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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2026 is already shaping up to be another eventful one in global financial markets, particularly following a number of high profile geopolitical events in the first two weeks of the year. But what do we expect to be the main focus for investors this year?

Will the AI boom boost global growth? Or is the bubble ready to burst? And how will the new Fed chair impact the path of US interest rates? We also give our thoughts on the currencies that we think will over and underperform in the coming twelve months.

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The heavily anticipated UK Autumn Budget has come and gone, without causing too much in the way of alarm among market participants. Sterling and gilts actually rallied following the announcement, but what was behind this rather subdued reaction? And what might the budget mean for the UK economy in 2026?

Meanwhile, the Federal Reserve appears almost certain to cut rates again at its December meeting, despite the lack of data releases due to the US government shutdown. We give our thoughts ahead of the meeting, and speculate as to the implications of Kevin Hassett’s potential appointment as the next chair of the FOMC.

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