At Any Rate

In this insightful discussion, Arindam Sandilya, Co-head of FX Strategy at JPMorgan, shares his expertise on the evolving Asian FX market and highlights the effects of recent volatility. Patrick Locke, Global FX Strategist at JPMorgan, explores the implications of the US-UK trade deal, emphasizing its limited impact on the British pound. Together, they navigate the intricacies of currency dynamics, central bank policies, and trade negotiations, providing a captivating glimpse into the future of global currencies.

Aditya Chordia, a European Rates Strategist at JP Morgan, and Khagendra Gupta, also a European Rates Strategist there, dive into the nuances of the European rates markets. They discuss the intriguing impact of de-dollarization, shifting demand for Eurozone bonds, and the implications for German yields. The conversation also covers recent developments from the Bank of England, expected economic indicators, and interest rate decisions from the Riksbank and Norges Bank, shedding light on the current market landscape and investment strategies.

In this insightful conversation, Greg Shearer, Head of Base and Precious Metals Research at J.P. Morgan, shares his expertise on the evolving gold market. He discusses the growing interest in gold among international investors, especially amid concerns over U.S. asset stability. The episode delves into the hypothetical scenario where a mere 0.5% shift of foreign U.S. assets into gold could push prices up to $6,000. Shearer emphasizes the significant potential returns and the structural bullish outlook for gold amid changing market dynamics.

Jemmy Huang, a senior coverage analyst focused on Taiwan's financial sector, teams up with Mixo Das, an Asia equity and quant strategist, to dissect the recent 6% drop in the Taiwan dollar and its impact on regional markets. They explore Taiwan's life insurers' FX strategies amid currency volatility and the implications for equity prices in tech sectors. The duo examines cautious investor sentiments post-DeepSeek and compares Taiwan's and Korea’s equity resilience, while offering insights into emerging markets and the changing dynamics of APAC bonds.

Meera Chandan, Co-Head of Global FX Strategy at J.P. Morgan, joins Jay Barry to dissect the latest trends in U.S. employment and its impact on economic forecasts. They dive into the Treasury's recent refunding announcement and its effect on foreign exchange markets. The conversation shifts to how Japan's finance minister's comments on U.S. Treasury holdings could affect trade dynamics. The duo also analyzes dollar fluctuations against Asian currencies and the broader implications for other currencies in this uncertain economic landscape.

In this engaging discussion, Arindam Sandilya, co-head of FX strategy in Singapore, dives into the surprising decline of the USD against the Taiwanese dollar and its ripple effects on Asian currencies. He analyzes shifts in the Chinese Yuan's role in global markets and how recent tariff changes impact the US dollar among G10 currencies. Sandilya also shares insights on central bank policies, specifically the European Central Bank and Bank of England, and their implications for currency valuation. A must-listen for FX enthusiasts!

Explore the complexities of the oil market as it navigates deregulation and tariff changes. Discover how OPEC+ faces challenges from non-OPEC supply and the evolving strategies of oil-producing nations. Delve into the implications of energy consumption trends on U.S. tourism and inflation. Gain insights into the surge in production from countries like Iraq and Kazakhstan, and how major oil companies are influencing market dynamics and future supply forecasts.

Jonny Goulden and Saad Siddiqui explore the shifting dynamics of Emerging Market Fixed Income, focusing on the effects of recent tariff changes and global economic implications. They discuss varying investor sentiments towards emerging markets, highlighting which countries are favored or frowned upon. The podcast also analyzes the performance of emerging market currencies amid rising risk aversion and the complex outlook for interest rates. Ultimately, they look at how expected rate cuts could reshape the landscape for credit spreads and market resilience.

Sajjid Chinoy, Rajiv Batra and Arindam Sandilya discuss the outlook for EM Asia macro, equity and fixed income markets in the wake of the IMF / WB meetings in Washington DC last week This podcast was recorded on Apr 28, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

During this episode, Tracey shares her takeaways from the recently held Geneva Sugar conference and provides an update on the cocoa market after the relative strength in recent grinding data. Speakers: Tracey Allen, Head of Ags Research This podcast was recorded on April 25, 2025.  This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.