At Any Rate

The conflict in the Middle East is approaching its one-month mark. This week, markets were forced to pair off two opposing forces: deteriorating fundamentals with anticipated shortages in Asia on one side and increased rhetoric about a potential ceasefire on the other.  For now, it is unclear which one comes first. In this episode, we discuss the timeline of oil shortages across the globe, as well as explain what is happening with gold.

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

 

This podcast was recorded on March 27, 2026.

 

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

https://www.jpmm.com/research/content/GPS-5245032-0, https://www.jpmm.com/research/content/GPS-5242637-0, https://www.jpmm.com/research/content/GPS-5243238-0, and https://www.jpmm.com/research/content/GPS-5241751-0 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.

This week, our Global FX Strategists navigate the FX macro implications of the ongoing US Iran conflict, as well as detailing the insights on FX vol markets and systematic FX strategies.

 

Speakers

James Nelligan

Ladislav Jankovic

Antonin Delair

 

 

This podcast was recorded on 27 March 2026.

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

https://www.jpmm.com/research/content/GPS-5245935-0  

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.

The war in the Middle East is reaching its three-week mark and commodities markets show no signs of easing. On the contrary, attacks on critical energy infrastructure have ramped up, while the remaining 3% of typical Hormuz traffic has shifted into Iranian waters. Elsewhere, Asia is beginning to show signs of demand destruction amid exploding products prices. In this episode, we summarize the week’s developments and highlight what the markets are missing in gas, oil and metals.  

 

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

Otar Dgebuadze, European Natural Gas

 

This podcast was recorded on March 20, 2026.

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

https://www.jpmm.com/research/content/GPS-5240805-0, https://www.jpmm.com/research/content/GPS-5239325-0, https://www.jpmm.com/research/content/GPS-5237992-0, https://www.jpmm.com/research/content/GPS-5235564-0, https://www.jpmm.com/research/content/GPS-5236328-0, https://www.jpmm.com/research/content/GPS-5236737-0, and https://www.jpmm.com/research/content/GPS-5234608-0 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.

This week, our Global FX Strategists unpack the ongoing spillover of the US-Iran conflict through to the dollar, as well as this week’s hawkish central bank meetings and whether hikes are straightforwardly positive for currencies.

 

Speakers

Patrick Locke, Global FX Strategy
Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
​Octavia Popescu, Global FX Strategy

 

This podcast was recorded on 20 March 2026. 

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

https://www.jpmm.com/research/content/GPS-5239048-0  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.

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 20 March 2026.

© 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.