The Currency Exchange - An FX Podcast by NatWest

This week Eimear Daly is joined by Paul Robson and Brian Daingerfield to discuss some major themes affecting currency markets. They begin by examining how the US dollar has responded to geopolitical developments and provide an update on the Federal Reserve. They also discuss volatility as it relates to Japan’s currency, and stability as it relates to sterling and recent UK data. Finally, they touch on emerging trends in European and Scandinavian currencies, and examine the nuances between currencies and their traditional market drivers.

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This episode was recorded on 22 January 2026.

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In this episode of Currency Exchange, host Brian Daingerfield and guest Paul Robson delve into the current state of foreign exchange markets. They discuss the recent strength of the pound against the euro, the implications of upcoming UK economic data, and the overall low volatility in FX markets despite significant geopolitical events. They also focus on the Federal Reserve's influence on the dollar, and how political events in Japan are affecting the yen.
Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.
This episode was recorded on 15 January 2026.
For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

In this episode of the Currency Exchange, Brian Daingerfield and Paul Robson return to discuss the state of foreign exchange markets as we enter 2026. They analyse the recent performance of the British pound, the euro's stability, and the implications of geopolitical events on the dollar. The conversation also touches on New Year's resolutions for FX watchers, Paul's intake of Stilton cheese and potential future drivers for the dollar.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

To access all the content from our Year Ahead 2026 report, visit natwest.com/yearahead 

This episode was recorded on 8 January 2026.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
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In this lookahead to 2026, host Tim Phillips is joined by Eimear Daly, Paul Robson and Brian Daingerfield to discuss key themes shaping the year ahead. 

They start with the dollar, where 2026 is expected to be dominated by the Fed’s interest rate policy. Should we expect a policy error if rates are kept low under new Fed leadership and continued fiscal expansion? And what, crucially, does this mean for the dollar's exceptional status in foreign reserves? 

They also discuss how FX markets have become desensitised to geopolitical drama, only reacting when real economic effects are visible. And in emerging markets, lower volatility and a weaker dollar appear to create a favourable backdrop for high-carry currencies.

Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.

To access all the content from our Year Ahead 2026 report, visit natwest.com/yearahead 

This episode was recorded on 12 November 2025.

For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
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On the back of the Fed’s widely-predicted decision to cut rates this week, Eimear Daly speaks to Brian Daingerfield about changes to the monetary guidance, and how this feeds indecision about a further cut in December. Elsewhere they talk about Japan’s currency, and the structural versus cyclical nature of monetary policy in Canada.
Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.
This episode was recorded on 30 October 2025.
For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html