The MUFG Global Markets Podcast

Middle East Tensions and the FX Outlook: De Escalation vs. Deterioration

27 Mar 2026

Contributed by Lukas

We are entering week 5 of the conflict in the Middle East and this week Derek Halpenny, Head of Research Global Markets EMEA & International Secur...

How are major central banks and the FX market reacting to the worsening energy price shock?

20 Mar 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss how major central banks are responding to the escalating conflict in t...

What do rising geopolitical risks and crude moves mean for the USD?

13 Mar 2026

Contributed by Lukas

With the conflict in the Middle East set to extend into a third week, Derek Halpenny Head of Research Global Markets EMEA & International Securiti...

How is the Middle East conflict impacting the FX market?

06 Mar 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss why the USD has rebounded in response to the Middle East conf...

What’s Driving Renewed Yen Weakness as Geopolitical Tensions Between Iran and the US Rise?

27 Feb 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka‑Fisher, Director in Japanese Customer Sales for EMEA in London, explore why speculation over...

The US dollar advanced this week as economic data and the FOMC minutes prompted investors to pare rate cut expectations ahead

20 Feb 2026

Contributed by Lukas

Derek Halpenny, Head of Research Global Markets EMEA & International Securities speaks to Simon Mayes, Head of FX Sales for the UK and Ireland abo...

How has Japan's election results & US data impacted the FX market?

13 Feb 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Andrea Hayward, Vice President of the Japanese Client Sales Group for EMEA in London, discuss the fallout fr...

How is the Upper House election impacting the yen?

06 Feb 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss the outlook for the JPY ahead of this weekend’s Lower House...

USD challenges to persist

30 Jan 2026

Contributed by Lukas

The US dollar is recovering into the end of the week after the announcement that Kevin Warsh is being nominated for the role of Fed Chair. Derek Halpe...

January 2026 FOMC Preview - Dovish under pressure? (Podcast Edition)

28 Jan 2026

Contributed by Lukas

In this Podcast, George Goncalves, MUFG Head of Macro Strategy for the Americas discusses how January has been action packed, where isolating the sign...

How has the USD been impacted by geopolitical risks?

23 Jan 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Sara Maki, an MUFG Graduate Analyst, discuss why the USD has corrected lower over the past week even as US y...

How are political and intervention risks impacting the JPY?

16 Jan 2026

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Sara Maki, an MUFG Graduate Analyst, discuss risks for the JPY from a snap election in Japan. Lee and Sara a...

Implications of US jobs data and possible Japan election

09 Jan 2026

Contributed by Lukas

Following the release of the first US nonfarm payrolls report of 2026, Derek Halpenny, Head of Research Global Markets EMEA & International Securi...

MUFG 2026 Strategy Outlook – Smooth Sailing Ahead? (Podcast Edition)

08 Jan 2026

Contributed by Lukas

George Goncalves, MUFG's Head of US Macro Strategy, and Agron Nicaj, MUFG’s US Desk Economist, share their outlook for the 2026 US economy and marke...

Focus on FOMC turns to the BoJ and BoE in final full week of trading

12 Dec 2025

Contributed by Lukas

Derek Halpenny, Head of Research Global Markets EMEA & International Securities is joined by Chris Jakubowski Head of FI FX Sales to discuss the f...

Will USD/JPY continue to fall ahead of Fed & BoJ policy meetings?

05 Dec 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss the impact on USD/JPY from the upcoming BoJ and Fed policy me...

How have fiscal concerns been impacting GBP & JPY performance?

28 Nov 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss the pound’s reacti...

Japan and UK fiscal challenges in focus

21 Nov 2025

Contributed by Lukas

Following the supplementary budget announced in Japan on Friday, Derek Halpenny, Head of Research Global Markets EMEA & International Securities s...

Will the GBP continue to underperform?

14 Nov 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss what has been driv...

BoE policy outlook, the UK budget and FX and Rates implications

07 Nov 2025

Contributed by Lukas

This week Derek Halpenny, Head of Research Global Markets EMEA & International Securities is joined by Henry Cook, Europe Economist to discuss the...

Will the yen sell-off continue after latest BoJ driven sell-off?

31 Oct 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Jack Greenslade, Deputy Head | UK, Ireland, Swiss and Middle East Corporate Sales, discuss what’s next for...

October 2025 FOMC Preview QT out, flexible reserves in… (Podcast Edition)

28 Oct 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy for the Americas, shares our latest macro perspectives in light of the government shutdown and ongoing update...

US-Japan relations in focus in key week ahead for JPY

24 Oct 2025

Contributed by Lukas

This week Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down to talk to Shan Husain in FI FX Sales about th...

How have political & trade risks impacted the FX market?

17 Oct 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss what has been driv...

Political uncertainty driving FX market and gold price?

10 Oct 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how the latest political developments in France and Japan are...

Will MAS ease in October?

08 Oct 2025

Contributed by Lukas

After easing twice this year, the Monetary Authority of Singapore (MAS) kept its policy unchanged in July. Since then, inflation has eased and export ...

Yen volatility, the BoJ and the Fed

03 Oct 2025

Contributed by Lukas

The US dollar is marginally lower this week (-0.5%) with the economic data that was released this week confirming still weakening labour market condit...

It’s Still a Reach for a Goldilocks Outcome… (Podcast Edition)

01 Oct 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, shares how our latest macro thinking has evolved, where our longstanding view that the weak ...

Will stronger US growth create foundations for a bigger USD rebound?

26 Sep 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss how positive US econ...

US dollar gains unlikely to be sustained

19 Sep 2025

Contributed by Lukas

Following the FOMC meeting on Wednesday and the BoJ meeting on Friday, Derek Halpenny, Head of Research Global Markets EMEA and International Securiti...

How will the BoE’s policy update impact GBP performance?

12 Sep 2025

Contributed by Lukas

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...

Will the USD continue to fall as the Fed moves closer to cutting rates?

05 Sep 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss the outlook for th...

Rupiah outlook tested by protests

04 Sep 2025

Contributed by Lukas

Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the outlook for the Indonesian rupiah amid political ...

US dollar resilience unlikely to last

29 Aug 2025

Contributed by Lukas

The US dollar has been broadly stable this week despite the escalation of uncertainty related to Trump's attempts to undermine Fed independence. This ...

What’s next for the USD after Jackson Hole?

22 Aug 2025

Contributed by Lukas

 Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst from London, discuss the FX market fallout from Fed Chair Powell’s...

How is the changing outlook for BoJ and Fed policies impacting USD/JPY?

18 Aug 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director in Japanese Customer Sales for EMEA in London, discuss how the latest economi...

USD downside risk increasing

08 Aug 2025

Contributed by Lukas

The dollar weakened again this week, though more modestly - slipping less than 1%. Derek Halpenny, Head of Research, Global Markets EMEA & Interna...

At an inflection point or another macro head fake? (Podcast Edition)

05 Aug 2025

Contributed by Lukas

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, ...

Weak jobs data a gamechanger

01 Aug 2025

Contributed by Lukas

The release of a much weaker-than-expected U.S. non-farm payrolls report has triggered significant market movements, as investors increasingly positio...

Will the BoJ policy update provide trigger for a JPY rebound?

25 Jul 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, sits down with Simon Mayes, Head of Corporate Sales for the UK, Ireland, and Switzerland (FX), to explore the ou...

Japan, Politics and the Yen - Is It All Priced?

18 Jul 2025

Contributed by Lukas

After another week of Trump-driven financial market volatility, attention now turns to Japanese politics. Derek Halpenny, Head of Research, Global Mar...

Mid-Month Update: Balancing Tariff News vs Recent Data Trends

15 Jul 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, takes us through a series of topics as a mid-month update: from tariffs, to the recent softe...

How has the FX market responded to Trump’s latest tariff announcements?

11 Jul 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst from London, discuss the FX market's reaction to President Trump’s r...

The BoJ, yen and Trump’s tariff announcement

04 Jul 2025

Contributed by Lukas

As markets await President Trump’s announcement on updated reciprocal tariff rates following months of negotiations, Derek Halpenny, Head of Researc...

June 2025 NFP Preview (Podcast Edition)

02 Jul 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, reviewed the economic backdrop and market sentiment heading into another critical week in th...

What's next for the USD after Middle East tensions ease?

27 Jun 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst in London, unpack the factors behind the sharp reversal in the US doll...

USD downside risks persist in most Middle East scenarios

20 Jun 2025

Contributed by Lukas

Following some tentative signs of easing risks in the Middle East, which have helped weaken the US dollar, Derek Halpenny, Head of Global Markets Rese...

June 2025 FOMC Preview Podcast Edition - It’s never “too late” to pivot (so long as it’s to the dovish side)

17 Jun 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas recapped an action-packed month full of uncertainty. Weak US fundamentals with the jobs data ...

Will Middle East tensions trigger a reversal of the weakening USD trend?

13 Jun 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss the recent USD sell-...

Malaysia's strong investment to support ringgit

12 Jun 2025

Contributed by Lukas

Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the outlook for Malaysia's economy and the ringgit am...

What's next for the USD after the latest NFP report?

06 Jun 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, speaks with Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales (FX), to discuss FX market developm...

The Great Whiplash (Podcast Version)

03 Jun 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, walks us through the latest developments in US macro and markets which was covered in the la...

US dollar confidence to remain an issue

30 May 2025

Contributed by Lukas

Following another week of debate over President Trump’s trade tariffs, Derek Halpenny, Head of Research for Global Markets EMEA and International Se...

Indonesia policy and FX outlook

28 May 2025

Contributed by Lukas

Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the outlook for the Indonesian rupiah following the 2...

What’s behind the latest USD sell-off?

23 May 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, speaks with Abdul-Ahad, Currency Analyst, to discuss what has triggered renewed selling over the past week. Will...

Foreign investors still buying UST bonds

16 May 2025

Contributed by Lukas

Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to Jack Greenslade in FX Sales about the move in financial m...

Is a USD recovery underway?

09 May 2025

Contributed by Lukas

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...

May 2025 FOMC Preview: Inaction is action (and a potential policy mistake)…

06 May 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas previews our expectation ahead of the May FOMC meeting. We believe that the Fed will skip for...

USD Sell-off Intensifies Despite Strong US Jobs Data

02 May 2025

Contributed by Lukas

After a stronger than expected US jobs report and increased speculation of an easing in trade tensions, Derek Halpenny. Head of Research Global Market...

An April to Remember…

29 Apr 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas recaps key market themes that have played out in markets during the epic month of April, draw...

What’s next for USD/JPY after it briefly dropped below 140.00?

25 Apr 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst talks to Michael Owen, Head of Global Client Desk EMEA, about the volatile price action for USD/JPY over the past...

Stemming the US crisis of confidence

11 Apr 2025

Contributed by Lukas

This week’s Global Markets podcast takes place against a backdrop of financial market turmoil with signs of a building crisis of confidence in US as...

Trump’s Tariff-palooza: Macro & Market Impacts…

08 Apr 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, walks us through the latest tariff developments and potential implications for the economy a...

What has been the impact of Trump’s tariff war in the FX market?

04 Apr 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Jack Greenslade of UK, Ireland, Switzerland and Middle East Corporate Sales, discuss the impact of President...

Reciprocal tariff plans are not fully priced

28 Mar 2025

Contributed by Lukas

The US dollar is weaker this week against most G10 currencies ahead of the key reciprocal tariff announcement on 2nd April. Derek Halpenny, Head of R...

What are the main takeaways for the FX market from this week's central bank updates?

21 Mar 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss the latest policy up...

March 2025 FOMC Preview: Not in a hurry to get worried

18 Mar 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, recaps what has been driving market volatility as well as where he thinks broader markets ma...

Eventful week ahead with BoJ key for JPY direction

14 Mar 2025

Contributed by Lukas

The dollar is ending this week on a weaker footing and Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to Si...

All change in the FX market as US exceptionalism is challenged?

07 Mar 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Shan Husain, Institutional FX Sales discuss the impact of the significant policy shift taking place in Germa...

China NPC 2025: Proactive policies support a positive transition of growth model

07 Mar 2025

Contributed by Lukas

With China's annual Two Sessions meetings underway, Dr. Lin Li, Head of Global Markets Research for Asia, delves into the key takeaways from the Work ...

US Macro Insights February 2025 NFP Preview (Podcast Version)

04 Mar 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, recaps our most recent monthly titled – The Ides of March where he highlights analysis on ...

JPY upside risks

28 Feb 2025

Contributed by Lukas

The US dollar remains weaker on a year-to-date basis on President Trump’s more pragmatic approach to implementing trade tariffs. But that could be a...

What's been driving the stronger JPY and will it continue?

21 Feb 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Simon Mayes, Head of UK, Ireland and Switzerland Corporate Sales, discuss why USD/JPY has fallen back below ...

Thoughts from Asia & Europe on what has been contributing to a weaker USD

14 Feb 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst in London, and Michael Wan, Senior Currency Analyst in Singapore, discuss what has been driving FX markets in Asi...

US Macro Insights January 2025 CPI Preview Podcast Version

11 Feb 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, recaps last week’s labor data where we received several important revisions to data and mo...

Trump tariff delay triggers correction lower for USD?

07 Feb 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how President Trump’s decisions on trade policy have been i...

Risk-Off Flashpoint (Now in Focus) Podcast Version

04 Feb 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, summarizes and recaps our monthly titled Risk-Off Flashpoint (Now in Focus), where in our sp...

Trade tariffs – will he, won’t he? USD swings ahead

31 Jan 2025

Contributed by Lukas

This week draws to a close with a 25% trade tariff set to be implemented on Canada and Mexico. Derek Halpenny, Head of Research Global Markets EMEA &a...

January 2025 FOMC Preview: Defiantly Data Dependent?

28 Jan 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, discusses our outlook for the Fed’s first meeting of 2025, in which we believe the Committ...

What’s next for the USD after setback at start of Trump’s second term?

24 Jan 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and James Roulston, FX Institutional Sales, discuss the outlook for the USD at the start of Trump’s second te...

Will Trump’s inauguration fuel renewed USD buying ahead of anticipated BoJ rate hike?

17 Jan 2025

Contributed by Lukas

At the end of the week Chris Jakubowski, Head of Hedge Fund FX Sales sits down with Derek Halpenny, Head of Research Global Markets EMEA & Interna...

What are the spill-overs into the FX market from the worsening bond market sell-off?

10 Jan 2025

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Simon Mayes, Head of UK, Ireland and Switzerland, Corporate Sales, discuss what has been behind in the sharp...

US 2025 Outlook: A Balancing Act (Podcast Version)

07 Jan 2025

Contributed by Lukas

George Goncalves, Head of Macro Strategy in the Americas, summarizes our key themes that will impact the US macro and market landscape in 2025. We foc...

US Dollar Projections Post-FOMC: Discussions on Trump Policies, BoJ and the outlook for the Yen

20 Dec 2024

Contributed by Lukas

In this final MUFG Global Markets Week Ahead podcast of 2024, Derek Halpenny, Head of Research Global Markets EMEA & International Securities talk...

Asia FX 2025 Outlook Podcast Series #4: How will ASEAN FX perform?

16 Dec 2024

Contributed by Lukas

Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the growth and FX implications on ASEAN economies in ...

Asia FX 2025 Outlook Podcast Series #3: Outperformers and Vietnam as microcosm of China+1

16 Dec 2024

Contributed by Lukas

Michael Wan, Senior Currency Analyst with MUFG Global Markets Research Asia discusses two key themes, the possible outperformers, PHP and INR, and als...

Asia FX 2025 Outlook Podcast Series #2: The levers to stimulate China's growth

16 Dec 2024

Contributed by Lukas

Lin Li, Head of MUFG Global Markets Research Asia, discusses the status of the Chinese economy, the levers to stimulate China's growth in 2025, and im...

Asia FX 2025 Outlook Podcast Series #1: Navigating Asia FX markets in Trump 2.0

16 Dec 2024

Contributed by Lukas

Lin Li, Head of MUFG Global Markets Research Asia, discusses main themes governing Asia FX movements and the Asia FX outlook for 2025. Lin highlights ...

Why has the USD strengthened even as the Fed is set to cut rates again next week?

13 Dec 2024

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Simon Mayes, Head of UK, Ireland and Switzerland, Corporate Sales, discuss what has been driving a stronger ...

Fed to cut. Will the BoJ hike and take the yen stronger?

06 Dec 2024

Contributed by Lukas

After the release of the US jobs report for November Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to Chri...

What’s behind the correction lower for USD/JPY?

29 Nov 2024

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss what has been drivin...

From the lame duck session to a new administration, how to think about rates, macro and the Fed ahead

27 Nov 2024

Contributed by Lukas

This week George Goncalves, MUFG Head of U.S. Macro Strategy, walks us through some of the key topics and our views from the November monthly report, ...

US dollar strengthens amid geopolitical risks

22 Nov 2024

Contributed by Lukas

The US dollar has had another move stronger this week and Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to...

Post Election Thoughts: Has the Trump Trade run its course?

19 Nov 2024

Contributed by Lukas

This week George Goncalves, MUFG Head of U.S. Macro Strategy, discusses the market implications heading into and out of the recent US presidential ele...

How hard will Asian currencies be hit by the fallout from a second Trump presidency?

15 Nov 2024

Contributed by Lukas

Lee Hardman, Senior Currency Analyst in London talks to Lloyd Chan, Senior Currency Analyst in Singapore, about the implications for Asian currencies ...

What’s next for the USD after the US election?

08 Nov 2024

Contributed by Lukas

Donald Trump achieved a decisive victory in the US election. Lee Hardman, Senior Currency Analyst talks to Michael Owen, Head of Global Client Desk E...

US election impact on ASEAN

05 Nov 2024

Contributed by Lukas

Lloyd Chan, Senior Currency Analyst at MUFG Global Markets Research Asia, speaks this week about the potential growth, monetary policy, and FX implica...

The US dollar into and beyond the US elections

01 Nov 2024

Contributed by Lukas

Following the release of the US jobs report Derek Halpenny, Head of Research, Global Markets EMEA & International Securities, discusses with Simon...

What's next for the JPY after Japan steps up intervention threat?

25 Oct 2024

Contributed by Lukas

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss why the JPY has weakened sharply this month. How are the poli...

RBI and Indian Rupee amidst US Election Risks

24 Oct 2024

Contributed by Lukas

Michael Wan, Senior Currency Analyst with MUFG Global Markets Research Asia, and Japinder Singh, Vice President Treasury Sales, MUFG India discuss key...