Nomura Securities' global foreign exchange strategy team said in a research note that the dollar is likely to strengthen in 2025. The team said that the main themes heading into next year include the Federal Reserve's difficulty in cutting interest rates due to high core inflation in the United States; and President-elect Trump's tariff policy. The team added that currencies that may perform poorly in the first half of 2025 may include the Korean won, Thai baht, Singapore dollar, Swiss franc and Swedish krona, while the Indonesian rupiah, yen and Norwegian krone may have some slightly better performance. (Jinshi)