I just checked in Aspire, and it looks like Ellipses are output as a series of short straight movements.
In Aspire, I can fit arcs to the ellipse, which gave me G2/G3 moves. But, I don't think Cut2D has this option, though.
Another option is to find a CAD program that can draw an ellipse as arcs, and import it into Cut2D. I can do this with AutoCAD.