* 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 NewZealand dollars traded with a heavy tone near multi-week lowson Monday and looked vulnerable amid persistent concerns aboutthe outlook for the global economy despite better-than-expectedU.S. jobs data last week.
The market was generally subdued with Japan and the UnitedStates shut for a holiday and China returning from a week-longbreak.
The Aussie was nursing hefty losses at $1.0165,having dipped as low as $1.0150, its weakest in nearly threemonths. 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 monthlows at A$1.2781 , not far from Fridays' four-monthpeak of A$1.2824.
"The Aussie has underperformed against a lot of currenciesof late and that does reflect a shift in fundamentals," saidGreg Gibbs, a strategist at Royal Bank of Scotland in Singapore.
The local dollar has fallen around 2 percent so far thismonth versus its U.S. counterpart and 3 percent against theeuro, weighed by a surprise rate cut by the Reserve Bank ofAustralia (RBA) last week and the prospect of more easing.
The central bank cutits cash rate by 25 basis points to 3.25percent and markets are picking it may ease again in November.
Interbank futures pricing shows a 64 pct chance ofanother quarter of a point cut next month with OIS marketsshowing nearly 100 basis points worth of easing over the next 12months.
A recent fall in commodity prices, a slowing Chinese economyand a soft run of data at home have helped sap appetite in thelocal currency.
Earlier on Monday, Australian job ads in newspapers and onthe internet fell 2.8 percent in September, a sixth straightmonthly decline that points to some softening in labour demand,according to a private survey.
The official labour report is due on Thursday with forecastsunemployment will tick up to 5.3 pct, providing another reasonfor the Reserve Bank of Australia (RBA) to cut rates again.
"The attention will continue to focus on the RBA cuttingrates... and it is quite possible the Aussie may test parity,"said Gibbs.
The latest IMM positioning data showed speculators cut longAussie bets and increased short positions, while traders citedmacro 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 tohold its gains for any length of time.
It last fetched $0.8174, just above its session low andwithin 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 tobe avoided as topside selling pressures mount," ANZ strategistssaid in a market note.
"Expect investigations of key levels, perhaps as deep as the200-day moving average (of) $0.8062, throughout the week asmarket caution increases around Australasian currencies."
Near term support for the kiwi is initially Friday's lowaround $0.8150 and then $0.8137, the 50 percent retracement ofthe September rally. The topside is seen contained at Friday'sintraday low around $0.8233.
A modest lift in house prices in September, largely becauseof tight supply in many regions, helped offsetlosses.
However, the Reserve Bank of New Zealand was seen havingbigger concerns than the housing market.
"The RBNZ is likely to remain focused on offshoredevelopments, particularly the ongoing Eurozone debt crisis andthe recent signs of slowing momentum in China and Australia,"said ASB Bank senior economist Jane Turner, who is sticking withJune next year for the bank's next move.
The highlight of the week for data is due on Tuesday withconfidence data from the closely followed New Zealand Instituteof Economic Research's third quarter confidence survey, withexpectations it should bounce back into positive territory.
New Zealand government bonds closed with anoffered tone, sending yields as much as 2.5 basis points higher.
Australian government bond futures were mixed, havingtouched 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 8027980))
Keywords: MARKETS AUSTRALIA NEWZEALAND/FOREX