TD Securities: Even if the Federal Reserve does not cut interest rates, the US dollar may still weaken. "According to a report by Golden Jubilee Data on May 14th, a strategist at TD Securities stated that even if the Federal Reserve does not cut interest rates in the future, the US dollar may still weaken this year. They pointed out that against the backdrop of the stalemate between the United States and Iran and high oil prices, TD Securities no longer expects the Federal Reserve to cut interest rates in 2026, but instead expects interest rates to remain stable. However, strategists emphasize that "we still maintain the forecast path of a downward trend in the US dollar in 2026." They believe that even if the Federal Reserve turns to raising interest rates in the future, its rate hikes may be lower than those of other major central banks. In addition, they expect that once the Strait of Hormuz reopens, the US dollar index will continue to fall below the 98 level.