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Monday August 2, 2010 - 10:06:56 GMT
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FOREX NEWS - Dollar hurt by data, Aussie at 3-mth high

5:56am EDT

* Dollar index dips to fresh 3-month low

* Aussie, kiwi dollars rise as global shares climb

* Analysts say better risk sentiment may not last

(Adds quote, updates prices)

By Neal Armstrong

LONDON, Aug 2 (Reuters) - The dollar index hit a three-month low on Monday, hurt by worries that the U.S. economy's recovery is losing steam, while the high-yielding Australian dollar reached a three-month high, buoyed by a rise in equities.

The dollar has been hobbled by concerns over the U.S. economy after recent economic data undershot market expectations, while European numbers and many company results have been stronger -- keeping investors buying riskier assets.

Results from HSBC and BNP Paribas helped risk sentiment on Monday, as European shares rose close to 2 percent. .FTEU3

Analysts said the perceived better risk sentiment outside of the United States was unlikely to be maintained if the world's biggest economy continues to underperform.

"We're seeing a disconnection as U.S. data stays weak yet risk appetite is strong. Weak U.S. data will translate into risk aversion at some point," said Tom Levinson, fx strategist at ING.

The dollar index, which measures the greenback's value against a basket of currencies, hit a three-month low of 81.354 .DXY, dipping below support near 81.44, which is roughly a 50 percent retracement of its November to June rally.

"A close below the 50 percent retracement level would open up a move to the 200-day moving average at 80.70. There is slight potential for further dollar weakness," said Michael Hewson, analyst at CMC Markets.

Latest CFTC positioning data showed the biggest accumulation of net dollar short positions from speculators since December 2009 [ID:nN30211179]. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For an overview of CFTC FX positioning data, click on ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

At 0945 GMT, the euro was up 0.2 percent from late U.S. trading on Friday to $1.3071 EUR=, near a three-month high of $1.3107 marked last week.

Key resistance was at $1.3125, the 38.2 percent retracement of the fall from late November to early June, while options traders noted barriers in place at $1.3200, $1.3250 and $1.3300, said to expire from the end of August into early September.

Sterling hit a 5-1/2 month high versus the dollar GBP=D4 of $1.5813 and managed to outpace the euro EURGBP=D4, rising to a 4-week high of 82.64 pence.


The dollar also fell against the high-yielding Australian and New Zealand dollars, with the Aussie hitting a three-month peak at $0.9136 AUD=D4. They were buoyed by gains for global equities which, measured by MSCI, rose 0.9 percent .MIWD00000PUS.

The yen slipped broadly and pulled back a bit from an eight-month high versus the dollar hit late last week.

The dollar edged up 0.3 percent to 86.75 yen JPY=. It had struck an eight-month low of 85.95 yen after U.S. GDP data on Friday showed growth slowed to a 2.4 percent annual rate in the second quarter. (Editing by Stephen Nisbet)

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