An unprecedented two-day surge in Taiwan's currency is the latest leg of a scramble out of the U.S. dollar and signal of disquiet in markets as U.S. President Donald Trump's trade war rattles confidence and disrupts trade relationships.

The Taiwan dollar jumped 8% against the U.S. dollar in two days, an unprecedented surge and another sign that investor demand for the U.S. dollar is weakening amid the trade turmoil triggered by tariffs President Donald Trump announced on April 2.

In the U.S., economic indicators remain mixed. The ISM Services PMI rose to 51.6 in April, and Nonfarm Payrolls surprised to the upside at 177,000, though broader uncertainty around tariffs and Fed policy continues to weigh on the dollar. Markets are still pricing in rate cuts later in the year, albeit at a slightly slower pace than last week.