Meera Chandan, Anezka Christovova, Pat Locke and Octavia Popescu unpack FX implications of a potential US diesel ban, the dollar view, and this week’s Scandi/ Swiss central banks. This podcast was recorded on 25 September 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5460193-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase &amp; 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.

Global FX: US diesel ban, dollar view, G10 central banks

At Any Rate

Hello and welcome to J.P. Morgan's At Any Rate Podcast. I'm Neeraj Chandan, co-head of FX Strategy. And I'm joined today by my global colleagues, Octavia Popescu, Patrick Locke, and Maneska Kristuvova, former two DM and the latter from EM side of things. We've got quite a few things to talk about. I mean, the dollar's finally breaking higher. So we'll get to that in a second. And I think

even though we feel gratified and sort of validated with a more constructive stance on the dollar, I would say in the grand scheme of things, the actual outcomes and the actual moves are still underwhelming if you were to look at it from a cross-asset standpoint. So that's one thing to unpack that we'll do. We also have the DM Central Bank meetings this week, Octavia. We're going to talk about that as well and takeaways for currencies. But what we'll start with really is this potential

U.S. diesel ban that is being sort of discussed. And I was in the news recently, and Maneska Kristuvova, maybe you and I can have a quick chat on that, focused on DM and EM respectively. But maybe we dive right into it, starting from that last topic on the diesel ban. Now, from my perspective, just to set the global stage here, this has the potential to be meaningful. If I look at what has

driven really currency returns year to date, it's been about carry, of course. But if I sort of dig deeper, it's been informed by the relative terms of trade moves. So the energy price story, which include products, and then also the relative growth story, which is sort of supposed to at least reflect some of this terms of trade impact.

Global FX: US diesel ban, dollar view, G10 central banks

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The candid version is on a podcast,
not the earnings call.

Global FX: US diesel ban, dollar view, G10 central banks

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.