According to Jinshi Data, Nomura Securities' global foreign exchange strategy team said in a research report that the US dollar may strengthen in 2025. The main reasons include the difficulty of the Federal Reserve in cutting interest rates and high core inflation in the United States.
The team noted that currencies that could underperform in the first half of 2025 include the Korean won, Thai baht, Singapore dollar, Swiss franc and Swedish krona, while the Indonesian rupiah, Japanese yen and Norwegian krone could perform slightly better.