The global foreign exchange strategy team at Nomura Securities stated in a research report that the US dollar may strengthen in 2025. The team noted that key themes entering next year include the potential difficulty for the Federal Reserve to cut interest rates due to persistently high core inflation in the United States, as well as the tariff policies of elected President Trump. The team added that currencies that may perform poorly in the first half of 2025 could include the Korean Won, Thai Baht, Singapore Dollar, Swiss Franc, and Swedish Krona, while the Indonesian Rupiah, Japanese Yen, and Norwegian Krone may perform slightly better.

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