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The U.S. dollar (USD) was slightly stronger on Friday as investors digested conflicting messages from the United States and China regarding potential tariff negotiations. Despite President Trump’s suggestion that talks are still ongoing, Beijing has explicitly denied that there are any current negotiations. This divergence has injected volatility into the market, although the U.S. dollar has retained its advantage, with the U.S. Dollar Index (DXY) up around 0.37% at the time of writing, approaching the 99.65 area.
Despite a data-thin period ahead of the May 7 Federal Open Market Committee (FOMC) meeting, market participants remain focused on potential catalysts. Reports have suggested China may suspend some tariffs on U.S. goods such as medical equipment, though Chinese officials have denied any formal tariff discussions. Meanwhile, Cleveland Federal Reserve Bank President Beth Hammack said a rate cut could come in June, depending on incoming data.
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