LONDON (AFX) - The dollar was steady against the yen in early trade following yesterday's gains on the back of the Bank of Japan's latest round of intervention, dealers said. "We had quite a big move yesterday, and at one point we saw the dollar at 120 usd, but it's gradually come off those levels," 4Cast currency strategist Paul Bednarczyk said. Dealers said market participants are awaiting the release of key US indicators for September this afternoon. The University of Michigan final consumer confidence figures is due out at 2.45 pm, while the Chicago Purchasing Managers Index is scheduled for release at 3.00 pm. "Confidence is the thing that people are looking at, even if the numbers are a bit backward-looking," Bednarczyk said. WestLB currency strategist Michael Klawitter noted that expectations that the US Federal Reserve will cut interest rates on Tuesday, perhaps by another 50 basis points, will continue to support the dollar. Dealers said the euro is benefiting both from the view that the European Central Bank too will cut rates before long and the stabilisation of equity prices.