By Gertrude Chavez-Dreyfuss NEW YORK, July 5 (Reuters) - The euro fell against the dollar and Swiss franc on Tuesday after six straight days of gains as weak euro zone data and concerns over China weighed on sentiment and pushed investors toward currencies viewed as safe havens. Worries about Greece have not totally faded despite the approval by euro zone finance ministers of a 12 billion euro loan that will help it avert an immediate default. Greece suffered a setback on Monday after credit rating agency Standard & Poor's warned it would treat a rollover of privately held Greek debt, now being discussed, as a selective default. [ID:nL6E7I408N] The country also needs a second aid package worth some 110 billion euros, which euro zone finance ministers said would be made final by mid-September. "The euro gave up its gains from last week. There is some risk aversion in the market due to some soft euro zone PMI (purchasing managers' index) and retail sales data," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "Greece is totally not out of the picture as well, and there is also the possibility that China may raise rates." The euro earlier dropped 1 percent against the safe-haven Swiss franc EURCHF=EBS to a low of 1.22059 francs, pulling back from a five-week high hit on Monday of 1.23460 on trading platform EBS. It was last down 0.8 percent at 1.22290, with stops cited below 1.22 francs. The euro zone common currency was down around 0.4 percent against the dollar at $1.44850 EUR=EBS, taking a breather from recent gains made after Greece approved tough austerity measures last week. The euro had gained more than 2 percent against the greenback last week in its best weekly performance since January. On Monday the euro hit a one-month high versus the dollar at $1.45800. Traders cited talk of stops through $1.44400-$1.44500 ahead of bids $1.44300/$1.44350. Falls in the euro accelerated after data showed growth in the euro zone's dominant services sector slowed to its weakest pace since October. Euro zone retail sales data was also lower than forecast, all of which tempered investor appetite for riskier currencies.[ID:nL9E7I4005] [ID:nLDE7640H3]. Chinese media reports about a possible rate rise in China this weekend and a report by rating agency Moody's saying the scale of problem loans to local governments in China may be much bigger than previously thought also hurt risk appetite. [ID:nL3E7I507Y] "Heightened negative sentiment over China's growth outlook following Moody's raising concerns over the Chinese banking sector has contributed to an overall pick-up in risk aversion, which has helped the dollar pick up a bid," said Lee Hardman, currency strategist at BTM-UFJ in London. The U.S. dollar meanwhile, received additional overall support against the Australian dollar after the Reserve Bank of Australia kept its key cash rate unchanged at 4.75 percent, citing sluggishness in the economy outside the booming mining sector. The Aussie dollar slipped below its 55-day moving average to as low as US$1.0664 AUD=D4, its lowest since June 29, before recovering to US$1.0701, down 0.3 percent for the day. Against the yen, the dollar rose 0.4 percent to 81.050 JPY=EBS but stayed stuck in its 79.800-81.300 yen range of the past few weeks. (Additional reporting by Neal Armstrong in London; Editing by Padraic Cassidy)

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