Hard Currency
  • A new tone from the Fed Oct 30, 2014 - 1:12 pm
  • After a hawkish policy statement from the US Federal Reserve, Delphine Strauss, currencies correspondent, asks Michael Sneyd, currency strategist at BNP Paribas, whether this will revive the dollar rally. Also, what to expect from ECB policy makers next week - and what does the kiwi's fall tell us about the outlook for other growth-sensitive currencies?
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  • After the flash crash Oct 23, 2014 - 1:16 pm
  • As investors nurse losses from last week's flash crash in US bond yields, Delphine Strauss, currencies correspondent, asks Valentin Marinov, strategist at Citigroup, what it would take to restore their confidence in the dollar, whether the Bank of England will still worry about a strong pound, and what the ECB's bank stress tests will mean for the euro.
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  • The return of volatility Oct 16, 2014
  • After the greenback's biggest one-day fall in more than a year, Delphine Strauss, currencies correspondent, asks Matthew Cobon, fund manager at Threadneedle Investments, whether this is the end of the dollar rally; whether volatility will persist; and which fear is the dominant one for investors.
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  • The dollar rally stalls Oct 09, 2014 - 12:58 pm
  • With Fed officials underlining concerns over the exchange rate, Delphine Strauss, currencies correspondent, asks Derek Halpenny, strategist at Bank of Tokyo Mitsubishi, whether the dollar’s three month surge can continue; how the yen is affected by changing investment patterns in Japan and why politics is pressuring the pound.
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  • How much lower can the euro go? Oct 02, 2014 - 12:57 pm
  • With the single currency already below the levels many had forecast for the end of the year, Delphine Strauss, currencies correspondent, asks Peter Kinsella, strategist at Commerzbank, whether the ECB will try to engineer a bigger depreciation. Also, will the dollar rally maintain its momentum, and can New Zealand's central bank continue to talk down the kiwi.
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  • Taper tantrum round two? Sep 24, 2014 - 5:25 pm
  • As the prospect of higher US interest rates puts emerging markets under renewed pressure, Delphine Strauss, currencies correspondent, asks Koon Chow, emerging markets strategist at Barclays, whether we will see a repeat of last year's 'taper tantrum'. Also, what is the scope for volatility as carry trades unwind, and what are the risks of China resorting to exchange rate intervention to boost flagging growth.
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  • What Scotland's referendum means for sterling Sep 19, 2014 - 2:07 pm
  • With the vote to remain in the union prompting only the briefest rally in the pound, Delphine Strauss, currencies correspondent, asks Alan Wilde, head of fixed income and currency at Baring Asset Management, what the longer term implications of the vote will be for investors.
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  • The dollar rally, interest rate divergence and reasons behind the renminbi’s rise Sep 11, 2014
  • After the dollar hit a six year high against the yen this week and gained against emerging markets, Delphine Strauss, currencies correspondent, asks Simon Derrick, foreign currency strategist at Bank of New York Mellon, whether the US currency’s rally is part of a long-running trend based on interest rate divergence or the result of a retreat from political risk. They also discussthe reasons for the renminbi’s rise and Swiss policymakers’ options to keep the franc in check.
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  • ECB rate cuts send euro tumbling, and Scottish referendum sends ripples through forex markets Sep 05, 2014 - 10:40 am
  • As the ECB's rate cuts send the euro to a 14 month low, Delphine Strauss, currencies correspondent, asks Paul Lambert, fund manager at Insight Investment, how this changes the equation for the single currency. Also, are we about to see a new bout of volatility in the foreign exchange market - and what will the Scottish referendum mean for the pound?
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  • Can emerging markets withstand a rallying dollar? Aug 21, 2014 - 7:00 pm
  • With the dollar's rally putting emerging markets currencies under pressure, Delphine Strauss, currencies correspondent, asks Ilan Solot, strategist at Brown Brothers Harriman, whether emerging markets are now better placed to withstand a rise in global rates - and what political developments in Brazil and Turkey will mean for two of last year's 'fragile five' currencies.
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  • Mixed messages on the pound Aug 15, 2014 - 1:23 pm
  • The pound endured its biggest one-day drop in nearly six months on Wednesday. The Bank of England has been sending out mixed messages on when interest rate hikes may or may not occur over recent months - but did the consensus for rate rises change this week? And how might continued Eurozone weakness affect sterling? Also, how is the political situation in Turkey affecting the performance of the lira? Jane Foley, senior FX strategist at Rabobank, joins Thomas Hale.
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  • Sterling's uncertain future Aug 08, 2014 - 12:55 pm
  • The pound has risen rapidly over the past year. But it fell in July, and faces uncertainties when it comes to Scotland's independence referendum in September. Thomas Hale asks Phyllis Papadavid, currencies strategist at BNP Paribas, what the future holds for sterling. Is the pound overvalued? How much of an impact on the currency might Scottish independence have?
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  • The return of the dollar? Aug 01, 2014 - 3:00 pm
  • The dollar reached 10-month highs this week on the back of stronger economic growth in the US and a gradually changing horizon for monetary policy. Thomas Hale asks Ian Stannard, head of European currencies strategy at Morgan Stanley, how far the dollar might climb, and what this means for other currencies, especially the euro. Might the dollar’s resurgence also prompt a rise in volatility?
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  • Shrugging off sanctions Jul 17, 2014 - 12:30 pm
  • With the forex market showing only a modest reaction to tougher sanctions against Russia, Delphine Strauss, currencies correspondent, asks Elsa Lignos, strategist at RBC Capital Markets, whether currency investors have become less sensitive to geopolitical risk. Also, can we expect any sustained strength in the dollar after this week's rally; and should Canada's central bank try to talk down its currency?
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  • Scandinavian surprises Jul 03, 2014 - 1:00 pm
  • As a rate cut by Sweden's central bank sends the krone to a 3 1/2 year low, Delphine Strauss, currencies correspondent, asks Chis Turner, strategist at ING, whether ECB easing has sparked a race to the bottom among the eurozone's neighbours. Also: how far will the ECB still be concerned about euro strength, and what to make of intervention to defend Kong Kong's currency peg?
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  • Oil volatility Jun 19, 2014 - 3:00 pm
  • With the violence in Iraq worsening, Delphine Strauss, currencies correspondent, asks Geoff Yu, currency strategist at UBS, how an oil supply shock would affect currency markets. Also, why dollar bulls face a difficult summer, and what to make of a stark change in policy from Norway's central bank.
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  • The carry trade reigns Jun 12, 2014 - 1:00 pm
  • With investors piling into higher-yielding currencies, James Kwok, head of currency management at Amundi Asset Management, tells Delphine Strauss, currencies correspondent, why the carry trade is the only game in town. Also, why the ECB will struggle to weaken the euro further - and the reasons for the New Zealand dollar's surge
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  • The ECB eases Jun 05, 2014 - 5:30 pm
  • As markets absorb the ECB's announcement of a negative deposit rate and credit easing, Delphine Strauss, currencies correspondent, asks Jeffrey Frankel, professor at Harvard University Kennedy School of Government, how far this takes the ECB in its fight against deflation - and whether it is becoming a covert actor in the so-called currency wars
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  • Macroprudential measures' impact on sterling May 22, 2014 - 1:39 pm
  • With UK policy makers flagging concerns over the rising risks of a bubble in the housing market, Delphine Strauss, currencies correspondent, asks David Bloom, currency strategist at HSBC, how macroprudential measures would affect sterling. Also, what would be the knock-on effects of ECB easing for other currencies - and what does range-bound trading in the yen tell us about the state of the forex market?
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  • Talking down the euro May 15, 2014 - 3:30 pm
  • With Mario Draghi's efforts to talk down the euro bearing fruit, Delphine Strauss, currencies correspondent, asks Jane Foley, strategist at Rabobank, whether investors are now expecting too much of the ECB. And with central banks around the world keen to see weaker exchange rates, are we on the verge of a new currency war?
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  • Can Draghi keep talking down the euro? May 08, 2014 - 12:25 pm
  • With the euro close to 2 month highs against the dollar, Delphine Strauss, currencies correspondent, asks Steven Englander, strategist at Citigroup, what Mario Draghi will need to say to stop it rising further if the ECB keep policy unchanged today. Also, why the dollar is so soft - and how much longer can the carry trade in emerging market currencies continue?
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  • Dollar doldrums May 01, 2014 - 3:45 pm
  • With the greenback suffering from dismal first quarter growth data, Delphine Strauss, currencies correspondent, asks Peter Kinsella, strategist at Commerzbank, whether dollar bulls can expect any relief from Friday's US jobs data; how to explain the persistent slump in volatility; and whether M&A announcements should affect exchange rates.
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ABOUT THIS PODCAST

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 Delphine Strauss talks to global experts on the foreign exchange market about their views on the week ahead