The US dollar (USD) weakened on Thursday (4/24) as a mix of mixed economic data, dovish Federal Reserve (Fed) signals, and unclear US-China tariff messages rattled market sentiment. After testing highs near 100.00 earlier in the day, the US Dollar Index (DXY) reversed course and was last seen hovering around 99.41, down 0.37%.

Investors recalibrated expectations after US President Donald Trump and Treasury Secretary Scott Bessent rejected claims of unilateral tariff cuts on Chinese goods. While Trump hinted at potential tariff relief if talks resume, Chinese officials reiterated that no negotiations are underway at this time, demanding reciprocal tariff removals before dialogue resumes.

Fed officials added further intrigue. Cleveland Fed President Beth Hammack stressed caution but acknowledged the potential for an interest rate adjustment as early as June. Meanwhile, Governor Christopher Waller warned that companies remain hamstrung by uncertainty caused by tariffs, hinting at broader economic impacts.

Daily Market Movers: US Data Gets More Mixed

Durable Goods Orders Surprise with a 9.2% Jump, Led by Aircraft Orders, Though Core Orders Stay Flat.

Initial Jobless Claims Rise to 222K; Continuing Claims Fall to 1.841M, Adding to Mixed Labor Signals.

Trump and Bessent Reiterate That No Unilateral Tariff Cuts Are on the Table, With China Demanding Full Tariff Removal Before Talks.

Fed Officials Leave the Door Open to a Rate Cut in June If Recession Signals Increase, Fanning Investor Hopes for Easing.

US Stocks Initially Jump on Optimism Before Paring Gains; Gold Holds Higher Above $3,300 as Yields Fall.(Newsmaker23)

Source: FXstreet