The MUFG Global Markets Podcast
Join the MUFG Global Markets Research Team for expert analysis of the week’s most pressing topics impacting economies and the markets
Episodes
Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss what has been driving the GBP sell-off over the past week. Is the recent GBP weakness likely to continue heading into next year?
This week Derek Halpenny, Head of Research Global Markets EMEA & International Securities is joined by Henry Cook, Europe Economist to discuss the implications of the BoE MPC monetary policy decision this week. Henry and Derek discuss the key takeaways from the meeting and the financial market impact on rates and the pound. The upcoming budget implications are also discussed. The budget is crucial both from a political and mark...
Lee Hardman, Senior Currency Analyst, and Jack Greenslade, Deputy Head | UK, Ireland, Swiss and Middle East Corporate Sales, discuss what’s next for the yen after it was by far the worst performing G10 currency in October. The pound has also underperformed alongside the yen recently, will this continue ahead of BoE’s upcoming policy meeting?
George Goncalves, Head of Macro Strategy for the Americas, shares our latest macro perspectives in light of the government shutdown and ongoing updates to US trade policy. However, the main focus was on the teams expectations for the upcoming FOMC meeting. In addition to expecting a 25bp cut, with reserves continuing to shrink and Chair Powell signaling that the Fed may be approaching the end of its quantitative tightening (QT) pro...
This week Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down to talk to Shan Husain in FI FX Sales about the outlook for rates and FX ahead of a busy week. In Japan PM Sanae Takaichi’s speech in the Diet signals fiscal expansion. President Trump will be in Tokyo and then we also have the BoJ meeting on Thursday, following the FOMC meeting on Wednesday. The softer CPI print today leaves the...
Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss what has been driving a weaker USD over the past week. How important have political and trade risks been for FX market performance?
Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how the latest political developments in France and Japan are impacting the FX market. Heightened uncertainty has helped to lift the price of gold to fresh highs above USD4000/ounce, how have FX rates performed during periods of rising gold prices?
After easing twice this year, the Monetary Authority of Singapore (MAS) kept its policy unchanged in July. Since then, inflation has eased and export momentum is showing signs of weakness. The big question on everyone’s mind is whether MAS will ease again in October? Lloyd Chan, Senior Currency Analyst with the MUFG Global Markets Asia Research team talks to Jamie Tsukakoshi, Head of FX Sales, Global Clients Singapore, about the o...
The US dollar is marginally lower this week (-0.5%) with the economic data that was released this week confirming still weakening labour market conditions. Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to James Roulston Institutional FX Sales about the LDP leadership election taking place on Saturday and the implications for BoJ policy and the yen going forward. In addition Derek discusse...
George Goncalves, Head of Macro Strategy in the Americas, shares how our latest macro thinking has evolved, where our longstanding view that the weak labor market and ongoing large revisions would result in a Fed pivot and a restart of easing in September. There was a high level recap of the special topic from the latest monthly which covered Asia FX reserves. Our analysis shows that we’ve come full circle since the Asia financial ...
Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss how positive US economic data surprises have been encouraging a stronger USD. Will the divergence between weak US employment growth and stronger US GDP growth continue in the week ahead?
Following the FOMC meeting on Wednesday and the BoJ meeting on Friday, Derek Halpenny, Head of Research Global Markets EMEA and International Securities talks to Chris Jack Jakubowski, Hedge Fund FX Institutional Sales about the impact of these central bank meetings on USD/JPY and the dollar more generally. Derek discusses the BoJ decision and how the upcoming LDP leadership election could play and important role in BoJ policy deci...
Lee Hardman, Senior Currency Analyst talks to Michael Owen, Head of Global Client Desk EMEA, discuss what has been driving the FX market over the past week.
Will the BoE’s upcoming policy meeting continue to provide support for the GBP?
Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss the outlook for the USD after the release of another weak nonfarm payrolls report. Will political uncertainty in France and Japan help to dampen USD weakness?
Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the outlook for the Indonesian rupiah amid political uncertainty. Lloyd also highlights that Bank Indonesia’s FX intervention and the government’s rollback of its controversial policy have helped stabilize market sentiment on the rupiah for now.
The US dollar has been broadly stable this week despite the escalation of uncertainty related to Trump's attempts to undermine Fed independence. This week Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to James Roulston from FX Institutional Sales about the US dollar implications going forward. Derek also discusses BoJ policy, Japan politics and the yen and whether the political uncertaint...
Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst from London, discuss the FX market fallout from Fed Chair Powell’s keynote speech at Jackson Hole. Could diverging policies between the Fed and other major central banks drive the USD even lower?"
Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director in Japanese Customer Sales for EMEA in London, discuss how the latest economic data is shaping the outlook for BoJ and Fed policies. Will widening policy divergence put greater pressure on USD/JPY as we head into the autumn?
The dollar weakened again this week, though more modestly - slipping less than 1%. Derek Halpenny, Head of Research, Global Markets EMEA & International Securities, joins James Roulston from FX Institutional Sales to unpack the key themes likely to shape FX moves in the weeks ahead. They discuss the implications of Stephen Miran’s appointment to the Fed Board of Governors - what it could mean for Chair Powell’s position in 2026...
George Goncalves, Head of Macro Strategy in the Americas, takes us through one of the busiest macro week of the year, where we had the Fed, QRA, BoJ, tariff deadlines and announcements, and a slew of labor data. In the end, the biggest highlight of the week was the extremely weak employment report which also had large revisions to the previous two months. Judging by the markets reaction, the downside in jobs data came as a surprise...
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