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At Any Rate · Yesterday · 18 min

Global FX: Payrolls a setback to USD; still constructive on carry post-JPY intervention

This week, our Global FX Strategists assess the impact NFP for the dollar in the wake of last week’s FOMC outcome and JPY intervention. We also expand on the carry trade’s resilience despite yen vol, and conclude with the latest news from the Euro bloc of currencies. Speakers: Patrick Locke, Global FX Strategy Antonin Delair, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on 07 August 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5385231-0, https://www.jpmm.com/research/content/GPS-5391832-0, https://www.jpmm.com/research/content/GPS-5396957-0, https://www.jpmm.com/research/content/GPS-5394775-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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.

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This week, our Global FX Strategists assess the impact NFP for the dollar in the wake of last week’s FOMC outcome and JPY intervention. We also expand on the carry trade’s resilience despite yen vol, and conclude with the latest news from the Euro bloc of currencies. 

 

Speakers:

Patrick Locke, Global FX Strategy

Antonin Delair, Global FX Strategy

James Nelligan, Global FX Strategy

 

This podcast was recorded on 07 August 2026.

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

https://www.jpmm.com/research/content/GPS-5385231-0,

https://www.jpmm.com/research/content/GPS-5391832-0,

https://www.jpmm.com/research/content/GPS-5396957-0,

https://www.jpmm.com/research/content/GPS-5394775-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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.

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