NEW YORK (CNN/Money) - The dollar made solid gains against the euro in the last trading day of 2004 but still finished the year at a nine-year low against a basket of major currencies.

The euro bought $1.3545, down from $1.3635 late Thursday, in light holiday trade. The dollar fell against the yen, dipping to ¥102.77 from ¥103.03.

The brunt of the dollar's decline in the past few years has been mainly against the euro, as investors fret about the growing size of the U.S. trade deficit. But analysts expect Asian currencies to take on their share of the falling dollar in 2005.

"The issues today have centered on burden sharing in the currency market and when China may revalue (the yuan) between now and various Chinese holidays including the Chinese New Year (on Feb 9)," John Rothfield, currency strategist with Bank of America in San Francisco, told Reuters.

Analysts expect the dollar to continue its slide against both the euro and yen in 2005, as seemingly little is being done to reduce the U.S. trade or budget deficits.

In treasuries, the benchmark 10-year note gained 8/32 to 100-6/32 to yield 4.22 percent, down from 4.26 late Thursday. The 30-year bond rose 22/32 of a point to 108-2/32 to yield 4.83 percent, down from 4.88. Bond prices and yields move in opposite directions.

The two-year traded at 99-27/32 to yield 3.07 percent, while the five-year traded at 99-16/32 to yield 3.61 percent.

Trading was quiet and the market closed esrly -- at 2 p.m. ET -- for New Year's Eve.

Investors await key economic data -- including the nationwide Institute for Supply Management December survey and the government's December payrolls data -- due next week.