LONDON, Nov 24 Reuters World shares touched a twomonth high and the dollar swooped towards a threemonth low on Thursday, after Federal Reserve meeting minutes pointed to a slower pace of U.S. interest rate rises from next month.

With Wall Street shut for Thanksgiving, it was up to Europe to continue the rebound in market confidence that has been building for more than a month.

It seemed a bit of a struggle early on as London39;s FTSE slipped 0.1, but there were just enough gains in the rest of Europe and in Asia overnight to ensure things kept shuffling forward.

MSCI39;s 47country index of world stocks touched its highest since midSeptember, while German and British government bond yields, which drive Europe39;s borrowing costs, fell to their lowest since October and September respectively.

The Federal Reserve minutes signalled that some sensible voices are trying to drown out Fed Chair Powells relentless 39;hike, hike, hike39; chant, said UBS Chief Economist Paul Donovan.

A substantial majority of Fed policymakers had agreed it would likely soon be appropriate to slow the pace of interest rate rises, the minutes released on Wednesday showed, although various participants had also said rates might need to go somewhat higher than they had previously expected.

Futures markets show investors now expect U.S. rates to peak just above 5 by next May and are pricing in a roughly 75 chance that the Fed switches to 50 basis point rises rather than the 75 bps it has been…