The dollar steadied on Thursday after slipping for two sessions on growing signs that after 12 straight interest rate rises the Federal Reserve may be nearing the end of its tightening cycle. The dollar has slipped further from two-year highs since minutes on Tuesday from the Fed's meeting in November suggested that some policy-makers were less concerned about inflation and more wary of allowing interest rates to rise too high. But traders said that with an expected euro zone rate rise in December not likely to herald an extended tightening campaign, and the Bank of Japan seen keeping short term rates near zero until well into 2006, the dollar's rate advantage was intact. ''The dollar's bullish trend hasn't changed,'' said Tatsuro Karitani, senior forex trader at Mizuho Corporate Bank. Trade was thin as Tokyo dealers eased back into the market after a holiday on Wednesday and with U.S. markets closed for Thanksgiving on Thursday. Germany's Ifo survey of business sentiment is due at 0900 GMT. The index is expected to come in at 98.6 for November, versus 98.7 in the previous survey. The data on the euro zone's largest economy will be closely watched, given that the path of euro zone interest rates after an expected boost on Dec. 1 would likely depend on the durability of the region's fragile economic expansion. In early Asian trade, the euro was buying $1.1815, slightly down from its late level in New York trade on Wednesday, when the single currency hit its highest in three weeks around $1.1865. The dollar was little changed around 118.70 yen, below last week's 27-month high of 119.58 yen. Traders said the dollar could stay well supported until the end of 2005 as U.S. companies take advantage of a one-time tax break to repatriate foreign earnings into dollars at a lower than usual tax rate under the Homeland Investment Act. ''You can expect the HIA flows to kick in whenever we get a move lower in the dollar like over the last couple of days,'' said Nobuaki Kubo, forex planning manager at Resona Bank.