The dollar, equities and other risk assets are rallying Thursday after a three-judge panel late Wednesday unanimously declared illegal most of President Trump's tariffs imposed since he took office, including all the tariffs announced on April 2"Liberation Day." That is the day everyone squinted at the board Trump held up in the Rose Garden listing countries and big percentages beside them representing planned new"reciprocal" tariffs. The Manhattan-based Court of International Trade said Trump exceeded his authority when he cited the trade gap as a national emergency that allowed him authority ordinarily granted to Congress. The court also said firms that already paid the tariffs must be paid back.

The decision leaves uncertainty about ongoing trade talks involving the US, China, EU and many others. Trump has already appealed the decision and presumably it is headed to the Supreme Court, which has already shown a significant tendency to cede power to the president. Also note that many of the tariffs imposed by the president, including 25 percent taxes on autos, were based on other laws, and are not likely to be touched by the court ruling.

Among data releases, the headliner at 8:30 am ET is the first revision for US GDP for Q1. The Econoday consensus looks for no revision from minus 0.3 percent as surging imports depressed growth.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.