The US dollar is likely to strengthen in 2025, Nomura's global FX strategy team said in a research note. The team said the main themes heading into next year include the Fed's likely difficulty in cutting interest rates due to persistently high core inflation in the US; and President-elect Trump's tariff policies. Currencies that will underperform in the first half of 2025 are likely to include the South Korean won, Thai baht, Singapore dollar, Swiss franc and Swedish krona, while the Indonesian rupiah, Japanese yen and Norwegian krona could see some slightly better performances, the team added.