Dollar stays resilient, Asia shares dip in thin trade

Asia shares eased in holiday-thinned trade on Thursday, trimming some of their gains from earlier in the week, while the dollar rose alongside US Treasury yields. As the year-end approaches, trading volumes have begun thinning out and the main focus for investors remains the Federal Reserve's rate outlook. Markets in Hong Kong, Australia and New Zealand were closed for a holiday on Thursday. Since Fed Chair Jerome Powell primed markets for fewer rate cuts next year at the central bank's last policy meeting of the year, traders are now pricing in just about 35 basis points of easing for 2025. That has in turn lifted US Treasury yields and the dollar, with the greenback's renewed strength a burden for commodities and gold. The benchmark 10-year yield ticked up 2.6 basis points to 4.613% and is up roughly 40 basis points for the month thus far. The two-year yield similarly firmed to 4.3489%.