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NEW YORK/LONDON, Oct 8 - The dollar held steady near seven-week highs against major currencies on Tuesday as investors assessed the outlook for further U.S. rate cuts, with concerns about the conflict in the Middle East and China's economy lending support.
Traders have shifted their expectations of monetary easing from the U.S. Federal Reserve this year. A strong jobs report last week gave credence to Fed Chair Jerome Powell's comments that the central bank would stick to its usual quarter-percentage-point rate reductions after it began its easing cycle with September's big cut.
That has helped the currency surge to multi-week highs against the euro, sterling and the yen. The yen, however, clawed back some of the losses on Tuesday as rising geopolitical worries led investors to a flight towards safe-haven assets."If soft enough, Thursday's CPI update could eventually help calming the Fed doves' nerves and prevent the U.S.
Meanwhile, the Chinese yuan dropped against the dollar, while stock markets returned with a strong open after a week-long holiday break, but finished well off their highs as a lack of detail dented optimism around stimulus measures.
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