REUTERS, Singapore

The dollar slipped on the last trading day of the year on Tuesday but was poised to clock strong gains in 2024 against almost all currencies as investors prepared for fewer US rate cuts and the incoming Trump administration.

The dollar’s ascent, buoyed by rising Treasury yields, pushed the yen toward its lowest levels since July on Monday at around 158 per dollar.

The US currency fell against the yen on Tuesday, however, and was last down 0.14 percent at 156.65 yen. Nonetheless, the yen was on course for a 10 percent drop in 2024, its fourth straight year of decline against the dollar.

Japanese markets are closed for the rest of the week, and with most markets closed on Wednesday for the New Year’s Day holiday, volumes are likely to be razor thin.

The dollar index , which measures the US currency versus six other major units, was down 0.12 percent at 107.92, just off a two-year high.

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