    9 mins
  • Troubling Trump depresses the dollar

    Troubling Trump depresses the dollar
    Aug 23 2018
    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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    11 mins
  • Turkish turmoil raises markets' temperature

    Turkish turmoil raises markets' temperature
    Aug 16 2018
    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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    13 mins