Mitsubishi UFJ Financial Group foreign exchange analyst Lee Hardman stated that the dollar is expected to strengthen in the first half of 2025, boosted by the possibility that U.S. President-elect Trump may quickly implement tariffs and the limited outlook for Federal Reserve rate cuts. More preliminary tariff increases support the bank's forecast for further strengthening of the dollar in the first half of this year. Furthermore, the Federal Reserve sent a clear signal last December that they would be much more cautious about further rate cuts this year. In contrast, other major central banks are expected to continue cutting rates, and this divergence could lead to further strengthening of the dollar in the short term.