Recently, the US dollar has been performing quite strongly. The US Dollar Index surged to 99.091, hitting a four-week high, with a daily increase of 0.1%. What is the driving force behind this? On one hand, US Treasury yields are slightly rising, which typically attracts capital into dollar assets. On the other hand, the market is closely watching the upcoming December non-farm payroll data, which could play a key role in shaping monetary policy expectations for 2026.

There is also an important variable not to be overlooked—the US Supreme Court is about to make a ruling on a tariff issue. This involves the authority to impose tariffs without Congressional approval. Once the ruling is announced, it could have a substantial impact on exchange rate movements. Currently, investors are waiting to see how this policy game will ultimately unfold. For those holding dollar assets or paying attention to the dollar's trend, these economic data and policy developments are worth closely monitoring.