Will the real Kevin Warsh please stand up?

This week on Currency Exchange, Eimear Daly is joined by Paul Robson and Brian Daingerfield to assess a pivotal week for global central banks and currency markets. They unpack the Bank of England’s policy decision to hold the base rate, analyse the market’s reaction to the Fed under Chair Kevin Warsh, discuss suspected Japanese FX intervention, and examine China’s latest signals for global growth and trade.Key takeaways: * The Bank of England’s communication was interpreted as more dovish than its vote suggested.* Sterling remains more sensitive to UK fiscal policy than interest-rate expectations.* Suspected Japanese FX intervention highlights authorities’ concern over yen weakness but does not alter the longer-term fundamentals.* Markets continue to grapple with uncertainty over the Federal Reserve’s reaction function under Chair Kevin Warsh.* China’s leadership remains focused on gradual, fiscally-led support while prioritising strategic industries over broad consumer stimulus. Host: Eimear Daly, Emerging Markets Macro StrategistGuests: Brian Daingerfield, Co-Head of G10 FX StrategyPaul Robson, Co-Head of G10 FX Strategy This episode was recorded on 30 July 2026.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html