The Currency Exchange - An FX Podcast by NatWest

This week, Co-Heads of G10 FX Brian Daingerfield and Paul Robson discuss sources of heightened market uncertainty and puzzle over the calm that has beset currency volatility.
Key topics covered:
1. Market reactions to the Middle East conflict
2. The US dollar and market positioning
3. Sterling’s surprising resilience
4. The Yen and fiscal considerations
5. Lasting themes for currency markets 
This episode was recorded on 26 March 2026.
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This week, Eimear Daly (Emerging Markets Macro Strategist) is joined by Co-Heads of G10 FX Brian Daingerfield and Paul Robson to talk about the ongoing situation in the Middle East. They explore how threats to energy infrastructure might affect central bank policies, even if interest rates are still on hold in major economies. They also delve into what the crisis means for emerging markets. 

This episode was recorded on 19 March 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 (Emerging Markets Macro Strategist) is joined by G10 FX Strategy Co-Heads Brian Dangerfield and Paul Robson to talk about currency moves during ongoing military action in Iran. Key topics include: 

- Energy prices and oil market volatility
- Central bank reaction functions and monetary policy
- Emerging markets' response to geopolitical risks
- Sterling’s performance and UK monetary policy
- The Bank of Japan's stance on inflation and energy costs

This episode was recorded on 12 March 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’s combined episode of Currency Exchange and Bondcast focuses on the ongoing Middle East conflict and its impacts on currency and rates markets. This episode features edited highlights from a client webinar hosted on Tuesday, featuring host Imogen Bachra (Head of Economics and Markets Strategy) and guests Scott Livingstone (International Advisor) and Paul Robson (Co-Head of G10FX Strategy). 

They discussed: 

- Management of ammunition and defence resources by regional players.
- Political pressure on President Trump to conclude this initial phase swiftly.
- Expected continuation of heightened military activity over the next few days.
- Monitoring Iranian missile, drone, and maritime operations, including possible threats to the Strait of Hormuz.
- Indicators for de-escalation: signs of pragmatic politics or regional diplomatic intervention.
- Importance of maritime security in global energy markets.
- Currency markets responding as expected: dollar strength sterling resilience in cross-currency pairs.
- Volatility in bond markets reflecting both safe-haven demand and concerns over defence spending and future inflation.
- Key market drivers to watch.

This episode was recorded on 3 March 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 crossover episode of Bondcast and its sister show Currency Exchange, host Brian Daingerfield is joined by Ian Vanderhorn to explore the recent Supreme Court decision on US tariffs, its implications for FX and rates market dynamics, and the future of tariff policy. 

This episode was recorded on 25 February 2026.

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For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html

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