US President Trump's public attacks on Fed Chairman Jerome Powell and rumors of a possible early replacement of the chairman have reignited concerns about the independence of the Federal Reserve System. The associated risks undermine investor confidence in U.S. monetary policy and provoke an outflow from the dollar, which has been losing ground for not the first month in a row. Against this backdrop, the euro against the dollar has reached highs since 2021 - markets are looking for support amid political instability in the U.S.A.However, European businesses are once again showing worrying signs. The Corporate Stress Index hit a nine-month high, reflecting the rising risk of defaults, which is not adding to confidence. Companies in the retail and consumer sectors have been particularly affected - the impact of weak demand and hard-to-access credit.Today, the markets will focus on data from the US: durable goods orders, unemployment claims and GDP.