The MUFG Global Markets Podcast

Episódios

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  How is the bond market sell-off impacting the FX market ahead of next week’s BoJ & Fed policy updates? 11.09.2026 6min

  Lee Hardman, Senior Currency Analyst, and Seiko Kataoka Fisher, Director in Japanese Customer Sales for EMEA in London, discuss potentially spillovers for the FX market from the accelerating bond market sell-off. How will upcoming BoJ and Fed policy meetings impact the JPY and USD?
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  Are fundamental drivers falling into place for a stronger JPY? 04.09.2026 9min

  Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss what has been behind the JPY’s recent rebound and whether it is likely to continue. In addition, they discuss the outlook for ECB policy ahead of next week’s meeting.
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  From USD debasement fears to a Fed policy rethink 28.08.2026 11min

  Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Simon Mayes, Head of UK, Ireland & Swiss FX Corporate Sales to discuss the key takeaways from the Jackson Hole speech by Fed Chair Kevin Warsh. Derek also discusses the fleeting USD debasement focus following the UST bond buyback announcement earlier in August and the implications of the speech by BoJ Deputy Governor Himino.
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  MUFG US Strategy August 2026 Jackson Hole Preview - A pitstop on the path to no hikes (Podcast Edition) 26.08.2026 22min

  Joining us in this special podcast, George Goncalves, MUFG Head of Macro Strategy and Agron Nicaj, MUFG’s US Desk Economist preview what to expect from the Fed’s Jackson Hole Symposium. The Macro Strategy team see 3 potential options that Warsh can take when delivering his opening remarks, all with different market implications.  The team also covers their latest macro thinking and how its driving their Fed and rates views ahead of the Symposium, which could be one of the last opportunities for the markets to get a clear signal ahead of the September FOMC. Given recent trends, the team still see no compelling case for a hike in the near future.
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  USD downside risks as Washington hits USD sentiment again 21.08.2026 15min

  Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Shan Husain in FI FX Sales to discuss the fallout for the US dollar following the US Treasury announcement of increase UST bond buybacks on Wednesday. The dollar drop over the four weeks covering Japan/US FX intervention is the largest since the period following the Liberation Day announcements last year. Washington policy has again undermined confidence and depressing bond yields brings USD downside risks. However, it might not be one-way traffic given the US-iran risk persists and higher energy prices could discourage foreign currency buying.
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  What has been driving USD/JPY after last month’s intervention driven gains? 14.08.2026 13min

  Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss why the yen has quickly given intervention driven gains over the past week. In addition, they discuss the resilience of the UK economy to the negative energy price shock and impact on BoE policy.   
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  US joining JPY intervention matters but policy & fundamentals matter more 07.08.2026 13min

  Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with James Roulston in FX Institutional Sales to discuss the FX and rates impact following the much weaker than expected US jobs report. Derek also outlines the implications for USD/JPY following the joint intervention last week and highlights using historic examples why joint intervention matters but policy and fundamentals matter more.
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  What’s next for USD/JPY after this week’s sharp correction lower? 31.07.2026 14min

  Hosts Lee Hardman and Abdul Ahad Lockhart review a busy week of central bank meetings (Fed, BOE, BOJ) and the market reactions that followed. Key takeaways: the dollar eased after the Fed update, the yen strengthened amid likely intervention and a more hawkish BOJ tone, and the BOE showed internal divisions while signalling caution — implications for FX and rates in the weeks ahead.
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  UK fiscal risks and BoE outlook in focus 24.07.2026 9min

  Elizabeth Wren, European Political Analyst, sits down to speak with Henry Cook, Senior Economist, to talk about recent developments in the UK economy. They discuss new PM Andy Burnham’s policy platform and how much fiscal flexibility there may be for his proposals, as well the outlook for the upcoming Bank of England meeting amid renewed energy price pressures.
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  Why have higher energy prices failed to trigger a stronger USD? 17.07.2026 11min

  Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss what has been driving a weaker USD over the past week. In addition, they discuss if recent GBP outperformance will continue now that Andy Burnham has been confirmed as the new Labour leader. 
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  Policy Shifts and Market Risks: Japan, Inflation, and the Fed 10.07.2026 19min

  Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down to speak with James Roulston in FX Institutional Sales to discuss the latest FX/Rates themes. Derek discusses the implications of Japan Finance Minister Katayama ‘s comment on encouraging households and pension funds, including GPIF to invest in domestic markets. This marks a potentially significant shift in policy direction. The re-escalation of the Middle East conflict and next week’s CPI and semi-annual testimony of Fed Chair Kevin Warsh are discussed as well.  
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  How much further can the USD strengthen? 26.06.2026 9min

  Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss what has been driving FX markets recently including UK political risk and diverging monetary policy expectations between Europe and the US. Will the USD continue to strengthen?  
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  FX Crosscurrents: The Impact of Global Central Bank Decisions 19.06.2026 17min

  After a busy week of central bank meetings, Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Nico Jan Thiesen, Global Client Sales to discuss the implications for the FX markets. The Fed meeting impact on the dollar, the BoJ impact on the yen and the BoE impact on the pound are discussed as are the implications for EUR cross currency risks given the potential for moves in the US dollar.
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  A pivotal week for the USD? 12.06.2026 9min

  Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how building investor optimism over a US-Iran deal and Kevin Warsh’s first policy meeting as Fed Chair are likely to impact the USD. Will another BoJ rate hike be sufficient to trigger a reversal of JPY weakness?
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  Stronger Jobs, Stronger Dollar: What It Means for EUR/USD, ECB, and the BoJ 05.06.2026 23min

  The much stronger than expected US jobs report has had the obvious impact with front-end rates and the dollar stronger. Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Chris Jakubowski, FX Institutional Sales to discuss the impact of the data going forward. How does this impact EUR/USD with the ECB expected to hike on 11th June? Has ECB pricing become overdone given recent economic data and how will the BoJ respond given the increased upside risks in USD/JPY?  
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  Ceasefire deal and divergent policies 29.05.2026 20min

  Reaching a deal to extend the ceasefire for 60 days and reopen the Strait of Hormuz is now largely priced. Brent crude oil is down close to 20% from the high on 18th May reflecting the optimism that a deal would be done. Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to James Roulston in FX Institutional Sales about what this means for rates and the US dollar. Derek also talks to James about the intervention data from Japan and the biggest AUD/NZD drop since 2016.
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  How have the latest macro data & political developments impacted the outlook for the GBP? 22.05.2026 13min

  Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss the latest Uk economic and political developments. How has it impacted the outlook for UK rates and the pound?
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  US dollar rebounds – yield’s renewed influence on FX 15.05.2026 12min

  The US dollar is heading for its biggest weekly gain since the first week of the US-Iran conflict in early March. This week, Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Julie Ellert, Head of FraBeLux FX Sales to discuss the factors behind the dollar move and what it might mean going forward. Yields certainly look to be increasing in importance again as US yields move higher just as Kevin Warsh comes in to take the reins from Jay Powell. Derek also discusses the big sell-offs in fixed income in Japan and the UK and what these moves might mean for the yen and pound.
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  How are Middle East risks & intervention contributing to a weaker USD? 08.05.2026 7min

  Lee Hardman, Senior Currency Analyst, and Seiko Kataoka Fisher, Director in Japanese Customer Sales for EMEA in London, discuss what has been driving the USD lower over the past week . Is intervention from Japan likely to be successful in reversing JPY weakness?
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  Can USD/JPY Extend Its Decline After BoJ Intervention? 01.05.2026 17min

  At the end of a busy week in the markets, Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with Simon Mayes, Head of UK, Ireland & Swiss FX Corporate Sales to discuss key developments and implications for the FX markets. Derek outlines the prospects for USD/JPY sustaining the move lower following probable intervention by the BoJ/MoF and delves into the implications following this week’s central bank meetings. What do the meetings mean for BoE and ECB policy rate views and what impact will a Kevin Warch Fed have on the dollar?