LONDON, March 7 Reuters Global shares were broadly steady and the dollar nudged higher on Tuesday, ahead of Federal Reserve Chair Jerome Powell39;s testimony that could offer a steer on the outlook for U.S. rates, while soft Chinese trade data dented oil.

Data showed China39;s exports and imports both fell sharply in JanuaryFebruary, reflecting a slowdown in the global economy and weak domestic demand, knocking Chinese blue chips , while the offshore yuan edged up against the dollar.

Crude shipments into China fell in January and February, stirring concern about demand in the world39;s largest importer, which weighed on the oil price.

Beyond China, investor focus remains on the U.S. interest rate outlook and what Powell may say.

Over the last few weeks, data out of the US has been far more resilient than expected, fuelling bets that the Fed will have to raise rates beyond what was communicated earlier and rates will stay elevated for longer as well, strategists at Saxo Bank said.

Most Fed members have also sounded hawkish, raising the prospect of a shift higher in March dot plot. If a similar message is conveyed by Chair Powell, we could see U.S. Treasury yields rising again and the dollar reversing back to an uptrend, they said.

The MSCI AllWorld index of global shares was marginally in positive territory at 641.60 points, close to Monday39;s twoweek highs.

Yields on benchmark 10year Treasury notes , which have more than doubled in the last 12 months, were last…