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Thursday July 8, 2010 - 01:57:12 GMT
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FOREX NEW#S - Euro, high-yielders upbeat as stocks gain

8:34pm EDT

* Euro resistance still seen at May 21 high of $1.2673

* Yen defensive after upbeat day on US stocks

* Dollar also defensive, slips to 3-month low on Swissie

* Aussie firm, awaits jobs data; Asian shares up

By Charlotte Cooper

TOKYO, July 8 (Reuters) - The euro held near a seven-week high against the dollar on Thursday, and just below resistance at $1.2673 seen as a hurdle to further gains, while the yen was in retreat and higher yielders were firm.

An upbeat day on Wall Street after a bullish forecast from financial firm State Street Corp underpinned improved tolerance for risk, which boosted the Australian and the New Zealand dollars against the low-yielding yen and U.S. dollar the day before. [.N]

"It could easily be viewed as a bounce from an oversold market in equities and risk appetite, and most people will see it in that light," said Gregg Gibbs, currency strategist at Royal Bank of Scotland in Sydney.

"But give it some time; they won't be immediately trying to sell it down."

Chartwise, the next target on the euro is its May 21 high at $1.2673, and Gibbs said the short squeeze that has driven it up from a four-year low of $1.1876 in early June may still have further to go.

Still, most analysts in a Reuters poll believe it will stay weak against the dollar over the coming year. The survey of about 60 analysts, taken July 2-7, predicted the euro would fall to $1.24 in one month and $1.20 in three months, then to $1.18 in six months and in mid-2011. [ID:nSLA7IE68E]

The euro was flat from late U.S. trade at $1.2646 EUR= and up 0.2 percent at 111.10 yen EURJPY=R.

The dollar, which has come under pressure in the past week on concerns about the strength of the U.S. economic recovery, fell to a three-month low on the Swiss franc CHF= at 1.0481 francs.

On an index .DXY=USD which measures its strength against six major currencies it slipped slightly to 83.846, after hitting a two-month low at 83.775 on Wednesday.

It gained ground on the yen to 87.92 yen JPY=, up 0.3 percent on the day and edging further off a seven-month low of 86.96 yen hit at the start of the month.

The Australian dollar rose 0.3 percent to $0.8659 AUD=D4 after gaining more than 1 percent on Wednesday.

Against the yen it rose 0.4 percent to 76.11 yen AUDJPY=R after a jump of 1.5 percent on Wednesday.

Australian jobs data for June is due at 0130 GMT, with forecasts for a rise of 17,500 in employment and a jobless rate of 5.2 percent.

The European Central Bank holds a news conference later after its monthly meeting, and will face pressure to say whether Europe-wide stress tests on banks will be tough enough to convince markets of their worth. [ID:nLDE6660PN] (Editing by Joseph Radford)

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