After the USA released strong employment data last Friday, the USD continued to rise, reaching new highs against various currencies, while the prospect of the Federal Reserve cutting interest rates this year further dimmed. According to FactSet data, earlier today, the USD reached two-year highs of 1.0208 against the Euro and 1.2123 against the British Pound, while the USD index DXY also broke above the two-year high of 110. The US MMF currently expects only one interest rate cut in 2025, and it won't be priced in until September or October. Chris Turner, head of global markets at Dutch International, stated, "The biggest question currently facing the market is whether the Federal Reserve really needs to cut interest rates this year." Turner mentioned that the strengthening of the USD and the rise in US Treasury yields "constitute a stress test for the financial system."