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Nov 7 (Reuters) - The dollar fell on Thursday, holding on to broad earlier losses after the Fed cut rates by 25 basis points to 4.50-4.75%, as expected, while noting that inflation is somewhat elevated.

Federal Reserve Chair Jerome Powell said risks were balanced and will adjust policy meeting by meeting. He added that some downside risks to the economy have diminished, that recent data has been strong and that policy is still restrictive.

The dollar index pulled back from a four-month high and erased half of Wednesday’s post-election surge as long positions were trimmed before the Fed decision.

CNN reported that U.S. President-elect Donald Trump is likely to allow Powell to serve the remainder of his term as the Federal Reserve chair, citing a senior adviser to Trump.

Other central bank policy moves on Thursday were as expected. The Bank of England cut 25bps to 4.75%, Sweden’s Riksbank cut 50bsp to 2.75% and Norway Norges bank left rates unchanged at 4.5%.

The pound gained after BoE Governor Andrew Bailey said future reductions were likely to be gradual as it predicted the British government's first budget would lead to higher inflation and economic growth.

China will continue to implement a supportive monetary policy, according to the central bank.

The euro rose though lagged most other peers amid concerns about regional growth, security and a fractured political coalition in Germany.

The European economy would suffer if Donald Trump enacted his pledges on tariffs and trade barriers, and this could impact European Central Bank policy, Greek Central Bank chief Yannis Stournaras said.

German opposition parties and business groups on Thursday urged Chancellor Olaf Scholz to trigger a new election quickly after his rocky three-way coalition collapsed.

The Aussie dollar led G10 gainers amid surging metal prices.

Treasury yields were down 4 to 7 basis points across tenors. The 2s-10s curve fell about 4 basis points to +12.0bp.

The S&P 500 rose 0.60% amid gains in tech and consumer shares.

WTI oil was up 0.9% as President-elect Trump's policies are weighed and helped by a favorable risk tone.

Gold rose 1.27% amid share gains and a weaker dollar.

Copper soared 4.47% as investors took another look at the impact of Donald Trump's U.S. election victory and hoped for more stimulus from China.

Heading toward the close: EUR/USD +0.67%, USD/JPY -1.18%, GBP/USD +0.83%, AUD/USD +1.69%, DXY -0.73%, EUR/JPY -0.47%, GBP/JPY -0.32%, AUD/JPY +0.50%.

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(Editing by Burton Frierson Reporting by Robert Fullem)

((robert.fullem@thomsonreuters.com;))