Nomura Securities: The US dollar is expected to strengthen in 2025

The global foreign exchange strategy team at Nomura Securities stated in a research report that the US dollar may strengthen in 2025. The team said that the main themes for next year include the Federal Reserve possibly having difficulty cutting interest rates due to persistently high core inflation in the United States; and President-elect Trump's tariff policy. The team added that currencies which might perform poorly in the first half of 2025 could include Korean Won, Thai Baht, Singapore Dollar, Swiss Franc and Swedish Krona, while Indonesian Rupiah, Japanese Yen and Norwegian Krone might have slightly better performance.