* Euro down 0.4 pct at $1.3339 EUR=
* Japan on holiday but fear of intervention caps yen
* Dollar still seen pressured as Fed signals more easing
* NZ dollar slides after unexpectedly weak GDP report
By Tamawa Desai
LONDON, Sept 23 (Reuters) - The euro fell on Thursday as concerns mounted about European economic recovery, coming off a five-month high hit against the dollar the previous day after the U.S. central bank had signalled more monetary easing.
A survey of purchasing managers showed growth in the euro zone slowed in September [ID:nSLANKE6DL] [ID:nSLAMKE6DH] while euro zone peripheral bond yield spreads widened against German counterparts [ID:nLDE68M0M4] [ID:nLDE68M0M4].
"The market is disappointed with the PMI survey, which has cast doubt over the European recovery," said Roberto Mialich, currency strategist at Unicredit in Milan.
"The market is struggling between two forces -- the Fed and slower European growth -- and investors are going to follow the driver of the moment so trade will remain choppy."
By 0932 GMT, the euro fell 0.4 percent to $1.3334, triggered by selling from Asian accounts, traders said. That level was near the August high, so a sustained break below that level could indicate further retracement.
Still, the euro was expected to remain above its 200-day moving average near $1.3208 on Thursday after breaking above it the previous day, climbing to $1.3441 EUR= on trading platform EBS, its highest since April.
On the upside, the next target was seen at $1.3510, the 50 percent retracement of its fall from $1.5145 last November to its June low of $1.1876.
The euro also fell from a one-month high to trade down 0.5 percent at 112.60 yen EURJPY=R.
Against the yen, the dollar was steady at 84.47 yen JPY= after falling to 84.27 yen, its weakest since Tokyo intervened in the currency market last week for the first time in six years. Markets in Tokyo were closed on Thursday for a national holiday.
"The yen would be a lot stronger if not for intervention and the threat of intervention," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.
"The drop in short-term U.S. yields is more consistent with 80 yen rather than 85 yen," he said, adding Japanese authorities would likely come into the market again at around 82-83 yen.
Two-year Treasury yields US2YT=RR hit an all-time low of 0.407 percent on Wednesday.
PDF on Japan's yen intervention r.reuters.com/fac44p
Japanese Prime Minister Naoto Kan is set to meet U.S. President Barack Obama on Thursday for the first time since Tokyo took action in the currency market on Sept. 15, when the dollar fell to a 15-year low of 82.87.
Obama will also meet Chinese Premier Wen Jiabao, who pushed back against pressure to revalue the yuan as U.S. lawmakers threatened to penalise China. [ID:nN22259575]
Chinese markets were closed on Wednesday. The yuan CNY=CFXS extended a rally on Tuesday to nine days, rising the most in that period since January 2008.
The New Zealand dollar fell 1.4 percent against the U.S. dollar NZD=D4 and slid to a five-month low versus the Australian dollar AUDNZD=R as data showed the country's economy grew just 0.2 percent last quarter, far below expectations.
(Editing by Ruth Pitchford)