The US dollar is trading mostly firmer but quietly in what could be a volatile North American session. It is not just about the US data, of which there is plenty—including the PCE deflator and the first look at Q4 GDP, the preliminary February PMI and the University of Michigan’s final February reading on consumer confidence. The Supreme Court will hand down some decisions today and it possible that rules on the president’s use of emergency powers to impose...

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Two years on from the Digital Services Act’s full implementation, our Data & Technology team looks at recent developments and what’s to come in 2026. Following a lengthy learning and implementation period for providers, the European Commission and national regulators are now gearing up for enforcement of the Digital Services Act (DSA). Later this year, we expect ‘vetted’ researcher access and the protection of minors to be the focus. Notable developments from year two The first DSA fine Online platform X was fined €120 million for...

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The European Banking Authority (“EBA”) has published a new opinion EBA/OP/2026/01 of February 12, 2026 (the “Opinion”), establishing the supervisory expectations and scenarios applicable to crypto-assets service providers (“CASPs”) supplying payment services using electronic money tokens (“EMTs”) once the transitional period ends on March 2, 2026, as established in the EBA’s No Action letter to the national authorities in June 2025 (“No Action Letter,” EBA/Op/2025/08). For more information on the No Action Letter, see our Legal Flash | EBA No Action Letter on the interaction between MiCA and PSD2. In this Opinion, the EBA identifies three...

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