Tariff chaos as Trump fumes over Supreme Court ruling

USD
On Friday The US saw a VERY weak GDP print of 1.4% vs 3% expected for Dec25 - this at first weakened the USD which eventually strengthened 1% on the week, as Inflation data earlier was hot, causing the USD to rally.

On Tuesday, housing, employment & Consumer Confidence reports will be released. On Thursday, jobless claims take centre stage.

But the bombshell came on Friday:
Trump said on Friday he is deeply disappointed of certain members of the Supreme Court after it ruled that his sweeping tariffs are illegal. In a press conference in Washington DC, Trump has vowed to impose a 10% "global tariff" using an alternative law, which he on Saturday raised to 15%. More chaos is expected this week, especially with comments like these from him: “I am allowed to cut off all trade with a country”

The trends all point to a weaker USD, but this is unchartered territory with a very volatile driving force behind it.

GBP
GBP/USD fell early last week, to around 1.3450 but is higher now, near 1.3500.
GBP lost ground throughout the week, as (UK) jobs and inflation data both supported a Central Bank interest rate cut next month, weakening GBP.

Key speakers this week include Bank of England members on today , European Central Bankers on Monday, Thursday & Friday … and US speakers on Tuesday - but Trump will address the nation on Wednesday.

This week’s speakers:
Monday, February 23:
·    BoE's Taylor.
·    Fed’s Waller.
·    ECB’s Lagarde.

Tuesday, February 24:
·    Fed's Goolsbee.
·    Fed's Bostic.
·    Fed's Collins.
·    Fed's Cook.
·    Fed's Barkin.

Wednesday, February 25:
·    US President Donald Trump.
·    RBA Governor Bullock.
·    Fed's Schmid.
·    Fed's Musalem.

Thursday, February 26:
·    ECB’s Lagarde.
·    BoE’s Lombardelli.
·    Fed's Bowman.

Friday, February 27:
·    BoE’s Pill.
·    ECB’s Kocher.