* Aussie near 3-month lows vs USD
* Seen to test parity
* Kiwi hovers around 1-month trough vs USD
By Gyles Beckford and Cecile Lefort
WELLINGTON/SYDNEY, Oct 8 (Reuters) - The Australian and New Zealand dollars traded with a heavy tone near multi-week lows on Monday and looked vulnerable amid persistent concerns about the outlook for the global economy despite better-than-expected U.S. jobs data last week.
The market was generally subdued with Japan and the United States shut for a holiday and China returning from a week-long break.
The Aussie was nursing hefty losses at $1.0165, having dipped as low as $1.0150, its weakest in nearly three months. It pierced key support of $1.0165, the September low, with the next big level seen around $1.0150.
Against the euro, the Aussie was pinned down near four month lows at A$1.2781 , not far from Fridays' four-month peak of A$1.2824.
"The Aussie has underperformed against a lot of currencies of late and that does reflect a shift in fundamentals," said Greg Gibbs, a strategist at Royal Bank of Scotland in Singapore.
The local dollar has fallen around 2 percent so far this month versus its U.S. counterpart and 3 percent against the euro, weighed by a surprise rate cut by the Reserve Bank of Australia (RBA) last week and the prospect of more easing.
The central bank cutits cash rate by 25 basis points to 3.25 percent and markets are picking it may ease again in November.
Interbank futures pricing shows a 64 pct chance of another quarter of a point cut next month with OIS markets showing nearly 100 basis points worth of easing over the next 12 months.
A recent fall in commodity prices, a slowing Chinese economy and a soft run of data at home have helped sap appetite in the local currency.
Earlier on Monday, Australian job ads in newspapers and on the internet fell 2.8 percent in September, a sixth straight monthly decline that points to some softening in labour demand, according to a private survey.
The official labour report is due on Thursday with forecasts unemployment will tick up to 5.3 pct, providing another reason for the Reserve Bank of Australia (RBA) to cut rates again.
"The attention will continue to focus on the RBA cutting rates... and it is quite possible the Aussie may test parity," said Gibbs.
The latest IMM positioning data showed speculators cut long Aussie bets and increased short positions, while traders cited macro funds sitting on large short bets.
NEW ZEALAND DOLLAR Like other risk-related currencies the New Zealand dollar
also felt the weight of sellers and an inability to hold its gains for any length of time.
It last fetched $0.8174, just above its session low and within sight of the one-month low of $0.8155 seen on Friday.
Analysts said the outlook for the kiwi was negative.
"Support tests for the NZ dollar this week are unlikely to be avoided as topside selling pressures mount," ANZ strategists said in a market note.
"Expect investigations of key levels, perhaps as deep as the 200-day moving average (of) $0.8062, throughout the week as market caution increases around Australasian currencies."
Near term support for the kiwi is initially Friday's low around $0.8150 and then $0.8137, the 50 percent retracement of the September rally. The topside is seen contained at Friday's intraday low around $0.8233.
A modest lift in house prices in September, largely because of tight supply in many regions, helped offset losses.
However, the Reserve Bank of New Zealand was seen having bigger concerns than the housing market.
"The RBNZ is likely to remain focused on offshore developments, particularly the ongoing Eurozone debt crisis and the recent signs of slowing momentum in China and Australia," said ASB Bank senior economist Jane Turner, who is sticking with June next year for the bank's next move.
The highlight of the week for data is due on Tuesday with confidence data from the closely followed New Zealand Institute of Economic Research's third quarter confidence survey, with expectations it should bounce back into positive territory.
New Zealand government bonds closed with an offered tone, sending yields as much as 2.5 basis points higher.
Australian government bond futures were mixed, having touched two-month highs last week. The three-year contract
added 0.01 point to 97.630, while the 10-year contract
eased 0.03 points to 97.030.
((Australia/New Zealand bureaux)(+61 2 9373 1800/+64 4 802 7980))
Keywords: MARKETS AUSTRALIA NEWZEALAND/FOREX