In this lookahead to 2026, host Tim Phillips is joined by Eimear Daly, Paul Robson and Brian Daingerfield to discuss key themes shaping the year ahead.
They start with the dollar, where 2026 is expected to be dominated by the Fed’s interest rate policy. Should we expect a policy error if rates are kept low under new Fed leadership and continued fiscal expansion? And what, crucially, does this mean for the dollar's exceptional status in foreign reserves?
They also discuss how FX markets have become desensitised to geopolitical drama, only reacting when real economic effects are visible. And in emerging markets, lower volatility and a weaker dollar appear to create a favourable backdrop for high-carry currencies.
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To access all the content from our Year Ahead 2026 report, visit natwest.com/yearahead
This episode was recorded on 12 November 2025.
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