* Disappointing China data revives global demand concerns
* Falling oil, metal prices weigh on commodity currencies
* ECB seen likely to ease but investors ponder extent
* BoE's Carney says Brexit would hurt U.K. economy
(Updates to U.S. trading; changes byline, dateline; previous
LONDON)
By Richard Leong
NEW YORK, March 8 (Reuters) - Weak Chinese trade data stoked
safe-haven demand for the yen and the Swiss franc on Tuesday as
investors shed holdings of stocks and other risky investments on
renewed concerns about a slowing global economy.
Lower oil and industrial metal prices, which had reached
multi-month highs in recent days, added pressure on the Canadian
and Australian dollars and other commodity-sensitive currencies.
China's exports slumped 25.4 percent in February from a year
earlier, the steepest drop since May 2009, while imports dropped
13.8 percent for a 16th consecutive monthly fall.
"If China is in trouble, we are seeing a flight to safety
here," said Stan Shipley, strategist at Evercore ISI in New
York.
Investors prefer the yen and Swiss franc in times of market
volatility and economic worries.
The dollar was down 0.6 percent at 112.68 yen JPY= after
hitting a one-week low of 112.66. The euro slipped 0.5 percent
at 124.36 yen EURJPY= .
The Swiss franc was up 0.2 percent against the greenback at
0.9928 franc CHF= and marginally firmer at 1.0958 franc per
euro EURCHF= .
The Australian and Canadian dollars pulled away from
multi-month highs touched on a rally in commodity prices.
The Aussie fell 0.4 percent to $0.7443 AUD=D4 after
reaching a high not seen since July of $0.7486 on Monday.
The Canadian dollar weakened 0.8 percent to C$1.3384 per
U.S. dollar. It had strengthened to C$1.3262 CAD=D4 on Monday,
its highest since November.
Benchmark Brent crude oil futures LCOc1 hit a three-month
high of $41.48 a barrel before turning lower, to be last down
2.6 percent at $39.78. O/R
Copper retreated further from last week's four-month highs,
and was last down 2.8 percent at $4,861.00 a tonne CMCU3 on
the London Metal Exchange.
The euro's move was limited ahead of a European Central Bank
policy meeting on Thursday, when traders widely expect the bank
will embark on more stimulus to support a wobbly euro zone
economy.
Investors are uncertain how far it will go. Euro bears are
cautious about positioning for bold action, having been badly
burned previously when the ECB disappointed by choosing to take
more modest easing steps. GVD/EUR
The euro was up 0.2 percent at $1.1033 EUR= , holding in a
tight range against the dollar.
Sterling fell 0.6 percent against the dollar to $1.4185
GBP=D4 after Bank of England Governor Mark Carney warned a
potential exit by Britain from the European Union would hurt the
economy and prompt some banks to leave London.