* Euro dips 0.2 pct to $1.2345 <EUR=>
* Swiss franc hits record high against euro
* G20 little impacted on FX as meeting yield no surprise
(Updates prices, changes byline)
By Dominic Lau
LONDON, June 28 (Reuters) - The Swiss franc hit a record
high against the euro on Monday, helped by comments from a Swiss
central bank broad member, while the dollar recovered after
faltering in Asia on concerns about U.S. economic recovery.
Swiss National Bank broad member Jean-Pierre Danthine was
quoted in the l'agefi newspaper as saying deflationary risks
have disappeared and Swiss exports have proven to be robust
despite a stronger currency. []
The market showed little reaction to a G20 leaders' summit
where they agreed to take different paths to cutting budget
deficits, a reflection of the uneven and fragile economic
recovery in many countries. []
"The market is not taking too many aggressive positions
right now, just waiting for the next chapter of the global
growth story," said Chris Turner, head of forex strategy at ING.
U.S. non-farm payrolls due on Friday will add more clarity
on the state of the world's largest economy after data showed on
Friday that its growth in the first quarter was slower than
previously reported, while China's PMI data is due on Thursday.
By 1122 GMT, the euro fell 0.7 percent to 1.3426 franc
<EURCHF=> after falling to a low of 1.3413. Danthine's comments
came after the SNB had backed off a pledge to fight excessive
appreciation of the franc earlier this month.
ING's Turner said uncertainty caused by a weaker Romanian
leu <EURRON=> also put pressure on euro/swissie. Romania's
government said it would raise value added tax, increasing
concerns about the country's political stability and economic
recovery.
The single currency eased 0.2 percent from late U.S. trade
on Friday at $1.2345 <EUR=>. Near-term resistence was seen at
$1.2490, the high struck on June 21, with support forming around
Friday's low of $1.2254.
Option barriers were cited around $1.2400, traders said.
The dollar index <.DXY>, which tracks the performance of the
greenback versus a basket of six other major currencies, drifted
0.1 percent higher to 85.417, holding above last week's low of
85.09, which was seen as near-term support.
A fall below that level would take the index to its weakest
since mid-May. Support below that was seen near the 55-day
moving average at 84.80.
Against the yen, the dollar was at 89.33 yen <JPY=>, not far
from a five-week low of 89.21 hit on Friday after first quarter
U.S. growth data was revised down. Japanese corporate yen demand
at the month-end may also underpinned the yen.
The latest data from the Commodity Futures Trading
Commission showed currency speculators slightly trimmed bets on
the greenback and went long on the yen in the week to June 22.
Net euro short positions against the dollar increased. []
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Graphic on net U.S. dollar long positions
http://graphics.thomsonreuters.com/10/CFTC_CURR.html
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The euro also faces downward pressure this week from
political uncertainty stemming from Germany's presidential
election and potential funding tensions as the European Central
Bank's one-year loans worth 442 billion euros expire.
(Graphics by Scott Barber)
(Additional reporting by Tamawa Desai; editing by Toby
Chopra)
