Summer’s over, but what next for currency markets?

As markets emerge from the summer, higher global yields, elevated energy prices, shifting central-bank expectations and changing investor positioning are creating a complex backdrop for currencies.In this episode of the Currency Exchange, Brian Dangerfield and Paul Robson assess why FX markets have remained surprisingly restrained despite major moves elsewhere, and explore what could drive currencies through the final months of 2026.Key takeaways:- Higher yields and energy prices are reshaping the global backdrop- Central banks are facing increasingly divergent challenges-Sterling has shown remarkable resilience – but UK fiscal risks are building- European politics could become a bigger driver of euro-dollar-The yen’s rally may be more about positioning than fundamentals Host: Brian Daingerfield, Co-Head of G10 FX StrategyGuest: Paul Robson, Co-Head of G10 FX StrategyYou can also find this episode of Currency Exchange on Spotify and Apple Podcasts.This episode was recorded on 10 September 2026.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html