On the last trading day of 2024, the USD further increased, reaching its highest level since November 2022. The New Zealand Dollar and Australian Dollar lagged behind other currencies. The Bloomberg USD Index rose by 0.4%, with an annual increase close to 8%, marking its best annual performance since 2015, driven by a robust US economy and the expectation that the incoming president, Donald Trump’s tax cuts and tariff policies would keep interest rates high. In 2024, the USD appreciated against all major currencies, with the New Zealand Dollar, Norwegian Krone, and Japanese Yen showing the largest declines against the USD. "Many of Trump's early policies will be bullish for the USD at the beginning of 2025," said Jayati Bharadwaj, currency strategist at TD Securities, adding, "In the second half of 2025, we expect the Federal Reserve to resume easing policies, which could provide a turning point for a strong USD, especially as other central banks have already paused their easing policies." Data shows that market participants, such as hedge funds and asset management companies, have raised their bets on USD appreciation to about 29.8 billion USD. This is the most bullish level for the USD since April.