The Globe and Mail reports in its Saturday edition that on Friday, U.S. President Donald Trump announced Kevin Warsh would be the next chair of the U.S. Federal Reserve. The Globe's Mark Rendell writes the news sent equities and the price of gold sharply lower. The oversized moves have largely been a U.S. dollar story, with the greenback hitting a four-year low against a basket of other currencies this week. The U.S. dollar had been on a downward trend against other currencies through 2025. The greenback fell as the Fed cut interest rates and global investors hedged against U.S. assets due to erratic policies in Washington and better performance in non-U.S. markets. This decline accelerated this month after Mr. Trump threatened to annex Greenland and impose new tariffs on Europe. "Fears started to spread that the EU countries could start either reducing their [U.S.] asset base or at minimum start increasing hedges, and that contributed to some increased hedging activity throughout the marketplace," said CI Global Asset Management's Lorne Gavsie. Currency markets were jolted last week when the New York Fed checked Wall Street banks on the Japanese yen's price, a move that typically precedes significant market actions.