Global trade has been thrown into fresh chaos following last week’s Supreme Court ruling, which deemed President Trump’s IEEPA tariffs to be illegal. The reaction in financial markets has been relatively calm so far, as not only were investors prepared for the verdict, but they fully expected the president to pursue alternative methods to achieve his trade objectives.

The future of ECB President Lagarde has also been thrown in doubt following a FT report released last week, which suggested that she could be considering leaving her post before the end of her term. Meanwhile, sterling has faced headwinds from UK political uncertainty and rising expectations that the Bank of England will slash rates again at its next meeting in March.

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Following months of speculation, former Fed governor Kevin Warsh has been named as the next chair of the FOMC - how could his appointment impact US rates, Fed autonomy and the dollar? Meanwhile, the massive supermajority victory for Japan’s PM Sanae Takaichi at the weekend’s election has triggered a sharp rebound in the yen - what has instigated the move?

We also discuss the implications of the strong January nonfarm payrolls report. What does the data mean for the US labour market and the path of US rates?

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The Sell America trade returned with a vengeance last week after President Trump threatened eight European countries with fresh tariffs for their stance over Greenland. While his entirely predictable U-turn was greeted positively by equities and bond markets, the dollar has continued to lose ground, why?

The Japanese yen has rallied sharply amid mounting speculation of a rare coordinated intervention from US and Japanese authorities to prop up the yen. Meanwhile, the race to be named the next Fed chair is hotting up, with a surprise candidate now seemingly the front runner.

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