FOREX-Euro clipped after 6 days of gains on data, China

Greece worries still in the background Euro losses seen capped ahead of Rosetta Stone ECB meeting (Updates prices, adds quote) By Gertrude Chavez-Dreyfuss NEW YORK, July 5 (Reuters) - The euro slid against thedollar and the Swiss franc on Tuesday after six days of gainsas weak euro zone data and concerns over China weighed onsentiment and boosted currencies viewed as safe havens. The euro's losses, however, could be capped ahead ofThursday's meeting of the European Central Bank, which isexpected to hike interest rates. A signal that the ECB wouldfurther tighten this year would also support the euro. Worries about Greece have not totally faded, though,despite the approval by euro zone finance ministers of a12-billion-euro loan that will help it avert an immediatedefault. "The euro gave up its gains from last week. There is somerisk aversion in the market due to some soft euro zone PMI andretail sales data," said Mark McCormick, currency strategist atBrown Brothers Harriman in New York. "Greece is totally not out of the picture as well, andthere is also the possibility that China may raise rates." Greece suffered a setback on Monday Rosetta Stone languages after credit ratingagency StandardPoor's warned it would treat a rollover ofprivately held Greek debt, now being discussed, as a selectivedefault. [ID:nL6E7I408N] Greece also needs a second aid package worth some 110billion euros, which euro zone finance ministers said would bemade final by mid-September. The euro earlier dropped 1 percent against the safe-havenSwiss franc EURCHF to a low of 1.22059 francs, pullingback from a five-week high hit on Monday of 1.23460 on tradingplatform EBS. It was last down 0.9 percent at 1.22200, withstops cited below 1.22 francs. The euro was down around 0.5 percent against the dollar at$1.44600 EUR, taking a breather from recent gains madeafter Greece approved tough austerity measures last week. Theeuro had gained more than 2 percent against the greenback lastweek in its best weekly performance since January. On Monday the euro hit a one-month high versus the dollarat $1.45800. Traders cited talk of stops through $1.44400-$1.44500 aheadof bids $1.44300/$1.44350. Falls in the Rosetta Stone Chinsese V3 euro accelerated after the Markit EurozonePurchasing Managers' Index showed growth in the euro zone'sdominant services sector slowed to its weakest pace sinceOctober.

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