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In this week’s At Any Rate Podcast, FX Strategists Patrick Locke & James Nelligan take stock of the bearish-USD view, look at new ways of framing the USD response to tariffs, discuss how European FX is responding to recent geopolitical and fiscal news, and finally preview upcoming central bank meetings next week.

Speakers Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy

This podcast was recorded on March 14, 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at

Global FX: Traversing the USD tariff smile

At Any Rate