Arindam Sandilya, Junya Tanase, Patrick Locke and Octavia Popescu discuss the global FX outlook ahead of a heavy calendar of central bank meetings next week. This podcast was recorded on 12 June 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329605-0, 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: Central banks take centre stage

At Any Rate

[SPEAKER_A] Hello and welcome to this At Any Rate podcast. I'm your host, Arindam Sandilya, from J.P. Morgan's FX strategy team. I'm joined today by my colleagues Junya Tanase, Patrick Locke, and Octavia Popescu to discuss what looks like a full slate of central bank meetings next week. But just as a recap of the week gone by, there were a few things that we potentially learned that we can stow away as lessons for next week. First, despite softish CPI and PPI prints in the US, there were other pockets in DM like Norway, like Japan, where you did get some inflation numbers, not always tier 1, which did surprise to the upside. So I guess this pan-DM issue of inflation will remain live for central banks in coming months, and we'll grapple with this as we go along. Second, I think the market was genuinely surprised by the hawkishness of the ECB staff forecast we got this week alongside the widely anticipated 25 basis point rate hike. And now the question is, if Europe can revise up its core inflation outlook by 0.2 after accounting for a hawkish rate path, despite being a relative casualty of the energy shock, what does that say about the prospective price pressures in other parts of the world where these price pressures are a lot less acute? And then we did get late week some Iran peace deal related headlines. I'm not really sure how much we want to discuss that particular issue, despite their obviously material effects on rates and FX, because we've seen these headlines, gotten many head fakes over the last 3, 4 months. Now, lest we forget, 48 hours back, the concern in markets was of an uglier escalation.

Global FX: Central banks take centre stage

Read the full transcript

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

Global FX: Central banks take centre stage

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.