By Kevin BucklandTOKYO (Reuters) -The U.S. dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations for a slower pace of interest rate cuts by the Federal Reserve and growing bets of a possible second Donald Trump presidency.The dollar index, which measures the currency against six rivals including the euro and yen, stood at 104.30 as of 0437 GMT, not far from the overnight high of 104.57, a level last seen on July 30.A spate of robust macroeconomic indicators and some hawkish comments from Fed officials have tempered bets for monetary easing over the rest of this year, according to CME Group's (NASDAQ:CME) FedWatch Tool.Expectations for a total of 50 basis points of rate reductions over the remaining two meetings of 2024 dropped to about 66% from about 70% a day earlier, and about 86% a week ago. Traders currently lay 32% odds on a single 25 basis-point cut by year-end, and 2% odds on no change.This week, Kansas City Fed President Jeffrey Schmid said he would prefer to "avoid outsized moves", and Philadelphia Fed President Patrick Harker backed "a slow, methodical approach" to further easing.U.S. 10-year Treasury yields have risen in response, reaching a three-month high of 4.26% overnight.The Japanese yen tends to weaken when U.S. bonds yields climb, and the dollar pushed as high as 153.19 yen on Wednesday for the first time since July 31.The yen got some respite in Thursday's session after Japan's finance minister said officials "are watching exchange-rate moves with heightened vigilance", invoking the risk of intervention. The Japanese currency was last changing hands at 152.17 per dollar.source : investing.com