LONDON, Nov 24 Reuters The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve39;s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.

The eagerly awaited readout of the Nov. 12 meeting showed officials were largely satisfied they could now move in smaller steps, with a 50 basis point rate rise likely next month after four consecutive 75 basis point increases.

The Fed will be happy to move rates by 50 basis points in December and 25 basis points from the first meeting next year, said Niels Christensen, chief analyst at Nordea, noting that the Fed will still feel it needs to do more to bring inflation down.

As long as the Fed see a stronger labour market, they don39;t have a big concern about tightening, Christensen said.

The dollar index , which measures the greenback against six major peers, was little changed at 105.93, after sliding 1.1 on Wednesday.

The Fed has taken interest rates to levels not seen since 2008 but slightly coolerthanexpected U.S. consumer price data has stoked expectations of a more moderate pace of hikes.

Those hopes have seen the dollar index slide 5.1 in November, putting it on track for its worst monthly performance in 12 years.

There are not that many dollar buyers around these days after the correction higher in eurodollar in the first half of November, Nordea39;s Christensen added.

In Europe, the focus was set to turn…