Guotai Junan i research reports state that the recent performance of the US dollar has been somewhat unexpected. The fourth quarter is usually a weak period for the US dollar, but since October, the US dollar has been rapidly rising. From an interest rate perspective, US bond rates have rebounded across the board recently, with expectations of a significant Fed rate cut cooling down, which has become a sign of the US dollar's strength. The factors influencing the US dollar mainly come from two aspects. Firstly, the performance of the US economy has been significantly better than expected, especially after the September non-farm payroll data was released, leading the market to further reduce expectations of rate cuts later in the year. Another factor is that the market had previously overly speculated on rate cut trades. In the initial stages of rate cut trades, a large accumulation of positions can lead to a rapid decline in interest rates. However, if such trades become overly concentrated, they may bring about significant backlash effects when the trades reverse.