Hard Currency
  • How far are interest rate expectations supporting sterling? Feb 26, 2015 - 3:09 pm
  • With the pound up about 4 per cent against the dollar since hitting a cyclical low in January, and up about 5 per cent against the euro over the same period, how much are interest rate expectations supporting the UK currency. Neil Dennis discusses sterling's strength with Simon Smith, chief economist at FxPro.
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  • Fed sets the dollar tone Feb 19, 2015 - 7:06 pm
  • Vivianne Rodrigues talks to Vassili Serbriakov, foreign exchange strategist at BNP Paribas about the impact of this week's Fed minutes on the US dollar, the release of the eurozone balance of payments reports and the Bank of England's comments about the next UK interest rate rise
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  • Sweden joins moves to drive down currencies Feb 12, 2015 - 1:34 pm
  • Neil Dennis is joined by Lee Hardman, strategist at Bank of Tokyo Mitsubishi to discuss central bank strategies as Sweden's Riksbank becomes the latest to lower its key interest rate in a bid to drive down its currency.
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  • ECB raises the stakes against Greece Feb 05, 2015 - 1:44 pm
  • Neil Dennis is joined by Steve Barrow from Standard Bank to discuss the ECB's decision to raise the stakes against Greece by tightening the Greek Central Bank's access to liquidity and the possible domino effects, the Australian Central Bank's move to ease interest rates, and tomorrow's US jobs data.
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  • Fed shows little concern over the dollar's rise Jan 29, 2015 - 1:08 pm
  • Neil Dennis talks to Jane Foley, senior currency strategist at Rabobank about the Fed's apparent unconcern over the dollar's rise, whether the Australian dollar is overvalued, and why the euro appears unruffled by the ECB decision on QE and a new hard-left government in Greece.
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  • Euro falls after ECB move Jan 22, 2015 - 7:24 pm
  • Alice Ross talks to foreign exchange strategist Sebastien Galy of Societe Generale about the reasons why the Euro fell to its lowest level in more than a decade after the ECB announced its long-awaited decision on quantitative easing.
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  • What the Swiss franc surge means for investors Jan 15, 2015 - 5:49 pm
  • On the day the the euro dipped to its lowest-ever level against the
    Swiss franc following the Swiss National Bank's surprise decision to
    scrap its currency floor against the single currency, Alice Ross talks
    to Marc Chandler, global head of markets strategy at Brown Brothers
    Harriman, about what happened and what it means for investors.
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  • What will the ECB do next? Jan 08, 2015 - 5:56 pm
  • As the euro continues to fall, when will the European Central Bank
    start buying government bonds and is that priced into the euro yet?
    Alice Ross, markets correspondent, discusses the outlook for the
    single currency as well as what central banks are doing about currency
    reserves and when the Fed will tighten rates with Alan Ruskin, foreign
    exchange strategist at Deutsche Bank.
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  • Is QE priced into the euro for 2015? Dec 26, 2014 - 11:00 am
  • With all eyes on the European Central Bank for January, is full-blown
    quantitative easing priced into the single currency yet? Alice Ross,
    markets correspondent, discusses the outlook for the euro, as well as
    the dollar and the yen in 2015, with Peter Kinsella, foreign currency
    strategist at Commerzbank.
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  • Will negative rates help the Swiss franc? Dec 18, 2014 - 4:35 pm
  • Will Switzerland's introduction of negative interest rates help it
    keep the franc weak in the face of haven flows amid Russia's currency
    crisis? Alice Ross, markets correspondent, asks Steven Englander,
    foreign currency strategist at Citigroup, what the outlook for the
    franc is. Also, how will the dollar trade after the FOMC meeting, and
    what is the future for Japan's yen?
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  • Is the dollar's rise unstoppable? Dec 12, 2014 - 11:30 am
  • As the dollar continues to smash through multi-year highs against other major currencies, Alice Ross, markets correspondent, asks Jason Thomas, managing director and director of research at Carlyle, what the risks are for dollar bulls. Also, how US investors are getting access to euro-investments and the outlook for Asian currencies.
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  • The year of the dollar? Dec 04, 2014 - 2:40 pm
  • With a lower oil price likely to reinforce the divergence of US and EU monetary policy, Delphine Strauss, currencies correspondent, asks Marc Chandler, strategist at Brown Brothers Harriman, what the risks are to the overwhelming consensus that the dollar will continue to rally. Also, will Japan's elections trigger another fall in the yen - and at what point will investors start to worry about the political risks for UK assets?
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  • The crowded dollar trade Nov 20, 2014 - 1:19 pm
  • With the dollar at a 7 year high against the yen, Delphine Strauss, currencies correspondent, asks David Bloom, currency strategist at HSBC, what it will take to reignite its rally against other major currencies. Also, does the Save our Swiss Gold Initiative threaten the SNB's cap on the Swiss franc, and should investors worry about the consensus prevailing in forex markets?
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  • The rouble's slide Nov 06, 2014 - 2:15 pm
  • As an effective free float of the rouble drives the currency to all-time lows, Delphine Strauss, currencies correspondent, is joined by Tom Levinson, strategist at Sberbank CIB, to discuss the change in policy. Will Russia's central bank step in to defend the rouble; does it have further to fall before it finds a new level; and what are the implications for currencies of central and eastern European neighbours?
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  • 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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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.

You can find more currency markets news from the Financial Times on our website and listen to more episodes of FT Hard Currency on iTunes, Stitcher, Audioboom or Soundcloud.