Golden Finance reported that Nomura Securities’ global foreign exchange strategy team said in a research report that the U.S. dollar is likely to strengthen in 2025. The team said key themes heading into next year include the Fed's potential difficulty in cutting interest rates because of stubbornly high U.S. core inflation; and President-elect Trump's tariff policy. Currencies that may underperform in the first half of 2025 may include the Korean won, Thai baht, Singapore dollar, Swiss franc and Swedish krona, while the Indonesian rupiah, Japanese yen and Norwegian krone may have some slightly better performance, the team added.