FOREX-Early rush to safe haven currencies peters out, markets back to thinking about Fed

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Risk off tone in Asia eases in European trading

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Eyes on US private payrolls data

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Sterling pinned near 7-month low ahead of BoE meeting

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Riksbank does little for crown

(Updates with European trading)

By Kevin Buckland and Alun John

TOKYO/LONDON, Nov 5 (Reuters) - Risk aversion blew through foreign-exchange markets in Asia on Wednesday, but had all but dissipated by the end of the European morning, with the safe-haven yen and Swiss franc erasing gains and most currencies broadly steady.

The yen gained as much as 0.5% at one point, before last trading flat at 153.62 per dollar. The franc likewise climbed 0.3% versus the dollar at one point, but was last steady at 0.8099 francs to the greenback.

The risk-off wave that hit Wall Street overnight swept through Asian equity markets, triggering losses of as much as 4.7% for Japan's Nikkei and as much as 6.2% for South Korea's KOSPI. U.S. losses were triggered by a tech-led sell-off as worries about stretched valuations spiralled into a rush for the exits.

But that too faded in Europe, with shares down around 0.2% and U.S. share futures also about 0.2% softer.

US PRIVATE PAYROLLS DATA

That left investors looking ahead to U.S. private payrolls data later in the day. While that normally does not have a long-term impact on markets, with non-farm payrolls data cancelled due to the U.S. government shutdown it will take on greater significance this month.

There is also services activity data due, and either "could impact FX and bonds if the data causes expectations around the Fed to shift", said Kenneth Broux, head of corporate research FX and rates at Societe Generale.

The Federal Reserve cut rates by 25 basis points as expected last month, but Chair Jerome Powell said the absence of economic data would make the central bank more cautious about cutting rates again in December.

The euro was steady at $1.1491, holding below the notable $1.15 level it dropped through on Tuesday to its lowest since August 1.

That left the dollar index at 100.16, stalled ahead of 100.35, its 200-day moving average, which Broux said was a "pivotal" technical level.

BANK OF ENGLAND TO MEET ON THURSDAY

Sterling steadied after its recent selloff, last up a touch on the day on the dollar at $1.3041, but still near multi-month lows on the dollar and multi-year lows on the euro.

The Bank of England meets on Thursday, and with market pricing showing a roughly one-in-three chance of a 25 basis point rate cut, whatever the BoE decides could cause a knee-jerk reaction in the pound.

Sweden's Riksbank's decision to hold rates steady, as expected, did little for the Swedish crown, which was marginally softer at 11.01 per euro and 9.58 per dollar.

Norway's central bank was also scheduled to meet on Thursday.

Leading cryptocurrency bitcoin rose 2% to around $102,400, after bouncing back from earlier losses. It slid 6.1% on Tuesday to below $99,000 for the first time since June 22. (Reporting by Kevin Buckland; Editing by Sam Holmes, Kim Coghill and Alex Richardson)