Global Exchanges http://bmocm.com/GlobalExchanges en © 2021-2023 | BMO Capital Markets BMO’s FX Strategist Stephen Gallo offers perspectives from strategy, sales and trading on the foreign exchange market, related financial markets, and the global economy. To view show transcripts, please visit http://bmocm.com/GlobalExchanges. For legal disclosure, visit http://www.bmocm.com/macrohorizons/legal https://megaphone.imgix.net/podcasts/f92301ae-6bcb-11eb-981d-d34fafb10886/image/uploads_2F1612980971849-ffwxktxbbgt-711c5a32186c557bbff1f66bb871be7d_2FGlobal+Exchanges+-+Show+Art.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress Global Exchanges http://bmocm.com/GlobalExchanges no episodic Perspectives from BMO's FX Strategist Stephen Gallo. BMO Capital Markets BMO’s FX Strategist Stephen Gallo offers perspectives from strategy, sales and trading on the foreign exchange market, related financial markets, and the global economy. To view show transcripts, please visit http://bmocm.com/GlobalExchanges. For legal disclosure, visit http://www.bmocm.com/macrohorizons/legal BMO’s FX Strategist Stephen Gallo offers perspectives from strategy, sales and trading on the foreign exchange market, related financial markets, and the global economy.


To view show transcripts, please visit http://bmocm.com/GlobalExchanges.


For legal disclosure, visit http://www.bmocm.com/macrohorizons/legal

]]> BMO jonah@puddlecreative.com Headfakemania https://bmocm.com/GlobalExchanges In this week's episode, we discuss the recent price action in foreign exchange surrounding central bank decisions from the Bank of Canada, Fed, ECB, and Bank of England. We reflect on why central bank signaling seems to have lost its influence over FX and propose alternative macro catalysts for the days and weeks ahead. Thu, 02 Feb 2023 21:51:03 -0000 Headfakemania full BMO Capital Markets In this week's episode, we discuss the recent price action in foreign exchange surrounding central bank decisions from the Bank of Canada, Fed, ECB, and Bank of England. We reflect on why central bank signaling seems to have lost its influence over FX and propose alternative macro catalysts for the days and weeks ahead. In this week's episode, we discuss the recent price action in foreign exchange surrounding central bank decisions from the Bank of Canada, Fed, ECB, and Bank of England. We reflect on why central bank signaling seems to have lost its influence over FX and propose alternative macro catalysts for the days and weeks ahead.

]]> 1173 no The Surprisingly Front-Loaded Dollar Decline https://bmocm.com/GlobalExchanges In this week's episode, we talk through the ongoing downtrend in the US dollar, with particular mention of where things might go from current levels in EURUSD, GBPUSD, and USDJPY. Tue, 17 Jan 2023 19:14:01 -0000 The Surprisingly Front-Loaded Dollar Decline full BMO Capital Markets In this week's episode, we talk through the ongoing downtrend in the US dollar, with particular mention of where things might go from current levels in EURUSD, GBPUSD, and USDJPY. In this week's episode, we talk through the ongoing downtrend in the US dollar, with particular mention of where things might go from current levels in EURUSD, GBPUSD, and USDJPY.

]]> 1166 no Tinkering or Tightening? - The BoJ's Late-Year Surprise https://bmocm.com/GlobalExchanges In this abbreviated episode, we offer a preliminary reaction to the BoJ's surprise decision to tinker with the parameters of its yield curve control mechanism. Tue, 20 Dec 2022 19:44:19 -0000 Tinkering or Tightening? - The BoJ's Late-Year Surprise full BMO Capital Markets In this abbreviated episode, we offer a preliminary reaction to the BoJ's surprise decision to tinker with the parameters of its yield curve control mechanism. In this abbreviated episode, we offer a preliminary reaction to the BoJ's surprise decision to tinker with the parameters of its yield curve control mechanism.

]]> 974 no Season's Musings https://bmocm.com/GlobalExchanges In this week's episode, we look back at the biggest surprises in FX markets and related fundamentals in 2022. We will also offer preliminary thoughts on potential surprises for 2023. Tue, 13 Dec 2022 21:01:56 -0000 Season's Musings full BMO Capital Markets In this week's episode, we look back at the biggest surprises in FX markets and related fundamentals in 2022. We will also offer preliminary thoughts on potential surprises for 2023. In this week's episode, we look back at the biggest surprises in FX markets and related fundamentals in 2022. We will also offer preliminary thoughts on potential surprises for 2023.

]]> 1158 no Things We're Watching Into Year-end https://bmocm.com/GlobalExchanges In this week's episode, we home in on the 1M horizon, which now brings us to the end of calendar year 2022. We share our thoughts on the latest developments in RMB, GBP, USD, and CAD. Tue, 29 Nov 2022 21:14:01 -0000 Things We're Watching Into Year-end full BMO Capital Markets In this week's episode, we home in on the 1M horizon, which now brings us to the end of calendar year 2022. We share our thoughts on the latest developments in RMB, GBP, USD, and CAD. In this week's episode, we home in on the 1M horizon, which now brings us to the end of calendar year 2022. We share our thoughts on the latest developments in RMB, GBP, USD, and CAD.

]]> 931 no As the FX World Turns - The 2022 Episode https://bmocm.com/GlobalExchanges In this week's episode, we discuss so-called “turn pressures” that are manifest in the movement of implied yields embedded in FX forward points of various different currencies. This discussion features a special guest: BMO FX forwards trader James Topham. Tue, 22 Nov 2022 19:24:37 -0000 As the FX World Turns - The 2022 Episode full BMO Capital Markets In this week's episode, we discuss so-called “turn pressures” that are manifest in the movement of implied yields embedded in FX forward points of various different currencies. This discussion features a special guest: BMO FX forwards trader James Topham. In this week's episode, we discuss so-called “turn pressures” that are manifest in the movement of implied yields embedded in FX forward points of various different currencies. This discussion features a special guest: BMO FX forwards trader James Topham.

]]> 1213 no The Long and Bumpy Rounded Top https://bmocm.com/GlobalExchanges In this week's episode, we discuss the latest movements in the broad US dollar with particular focus on the euro, British pound, Chinese renminbi, and Japanese yen. Tue, 08 Nov 2022 19:46:05 -0000 The Long and Bumpy Rounded Top full BMO Capital Markets In this week's episode, we discuss the latest movements in the broad US dollar with particular focus on the euro, British pound, Chinese renminbi, and Japanese yen. In this week's episode, we discuss the latest movements in the broad US dollar with particular focus on the euro, British pound, Chinese renminbi, and Japanese yen.

]]> 1073 no How Many Interventions Does it Take? https://bmocm.com/GlobalExchanges In this week's episode, we discuss recent developments related to the yen, the renminbi, the euro, and the Canadian dollar. Thu, 27 Oct 2022 20:21:04 -0000 How Many Interventions Does it Take? full BMO Capital Markets In this week's episode, we discuss recent developments related to the yen, the renminbi, the euro, and the Canadian dollar. In this week's episode, we discuss recent developments related to the yen, the renminbi, the euro, and the Canadian dollar.

]]> 1332 no Fourth Quarter Flareup Risks https://bmocm.com/GlobalExchanges In this week's episode, we discuss recent developments related to the Japanese yen, the British pound, and the Chinese Renminbi. Tue, 18 Oct 2022 19:07:06 -0000 Fourth Quarter Flareup Risks full BMO Capital Markets In this week's episode, we discuss recent developments related to the Japanese yen, the British pound, and the Chinese Renminbi. In this week's episode, we discuss recent developments related to the Japanese yen, the British pound, and the Chinese Renminbi.

]]> 915 no Breaking News in FX https://bmocm.com/GlobalExchanges In this week's episode, we discuss recent developments in the US dollar, British pound, Japanese yen, and some of the G10 commodity currencies. In particular, we analyze whether the FX market is 'breaking'. Thu, 13 Oct 2022 17:56:05 -0000 Breaking News in FX full BMO Capital Markets In this week's episode, we discuss recent developments in the US dollar, British pound, Japanese yen, and some of the G10 commodity currencies. In particular, we analyze whether the FX market is 'breaking'. In this week's episode, we discuss recent developments in the US dollar, British pound, Japanese yen, and some of the G10 commodity currencies. In particular, we analyze whether the FX market is 'breaking'.

]]> 1146 no Central Bankers in Pressure Cookers https://bmocm.com/GlobalExchanges In this week's episode, we discuss the key factors facing central banks with meetings this week along with potential outcomes in terms of policy and FX responses. We go through the situations facing the Fed, BOJ, BOE, and PBOC. Tue, 20 Sep 2022 18:59:28 -0000 Central Bankers in Pressure Cookers full BMO Capital Markets In this week's episode, we discuss the key factors facing central banks with meetings this week along with potential outcomes in terms of policy and FX responses. We go through the situations facing the Fed, BOJ, BOE, and PBOC. In this week's episode, we discuss the key factors facing central banks with meetings this week along with potential outcomes in terms of policy and FX responses. We go through the situations facing the Fed, BOJ, BOE, and PBOC.

]]> 1105 no Equilibrium, Terminal, and the Dollar Cycle Turning Point https://bmocm.com/GlobalExchanges In this week's episode, we discuss potential terminal rates for this cycle for G10 central banks and how they may differ from long-run equilibrium rates and what they may mean for foreign exchange. We also explore how the euro might react to a sudden peace in the Ukraine War. Tue, 13 Sep 2022 20:10:00 -0000 Equilibrium, Terminal, and the Dollar Cycle Turning Point full BMO Capital Markets In this week's episode, we discuss potential terminal rates for this cycle for G10 central banks and how they may differ from long-run equilibrium rates and what they may mean for foreign exchange. We also explore how the euro might react to a sudden peace in the Ukraine War. In this week's episode, we discuss potential terminal rates for this cycle for G10 central banks and how they may differ from long-run equilibrium rates and what they may mean for foreign exchange. We also explore how the euro might react to a sudden peace in the Ukraine War.

]]> 1290 no Is Currency Defense Worth It? https://bmocm.com/GlobalExchanges In this week's episode, we discuss recent policy signals from various central banks and associated movements in FX markets. Tue, 30 Aug 2022 19:31:54 -0000 Is Currency Defense Worth It? full BMO Capital Markets In this week's episode, we discuss recent policy signals from various central banks and associated movements in FX markets. In this week's episode, we discuss recent policy signals from various central banks and associated movements in FX markets.

]]> 1250 no Parity, Powell, and the Persistence of USD Strength https://bmocm.com/GlobalExchanges In this week's episode, we discuss recent developments in the FX market and a few key upcoming events. Tue, 23 Aug 2022 18:34:00 -0000 Parity, Powell, and the Persistence of USD Strength full BMO Capital Markets In this week's episode, we discuss recent developments in the FX market and a few key upcoming events. In this week's episode, we discuss recent developments in the FX market and a few key upcoming events.

]]> 1192 no Is Powell a Maverick? https://bmocm.com/GlobalExchanges In this week's episode, we discuss an analogy of the situation facing the Fed Chair Powell and other central bankers, along with FX market implications. Tue, 09 Aug 2022 19:22:57 -0000 Is Powell a Maverick? full BMO Capital Markets In this week's episode, we discuss an analogy of the situation facing the Fed Chair Powell and other central bankers, along with FX market implications. In this week's episode, we discuss an analogy of the situation facing the Fed Chair Powell and other central bankers, along with FX market implications.

]]> 1300 no Parity Party Postponement and Other Asundry Issues https://bmocm.com/GlobalExchanges In this week's episode, we discuss some of the key issues for the FX market during the dog days of summer, including the persistence of above-average volatility, the softening of oil prices, and the modest relief rally in the euro. Tue, 26 Jul 2022 19:27:33 -0000 Parity Party Postponement and Other Asundry Issues full BMO Capital Markets In this week's episode, we discuss some of the key issues for the FX market during the dog days of summer, including the persistence of above-average volatility, the softening of oil prices, and the modest relief rally in the euro. In this week's episode, we discuss some of the key issues for the FX market during the dog days of summer, including the persistence of above-average volatility, the softening of oil prices, and the modest relief rally in the euro.

]]> 1172 no An Emerging Divergence https://bmocm.com/GlobalExchanges In this week's episode, we discuss the reasons why the Mexican peso and Chinese renminbi have diverged so sharply in 2022. We give our thoughts on how long, and to what extent, this divergence can continue. We throw this out as one of our favorite summer trades--noting that it is a trade that should benefit in the event that oil continues to move higher. Tue, 21 Jun 2022 20:46:39 -0000 An Emerging Divergence full BMO Capital Markets In this week's episode, we discuss the reasons why the Mexican peso and Chinese renminbi have diverged so sharply in 2022. We give our thoughts on how long, and to what extent, this divergence can continue. We throw this out as one of our favorite summer trades--noting that it is a trade that should benefit in the event that oil continues to move higher. In this week's episode, we discuss the reasons why the Mexican peso and Chinese renminbi have diverged so sharply in 2022. We give our thoughts on how long, and to what extent, this divergence can continue. We throw this out as one of our favorite summer trades--noting that it is a trade that should benefit in the event that oil continues to move higher.

]]> 1013 no What Breaks Next? https://bmocm.com/GlobalExchanges In this week’s episode, we discuss recent signs of distress in financial markets related to the rising US dollar, rising oil prices, and uncertainty over central bank responses to these issues. Tue, 14 Jun 2022 20:33:06 -0000 What Breaks Next? full BMO Capital Markets In this week’s episode, we discuss recent signs of distress in financial markets related to the rising US dollar, rising oil prices, and uncertainty over central bank responses to these issues. In this week’s episode, we discuss recent signs of distress in financial markets related to the rising US dollar, rising oil prices, and uncertainty over central bank responses to these issues.

]]> 1224 no Revisiting the USD Peak https://bmocm.com/GlobalExchanges  In this week's episode, we discuss the pullback in the US dollar over the past two weeks and go through the macro stories behind it before looking at a few key exchange rates. Tue, 31 May 2022 20:36:19 -0000 Revisiting the USD Peak full BMO Capital Markets  In this week's episode, we discuss the pullback in the US dollar over the past two weeks and go through the macro stories behind it before looking at a few key exchange rates.  In this week's episode, we discuss the pullback in the US dollar over the past two weeks and go through the macro stories behind it before looking at a few key exchange rates.

]]> 1001 no Making Sense of Global Recession Risks https://bmocm.com/GlobalExchanges In this episode, special guest Jennifer Lee from BMO’s economics team joins Greg Anderson to discuss the slowdown in the global economy and the surge in global inflation. Tue, 17 May 2022 19:32:34 -0000 Making Sense of Global Recession Risks full BMO Capital Markets In this episode, special guest Jennifer Lee from BMO’s economics team joins Greg Anderson to discuss the slowdown in the global economy and the surge in global inflation. In this episode, special guest Jennifer Lee from BMO’s economics team joins Greg Anderson to discuss the slowdown in the global economy and the surge in global inflation.

]]> 995 no Peak USD? - It Will Depend on the RMB! https://bmocm.com/GlobalExchanges In this episode, we discuss the ongoing USD rally, ADXY weakness, and their potential feedback effects on the Fed. Tue, 10 May 2022 20:08:32 -0000 Peak USD? - It Will Depend on the RMB! full BMO Capital Markets In this episode, we discuss the ongoing USD rally, ADXY weakness, and their potential feedback effects on the Fed. In this episode, we discuss the ongoing USD rally, ADXY weakness, and their potential feedback effects on the Fed.

]]> 1085 no Stresses in Intra-Asia FX https://bmocm.com/GlobalExchanges In this episode, we discuss noteworthy FX moves over the past week and what they may mean going forward, with particular emphasis on the Chinese renminbi and Japanese yen. Tue, 26 Apr 2022 19:11:05 -0000 Stresses in Intra-Asia FX full BMO Capital Markets In this episode, we discuss noteworthy FX moves over the past week and what they may mean going forward, with particular emphasis on the Chinese renminbi and Japanese yen. In this episode, we discuss noteworthy FX moves over the past week and what they may mean going forward, with particular emphasis on the Chinese renminbi and Japanese yen.

]]> 1237 no Does the FX Market Need an Intervention? https://bmocm.com/GlobalExchanges In this episode, we discuss the latest developments in the yen and euro and offer a bit of loose speculation ahead of this week's G7 and G20 meetings along the sidelines of the IMF/World Bank meetings. Tue, 19 Apr 2022 19:59:11 -0000 Does the FX Market Need an Intervention? full BMO Capital Markets In this episode, we discuss the latest developments in the yen and euro and offer a bit of loose speculation ahead of this week's G7 and G20 meetings along the sidelines of the IMF/World Bank meetings. In this episode, we discuss the latest developments in the yen and euro and offer a bit of loose speculation ahead of this week's G7 and G20 meetings along the sidelines of the IMF/World Bank meetings.

]]> 1271 no Sometimes It's Hard to Know What You Want https://bmocm.com/GlobalExchanges In this episode, we discuss recent developments in the valuations of the Japanese yen, Korean won, Canadian dollar, and euro. Tue, 12 Apr 2022 19:10:16 -0000 Sometimes It's Hard to Know What You Want full BMO Capital Markets In this episode, we discuss recent developments in the valuations of the Japanese yen, Korean won, Canadian dollar, and euro. In this episode, we discuss recent developments in the valuations of the Japanese yen, Korean won, Canadian dollar, and euro.

]]> 1379 no Contrasting Forces in Euro and Yen Again https://bmocm.com/GlobalExchanges In this episode, we discuss the shocking weakness exhibited by the yen over the past few days as manifest by the move in USDJPY above 125. We also discuss the influences that have led to the pop above 1.11 in EURUSD. Tue, 29 Mar 2022 20:28:59 -0000 Contrasting Forces in Euro and Yen Again full BMO Capital Markets In this episode, we discuss the shocking weakness exhibited by the yen over the past few days as manifest by the move in USDJPY above 125. We also discuss the influences that have led to the pop above 1.11 in EURUSD. In this episode, we discuss the shocking weakness exhibited by the yen over the past few days as manifest by the move in USDJPY above 125. We also discuss the influences that have led to the pop above 1.11 in EURUSD.

]]> 1174 no The EURJPY Rally Makes No Sense https://bmocm.com/GlobalExchanges In this episode, we discuss the surprising evolution of exchange rates over the past week, with particular focus on the strange concoction of influences that has led the EURJPY exchange rate to rise by 3%. Tue, 22 Mar 2022 19:53:36 -0000 The EURJPY Rally Makes No Sense full BMO Capital Markets In this episode, we discuss the surprising evolution of exchange rates over the past week, with particular focus on the strange concoction of influences that has led the EURJPY exchange rate to rise by 3%. In this episode, we discuss the surprising evolution of exchange rates over the past week, with particular focus on the strange concoction of influences that has led the EURJPY exchange rate to rise by 3%.

]]> 900 no Asian Currencies Take a Tumble https://bmocm.com/GlobalExchanges In this episode, we discuss the biggest FX moves over the past few days, which are in USDJPY, USDRMB and correlated Asian currencies. Tue, 15 Mar 2022 20:28:31 -0000 Asian Currencies Take a Tumble full BMO Capital Markets In this episode, we discuss the biggest FX moves over the past few days, which are in USDJPY, USDRMB and correlated Asian currencies. In this episode, we discuss the biggest FX moves over the past few days, which are in USDJPY, USDRMB and correlated Asian currencies.

]]> 914 no All Crossed Up By the Invasion https://bmocm.com/GlobalExchanges In this week's episode, we take a walk through the FX landscape as a result of the events in Ukraine. The point of our survey is to identify currency pairs that have either moved too much as a result of those events or that haven't moved enough given the shifts in related financial prices and underlying economic fundamentals. Tue, 08 Mar 2022 20:47:18 -0000 All Crossed Up By the Invasion full BMO Capital Markets In this week's episode, we take a walk through the FX landscape as a result of the events in Ukraine. The point of our survey is to identify currency pairs that have either moved too much as a result of those events or that haven't moved enough given the shifts in related financial prices and underlying economic fundamentals. In this week's episode, we take a walk through the FX landscape as a result of the events in Ukraine. The point of our survey is to identify currency pairs that have either moved too much as a result of those events or that haven't moved enough given the shifts in related financial prices and underlying economic fundamentals.

]]> 1101 no China's Role as King Counterweight Persists https://bmocm.com/GlobalExchanges In this week's episode, Stephen Gallo is joined by BMO's Colin Hamilton, for an in-depth discussion of China's role as a global macro counterweight to numerous phenomena which have persisted in the global economy — but externally to China. This 2-year long counterweight dynamic doesn't seem to be in its end stages yet, so this week's episode covers the implications for the foreign exchange markets and specific commodity prices. Tue, 22 Feb 2022 21:23:03 -0000 China's Role as King Counterweight Persists full BMO Capital Markets In this week's episode, Stephen Gallo is joined by BMO's Colin Hamilton, for an in-depth discussion of China's role as a global macro counterweight to numerous phenomena which have persisted in the global economy — but externally to China. This 2-year long counterweight dynamic doesn't seem to be in its end stages yet, so this week's episode covers the implications for the foreign exchange markets and specific commodity prices. In this week's episode, Stephen Gallo is joined by BMO's Colin Hamilton, for an in-depth discussion of China's role as a global macro counterweight to numerous phenomena which have persisted in the global economy — but externally to China. This 2-year long counterweight dynamic doesn't seem to be in its end stages yet, so this week's episode covers the implications for the foreign exchange markets and specific commodity prices.

]]> 1785 no Watershed Elections in Key Markets https://bmocm.com/GlobalExchanges For this week's episode, Greg Anderson is joined by special guest Frank White, an EM FX Trader. Greg and Frank preview elections later this year in two countries: Brazil and the Philippines. Tue, 15 Feb 2022 21:17:55 -0000 Watershed Elections in Key Markets full BMO Capital Markets For this week's episode, Greg Anderson is joined by special guest Frank White, an EM FX Trader. Greg and Frank preview elections later this year in two countries: Brazil and the Philippines. For this week's episode, Greg Anderson is joined by special guest Frank White, an EM FX Trader. Greg and Frank preview elections later this year in two countries: Brazil and the Philippines.

]]> 1452 no ECB Hawks Want In to the Global Tightening Club https://bmocm.com/GlobalExchanges In this week's episode, we discuss the surprising hawkish evolution we saw from the ECB last week and the potential impacts on the Euro and broader FX markets. Tue, 08 Feb 2022 20:43:52 -0000 ECB Hawks Want In to the Global Tightening Club full BMO Capital Markets In this week's episode, we discuss the surprising hawkish evolution we saw from the ECB last week and the potential impacts on the Euro and broader FX markets. In this week's episode, we discuss the surprising hawkish evolution we saw from the ECB last week and the potential impacts on the Euro and broader FX markets.

]]> 1079 no Vol Spike with FX Pending https://bmocm.com/GlobalExchanges In this week's episode, we discuss the reasons that financial markets have quickly shifted to a high-volatility regime before taking a stab at why the FX market isn’t (yet) showing the same uptick in realized and implied volatility. Tue, 25 Jan 2022 21:01:08 -0000 Vol Spike with FX Pending full BMO Capital Markets In this week's episode, we discuss the reasons that financial markets have quickly shifted to a high-volatility regime before taking a stab at why the FX market isn’t (yet) showing the same uptick in realized and implied volatility. In this week's episode, we discuss the reasons that financial markets have quickly shifted to a high-volatility regime before taking a stab at why the FX market isn’t (yet) showing the same uptick in realized and implied volatility.

]]> 951 no The Disconnect Between Commodity Prices and Commodity Currencies https://bmocm.com/GlobalExchanges In this week's episode, we discuss the generalized rise in commodity prices thus far in 2022, and contrast it to the move in G10 commodity currencies. We go through potential reasons for why commodity currencies haven't rallied alongside commodity prices. Tue, 18 Jan 2022 20:46:00 -0000 The Disconnect Between Commodity Prices and Commodity Currencies full BMO Capital Markets In this week's episode, we discuss the generalized rise in commodity prices thus far in 2022, and contrast it to the move in G10 commodity currencies. We go through potential reasons for why commodity currencies haven't rallied alongside commodity prices. In this week's episode, we discuss the generalized rise in commodity prices thus far in 2022, and contrast it to the move in G10 commodity currencies. We go through potential reasons for why commodity currencies haven't rallied alongside commodity prices.

]]> 962 no Key Themes for January https://bmocm.com/GlobalExchanges In this week's episode, we discuss the evolution of major exchange rates over the first few trading sessions of 2022 and the background issues underneath them. Tue, 11 Jan 2022 20:44:00 -0000 Key Themes for January full BMO Capital Markets In this week's episode, we discuss the evolution of major exchange rates over the first few trading sessions of 2022 and the background issues underneath them. In this week's episode, we discuss the evolution of major exchange rates over the first few trading sessions of 2022 and the background issues underneath them.

]]> 1121 no As the FX World Turns https://bmocm.com/GlobalExchanges In this week's episode, we are joined by James Topham to discuss the phenomenon frequently referred to as "turn pressures" in the FX forwards market. Tue, 14 Dec 2021 20:27:28 -0000 full BMO Capital Markets In this week's episode, we are joined by James Topham to discuss the phenomenon frequently referred to as "turn pressures" in the FX forwards market. In this week's episode, we are joined by James Topham to discuss the phenomenon frequently referred to as "turn pressures" in the FX forwards market.

]]> 999 no Omicron and Currency Market Crosscurrents https://bmocm.com/GlobalExchanges In this week's episode, we discuss the recent sharp moves in EURUSD, USDYEN, and a few other exchange rates. Tue, 30 Nov 2021 22:50:18 -0000 full BMO Capital Markets In this week's episode, we discuss the recent sharp moves in EURUSD, USDYEN, and a few other exchange rates. In this week's episode, we discuss the recent sharp moves in EURUSD, USDYEN, and a few other exchange rates.

]]> 1197 no 2021’s Full Circle in USDCAD https://bmocm.com/GlobalExchanges In this week’s episode, we discuss the rally above 1.27 and the evolution of the key fundamental drivers of this exchange rate. Tue, 23 Nov 2021 20:52:19 -0000 2021’s Full Circle in USDCAD full BMO Capital Markets In this week’s episode, we discuss the rally above 1.27 and the evolution of the key fundamental drivers of this exchange rate. In this week’s episode, we discuss the rally above 1.27 and the evolution of the key fundamental drivers of this exchange rate.

]]> 917 no Diagnosing the Declining Euro https://bmocm.com/GlobalExchanges In this week's episode, we discuss the recent drop in the Euro along various crosses. Tue, 16 Nov 2021 20:37:08 -0000 Diagnosing the Declining Euro full BMO Capital Markets In this week's episode, we discuss the recent drop in the Euro along various crosses. In this week's episode, we discuss the recent drop in the Euro along various crosses.

]]> 905 no Whiplash in Sterling and Yen https://bmocm.com/GlobalExchanges In this week's episode, we discuss two noteworthy recent momentum reversals in the FX market. Tue, 09 Nov 2021 19:54:15 -0000 Whiplash in Sterling and Yen full BMO Capital Markets In this week's episode, we discuss two noteworthy recent momentum reversals in the FX market. In this week's episode, we discuss two noteworthy recent momentum reversals in the FX market.

]]> 1062 no Euro-China at a Three-Year Low https://bmocm.com/GlobalExchanges In this week's episode, we discuss the recent moves in the euro and the Chinese renminbi that have combined to push the Euro-China cross down to 7.40. Tue, 26 Oct 2021 18:48:45 -0000 Euro-China at a Three-Year Low full BMO Capital Markets In this week's episode, we discuss the recent moves in the euro and the Chinese renminbi that have combined to push the Euro-China cross down to 7.40. In this week's episode, we discuss the recent moves in the euro and the Chinese renminbi that have combined to push the Euro-China cross down to 7.40.

]]> 897 no Early Apogee for the Dollar? https://bmocm.com/GlobalExchanges In this week's episode, we talk about the 1% decline in broad US Dollar indices over the past week, the potential causes for this reversal in momentum, and what this might mean for the outlook for the remainder of 2021. Tue, 19 Oct 2021 20:23:10 -0000 Early Apogee for the Dollar? full BMO Capital Markets In this week's episode, we talk about the 1% decline in broad US Dollar indices over the past week, the potential causes for this reversal in momentum, and what this might mean for the outlook for the remainder of 2021. In this week's episode, we talk about the 1% decline in broad US Dollar indices over the past week, the potential causes for this reversal in momentum, and what this might mean for the outlook for the remainder of 2021.

]]> 1029 no Euro Out of Gas https://bmocm.com/GlobalExchanges In this week's episode, we talk about the meteoric rise in natural gas prices in Europe, and what that should mean for the Euro. Wed, 13 Oct 2021 19:02:21 -0000 Euro Out of Gas full BMO Capital Markets In this week's episode, we talk about the meteoric rise in natural gas prices in Europe, and what that should mean for the Euro. In this week's episode, we talk about the meteoric rise in natural gas prices in Europe, and what that should mean for the Euro.

]]> 924 no Q4 Laundry List https://bmocm.com/GlobalExchanges In this week’s episode, we discuss the list of issues that seem to be driving FX this week and may continue to do so for the rest of 2021. We tackle 5 of the most important macro and political developments. Tue, 28 Sep 2021 19:13:26 -0000 Q4 Laundry List full BMO Capital Markets In this week’s episode, we discuss the list of issues that seem to be driving FX this week and may continue to do so for the rest of 2021. We tackle 5 of the most important macro and political developments. In this week’s episode, we discuss the list of issues that seem to be driving FX this week and may continue to do so for the rest of 2021. We tackle 5 of the most important macro and political developments.

]]> 1089 no Evergrande: Turning Point for China or Tempest in a Teapot? https://bmocm.com/GlobalExchanges In this week's episode, we are joined by Art Woo to discuss the Evergrande situation and what it might mean for China's economy, Chinese financial markets, and global FX. Tue, 21 Sep 2021 19:57:37 -0000 Evergrande: Turning Point for China or Tempest in a Teapot? full BMO Capital Markets In this week's episode, we are joined by Art Woo to discuss the Evergrande situation and what it might mean for China's economy, Chinese financial markets, and global FX. In this week's episode, we are joined by Art Woo to discuss the Evergrande situation and what it might mean for China's economy, Chinese financial markets, and global FX.

]]> 1071 no September Election Intrigue https://bmocm.com/GlobalExchanges In this week’s episode we discuss the potential FX market implications of two big elections coming up in September: the German four-yearly federal election and the snap Canadian federal election. Wed, 25 Aug 2021 14:48:58 -0000 September Election Intrigue full BMO Capital Markets In this week’s episode we discuss the potential FX market implications of two big elections coming up in September: the German four-yearly federal election and the snap Canadian federal election. In this week’s episode we discuss the potential FX market implications of two big elections coming up in September: the German four-yearly federal election and the snap Canadian federal election.

]]> 1361 no What We’ve Learned in the 50 Years Since Bretton Woods https://bmocm.com/GlobalExchanges In this week's episode, we look back at the moment fifty years ago this week when the Bretton Woods System began to crumble because the US suspended the convertibility of the dollar into gold. We discuss key lessons learned over the past fifty years of floating exchange rates with an eye forward to what those lessons might teach us about the future. Tue, 17 Aug 2021 20:34:18 -0000 What We’ve Learned in the 50 Years Since Bretton Woods full BMO Capital Markets In this week's episode, we look back at the moment fifty years ago this week when the Bretton Woods System began to crumble because the US suspended the convertibility of the dollar into gold. We discuss key lessons learned over the past fifty years of floating exchange rates with an eye forward to what those lessons might teach us about the future. In this week's episode, we look back at the moment fifty years ago this week when the Bretton Woods System began to crumble because the US suspended the convertibility of the dollar into gold. We discuss key lessons learned over the past fifty years of floating exchange rates with an eye forward to what those lessons might teach us about the future.

]]> 1183 no Is There a Policy Shock that can Break the Summer Doldrums? https://bmocm.com/GlobalExchanges In this week's episode, we discuss the price action in foreign exchange over the last few weeks along with recent central bank signals. We also discuss a couple of the key monetary policy events upcoming later in August. Tue, 10 Aug 2021 19:57:37 -0000 Is There a Policy Shock that can Break the Summer Doldrums? full BMO Capital Markets In this week's episode, we discuss the price action in foreign exchange over the last few weeks along with recent central bank signals. We also discuss a couple of the key monetary policy events upcoming later in August. In this week's episode, we discuss the price action in foreign exchange over the last few weeks along with recent central bank signals. We also discuss a couple of the key monetary policy events upcoming later in August.

]]> 1163 no The Two-Phased U.S. Dollar Rally https://bmocm.com/GlobalExchanges In this week’s episode, we discuss the price action in foreign exchange over the last month, along with associated fundamental developments. Tue, 20 Jul 2021 21:34:21 -0000 The Two-Phased U.S. Dollar Rally full BMO Capital Markets In this week’s episode, we discuss the price action in foreign exchange over the last month, along with associated fundamental developments. In this week’s episode, we discuss the price action in foreign exchange over the last month, along with associated fundamental developments.

]]> 951 no Normalization Down Under https://bmocm.com/GlobalExchanges In this week’s episode, we discuss today’s RBA policy announcement and what the market is pricing in for the RBNZ. We contrast those currencies to a few ADXY currencies. Tue, 06 Jul 2021 19:56:58 -0000 Normalization Down Under full BMO Capital Markets In this week’s episode, we discuss today’s RBA policy announcement and what the market is pricing in for the RBNZ. We contrast those currencies to a few ADXY currencies. In this week’s episode, we discuss today’s RBA policy announcement and what the market is pricing in for the RBNZ. We contrast those currencies to a few ADXY currencies.

]]> 1079 no Crude Realities for Foreign Exchange https://bmocm.com/GlobalExchanges On today's episode, we discuss the first half of 2021's most shocking financial price move and its implications for FX. Tue, 29 Jun 2021 19:15:15 -0000 Crude Realities for Foreign Exchange full BMO Capital Markets On today's episode, we discuss the first half of 2021's most shocking financial price move and its implications for FX. On today's episode, we discuss the first half of 2021's most shocking financial price move and its implications for FX.

]]> 998 no What's Behind the Hype About Month-End https://bmocm.com/GlobalExchanges In this episode, we explore the FX seasonality known as the month-end effect, which is basically the spike in FX volume that occurs on the last business day of the month. We are joined by FX sales specialists Alice Bentley and Kate Stothers. Wed, 23 Jun 2021 13:01:00 -0000 What's Behind the Hype About Month-End full BMO Capital Markets In this episode, we explore the FX seasonality known as the month-end effect, which is basically the spike in FX volume that occurs on the last business day of the month. We are joined by FX sales specialists Alice Bentley and Kate Stothers. In this episode, we explore the FX seasonality known as the month-end effect, which is basically the spike in FX volume that occurs on the last business day of the month. We are joined by FX sales specialists Alice Bentley and Kate Stothers.

]]> 1380 no The Long Road to Neutral https://bmocm.com/GlobalExchanges In this week's episode, Greg Anderson and Stephen Gallo talk about the long list of central bank policy meetings in June and what they may mean for FX markets over the summer. Tue, 08 Jun 2021 19:11:57 -0000 The Long Road to Neutral full BMO Capital Markets In this week's episode, Greg Anderson and Stephen Gallo talk about the long list of central bank policy meetings in June and what they may mean for FX markets over the summer. In this week's episode, Greg Anderson and Stephen Gallo talk about the long list of central bank policy meetings in June and what they may mean for FX markets over the summer.

]]> 1185 no Renminbi at a Crossroads https://bmocm.com/GlobalExchanges In this episode, we discuss the break in USDCNH below 6.40, along with its causes and implications. Tue, 25 May 2021 18:01:21 -0000 Renminbi at a Crossroads full BMO Capital Markets In this episode, we discuss the break in USDCNH below 6.40, along with its causes and implications. In this episode, we discuss the break in USDCNH below 6.40, along with its causes and implications.

]]> 857 no Inflation and FX Depreciation Spirals https://bmocm.com/GlobalExchanges In this episode, we discuss the continued rally in global commodity prices, the associated sharp uptick in inflation numbers in some countries and the renewed downdrift in the US dollar.  Tue, 18 May 2021 21:04:33 -0000 Inflation and FX Depreciation Spirals full BMO Capital Markets In this episode, we discuss the continued rally in global commodity prices, the associated sharp uptick in inflation numbers in some countries and the renewed downdrift in the US dollar.  In this episode, we discuss the continued rally in global commodity prices, the associated sharp uptick in inflation numbers in some countries and the renewed downdrift in the US dollar. 

]]> 943 no Sticker Shock in USDCAD https://bmocm.com/GlobalExchanges In this episode, we discuss this week's move below 1.24 in USDCAD and some of its implications for Corporate Canada. We are joined by Brad Schruder, an FX Sales Specialist who works with Canadian corporations of various sizes across many industries. Tue, 27 Apr 2021 19:59:28 -0000 Sticker Shock in USDCAD full BMO Capital Markets In this episode, we discuss this week's move below 1.24 in USDCAD and some of its implications for Corporate Canada. We are joined by Brad Schruder, an FX Sales Specialist who works with Canadian corporations of various sizes across many industries. In this episode, we discuss this week's move below 1.24 in USDCAD and some of its implications for Corporate Canada. We are joined by Brad Schruder, an FX Sales Specialist who works with Canadian corporations of various sizes across many industries.

]]> 1036 no EUR Up, but WHY? https://bmocm.com/GlobalExchanges In this episode, we discuss the surprising rally in the EURUSD exchange through 1.20 and associated moves in other pairs. Tue, 20 Apr 2021 21:35:50 -0000 EUR Up, but WHY? full BMO Capital Markets In this episode, we discuss the surprising rally in the EURUSD exchange through 1.20 and associated moves in other pairs. In this episode, we discuss the surprising rally in the EURUSD exchange through 1.20 and associated moves in other pairs.

]]> 1076 no Drifting Without a Catalyst https://bmocm.com/GlobalExchanges In this episode, we discuss the fading themes from Q1 and the lack of a clear dominant theme for Q2. Tue, 13 Apr 2021 19:13:46 -0000 Drifting Without a Catalyst full BMO Capital Markets In this episode, we discuss the fading themes from Q1 and the lack of a clear dominant theme for Q2. In this episode, we discuss the fading themes from Q1 and the lack of a clear dominant theme for Q2.

]]> 940 no Beware of Precarious Yen Weakness https://bmocm.com/GlobalExchanges In this episode, we discuss the extraordinary decline we’ve seen in the Japanese yen in the first three months of 2021 and the flows behind it. Tue, 30 Mar 2021 20:10:20 -0000 Beware of Precarious Yen Weakness full BMO Capital Markets In this episode, we discuss the extraordinary decline we’ve seen in the Japanese yen in the first three months of 2021 and the flows behind it. In this episode, we discuss the extraordinary decline we’ve seen in the Japanese yen in the first three months of 2021 and the flows behind it.

]]> 730 no Emerging Market Divergences https://bmocm.com/GlobalExchanges In this episode, we discuss two interesting developments in emerging economies around the world. The first is capital inflows and associated reserve accumulation. The second is how the rise in global oil prices has impacted the inflation and monetary policy outlooks. Tue, 23 Mar 2021 21:10:49 -0000 Emerging Market Divergences full BMO Capital Markets In this episode, we discuss two interesting developments in emerging economies around the world. The first is capital inflows and associated reserve accumulation. The second is how the rise in global oil prices has impacted the inflation and monetary policy outlooks. In this episode, we discuss two interesting developments in emerging economies around the world. The first is capital inflows and associated reserve accumulation. The second is how the rise in global oil prices has impacted the inflation and monetary policy outlooks.

]]> 998 no Asia-Pacific Currencies and the Commodity Spike https://bmocm.com/GlobalExchanges In this episode we interview BMO commodities analyst Colin Hamilton. Topics discussed include the causes of this year’s spike in base metals prices and the market implications of China’s new 5-year economic plan. Tue, 16 Mar 2021 20:04:00 -0000 Asia-Pacific Currencies and the Commodity Spike full BMO Capital Markets In this episode we interview BMO commodities analyst Colin Hamilton. Topics discussed include the causes of this year’s spike in base metals prices and the market implications of China’s new 5-year economic plan. In this episode we interview BMO commodities analyst Colin Hamilton. Topics discussed include the causes of this year’s spike in base metals prices and the market implications of China’s new 5-year economic plan.

]]> 1390 no EURCAD at 1.50 and Still Normalizing https://bmocm.com/GlobalExchanges In this episode we discuss the recent move down to 1.50 in the EURCAD exchange rate and the fundamental drivers that we think are behind it. We also discuss this week’s ECB and BoC policy meetings. We give our outlook for the two central banks’ policy paths through the end of the year along with our outlook for EURCAD. Tue, 09 Mar 2021 19:26:00 -0000 EURCAD at 1.50 and Still Normalizing full BMO Capital Markets In this episode we discuss the recent move down to 1.50 in the EURCAD exchange rate and the fundamental drivers that we think are behind it. We also discuss this week’s ECB and BoC policy meetings. We give our outlook for the two central banks’ policy paths through the end of the year along with our outlook for EURCAD. In this episode we discuss the recent move down to 1.50 in the EURCAD exchange rate and the fundamental drivers that we think are behind it. We also discuss this week’s ECB and BoC policy meetings. We give our outlook for the two central banks’ policy paths through the end of the year along with our outlook for EURCAD.

]]> 753 no G20 in a New Era – In Search of Common Ground https://bmocm.com/GlobalExchanges In this week’s episode, we discuss background issues and pertinent details regarding this week’s virtual meeting of G20 finance ministers and central bankers. We give our latest views on the US dollar, euro, Canadian dollar and Chinese renminbi. Tue, 23 Feb 2021 21:06:00 -0000 G20 in a New Era – In Search of Common Ground full BMO Capital Markets In this week’s episode, we discuss background issues and pertinent details regarding this week’s virtual meeting of G20 finance ministers and central bankers. We give our latest views on the US dollar, euro, Canadian dollar and Chinese renminbi. In this week’s episode, we discuss background issues and pertinent details regarding this week’s virtual meeting of G20 finance ministers and central bankers. We give our latest views on the US dollar, euro, Canadian dollar and Chinese renminbi.

]]> 933 no Trailer https://bmocm.com/GlobalExchanges Global Exchanges launches next week. Thu, 11 Feb 2021 18:55:00 -0000 Trailer trailer BMO Capital Markets Global Exchanges launches next week. Global Exchanges launches next week.

]]> 71 no