* Aussie dollar erases gains after RBA hikes as expected
* Euro, dollar, yen broadly steady in wait for Fed, others
* Japanese markets closed for holiday
By Charlotte Cooper
TOKYO, Nov 3 (Reuters) - The dollar hung fire on Tuesday ahead of several central bank meetings this week, while the Australian dollar erased early gains after its central bank raised rates but left investors pondering the timing of its next move.
The Aussie dollar initially rose in trade thinned by a Tokyo market holiday. It then slipped after the Reserve Bank of Australia (RBA) lifted its cash rate for the second month running, taking it to 3.5 percent from 3.25 percent as expected but leaving the market guessing if it would hike again as soon as December.
"All in all, the statement remained consistent with a softly softly approach and there was absolutely no sense the RBA will become more aggressive and hike by 50 basis points any time soon," Sue Trinh, currency strategist at RBC Capital Markets in Sydney, wrote in client note.
"Indeed, there is already much speculation that a December rate hike is not a done deal."
Markets were still pricing in the chance of a 25 basis point increase in December, albeit a reduced chance.
Australia became the first G20 nation to raise rates since the global credit crisis blew up and expectations of further tightening and rosier growth outlook than elsewhere have kept its dollar on a broad uptrend since March.
It was quoted at $0.9025, slightly down from $0.9042 in late U.S. trade on Monday, and eased against the yen, slipping 0.2 percent on the day to 81.43 yen.
Commodity currencies rose early in the session after news the International Monetary Fund had sold 200 tonnes of gold to the Reserve Bank of India, executing half of a long-planned sale that had threatened to slow gold's rally. Gold itself rose towards a record high hit last month.
The dollar index slipped 0.2 percent on the day to 76.115, but was holding well above October's 14-month low of 74.94.
The U.S. Federal Reserve starts its two-day meeting on Tuesday and, while it is expected to keep rates unchanged, there is speculation that it might drop or alter its pledge to keep rates low for an "extended period"..
Andrew Robinson, currency strategist at Saxo Capital Markets in Singapore, said he doubted the Fed would change its tone.
"I don't think the recovery is strong enough for them to warrant that and I don't think they want to pre-empt it or cut it off in its infancy," he said.
The euro edged up 0.2 percent to $1.4795. Robinson noted the euro had risen to about $1.4845 on Monday but that level was becoming an area of resistance.
"If we can't take it out in the next couple of days then I think we're back down to the low 1.47s again," he said.
The euro also rose 0.2 percent against the yen to 133.60 yen, while the the yen was unchanged against the dollar, holding at 90.35 yen per dollar.
Markets are looking for clues from other central banks about when stimulative policy may have to come to an end.
The European Central Bank meets on Thursday. No rate change is expected and few expect it to offer clues on when it might change tack.
The Bank of England meets the same day and the market is waiting to see if it tops up its quantitative easing programme after the economy unexpectedly contracted between July and September.
"We have a slew of central bank meetings starting today. It's going to be a bit uncertain and nervous, and under the circumstances a bit of range trading," Robinson said. (Editing by Tomasz Janowski)