The Currency Exchange - An FX Podcast by NatWest

This week on Currency Exchange, Eimear Daly and Brian Daingerfield step back from the day-to-day market headlines to focus on what global FX clients are thinking about the US dollar, geopolitical risk and the broader macro outlook.
Against a backdrop of rapidly shifting developments in the Middle East, the discussion explores why conviction across FX markets remains unusually low, how investors are positioning across G10 currencies, and what themes are emerging in China and broader emerging markets.
Key themes discussed
FX markets: Low conviction and headline-driven trading
Brian Dangerfield explains why fast-moving geopolitical developments are preventing investors from taking strong directional positions in FX, despite large moves in rates and commodities markets.
Dollar outlook: Fed on hold versus global tightening
How markets increasingly expect the Fed to remain sidelined while other central banks continue tightening policy, potentially weighing on the dollar over time.
G10 FX: Sterling, yen and commodity currencies
Sterling continues to outperform expectations, why intervention risk is dominating yen positioning, and why investors still favour the Australian dollar despite recent volatility.
China and EM: The rise of high-value manufacturing
China’s economic transition toward AI and advanced manufacturing is reshaping profit growth, inflation dynamics and currency policy expectations.
 
You can also find this episode of Currency Exchange on Spotify and Apple Podcasts.
This episode was recorded on 28 May 2026.
For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
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This week on The Currency Exchange, Eimear Daly and Aditya Sharma explore the geopolitical and macroeconomic developments shaping global FX markets. The discussion focuses on Chinese diplomacy following President Xi Jinping’s meetings with Donald Trump and Vladimir Putin, the implications for China-US relations, and the broader impact of energy market disruptions on Asian currencies.
The episode also examines the prospect of Chinese stimulus, and the growing pressure across emerging Asian FX markets including the Indonesian rupiah, Korean won and Indian rupee.
 This episode was recorded on 21 May 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, Eimear Daly, Paul Robson and Brian Daingerfield discuss the political and macroeconomic themes currently shaping FX markets, including:
* Rising UK political uncertainty and implications for sterling
* Why markets may be underestimating UK fiscal risks
* Japan’s FX intervention strategy and US reaction
* Structural challenges facing the Japanese yen
* Key takeaways from the Trump–Xi summit in Beijing
* The geopolitical implications for currencies and global markets
This episode was recorded on 14 May 2026.
For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html
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This week Eimear Daly and Paul Robson explore the reasons behind sterling’s strength against uncertainty both politically in the UK and geopolitically in the Middle East. They also discuss Chinese-US relations ahead of the Trump-Xi summit, and the value of the yuan ahead of Donald Trump’s visit there. 
Key takeaways:
- UK political risk may matter more to sterling later in 2026 than immediately.
- The Trump–Xi summit could become a major catalyst for USD direction, and Asian currencies.
- Markets are increasingly focused on capital flows, reserve diversification and long-term exposure to US assets.
 
You can also find this episode of Currency Exchange on Spotify and Apple Podcasts. 
This episode was recorded on 7 May 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

This week Co-Heads of G10 FX Brian Daingerfield and Paul Robson explore the FX implications of central bank rate holds in the US, the euro area and the UK. They also discuss Japan, where it appears as though policymaker intervention is boosting the value of the yen as oil prices hit new highs. But can such a move work in the long run? 
This episode was recorded on 30 April 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