(Reuters) - The euro fell on Thursday as optimism about policymaker action to address the euro zone debt crisis waned, though most growth-linked currencies held firm after a drop in Chinese inflation increased investor appetite for risk. The euro struggled against Scandinavian currencies as some investors who are anxious about crisis and the region's sluggish growth prospects sought safety. It hovered near 12-year lows against the Swedish crown and was weak near a 9-1/2 year trough against the Norwegian currency. The common currency slipped to $1.2350, well below a one-month high of $1.2443 set on Monday. Stop-loss orders were cited below $1.2290 while offers are in place above $1.2400. Dealers also said a reported option barrier at $1.2450 with expiries at $1.2400 was likely to affect trade. "The euro is finding it increasingly tough to rise above $1.24 given some of the optimism that policymakers can find a solution to the crisis is fading," said Jane Foley, senior currency strategist at Rabobank. "It will be interesting to see if investors have the appetite to hold it above $1.2350." After ECB President Mario Draghi said last Thursday he was determined to save the euro from disintegration and warned markets not to bet against the currency, it had risen from last week's low of around $1.2133. But those gains seemed to be stalling, with the euro also pulled down by weak economic data from across the euro zone. The ECB said in its monthly bulletin there are downside risks to the euro zone's economic outlook with financial market tensions and their potential impact on the real economy posing the main concerns. Indeed, slowing growth as well as elevated borrowing costs for Spain and Italy were likely to see investors sell into any rally in the euro, traders said. NORWEGIAN CROWN AND AUSSIE In contrast to the euro zone, the Norwegian economy was still performing well with firm crude oil prices also helping. The euro was likely to stay under pressure with diversification flows from central banks also aiding Scandinavian currencies, Rabobank's Foley added. The euro last traded at 7.2890 crowns, having fallen to a low of 7.2583 on Wednesday. It has lost nearly 1.7 percent so far this week. Earlier, data showed China's annual consumer inflation fell to a 30-month low in July, suggesting the country's central bank can follow up interest rate cuts in June and July to stimulate the economy. At the same time, Australian employment in July surpassed expectations while the jobless rate surprised with a dip to 5.2 percent. This pushed the Australian dollar to $1.0615, its highest since March 20. It was last up about 0.2 percent at $1.0585. Commodity currencies such as the Aussie are supported by expectations of monetary stimulus either by China or by the U.S. Federal Reserve. The Bank of Japan kept monetary policy steady on Thursday, as widely expected but was more pessimistic in its outlook for exports and output. "The market now assumes that there are semi-official bids at 78.00, but the experience of 2009/10 tells us that Fed QE, provides no real support to dollar/yen. So the support at 77.90/78.00 yen looks vulnerable," Chris Turner, head of currency strategy at ING said in a note.

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