FOREX-Dollar falls versus euro on rate outlook

NEW YORK, May 12 (Reuters) - The dollar fell against the euro and pared gains versus the yen on Monday amid renewed concerns the Federal Reserve could still have to cut interest rates to boost growth.

The euro rose 0.1 percent on the day at $1.5493 <EUR=> having earlier dipped below the $1.54 mark. The dollar was last up 0.6 percent at 103.44 yen, easing from a session high of 104.04 yen.

"The perception that the Federal Reserve is on a pause and that other central banks will start to ease, which has sort of helped to boost U.S. dollar sentiment of late, is really being challenged," David Watt, senior currency strategist at RBC Capital Markets in Toronto.

Federal Reserve Bank of Chicago President Charles Evans also said on Monday that the U.S. consumer was "under a lot of stress", adding that the economy still faced downside risks. (Reporting by Lucia Mutikani; Editing by Theodore d'Afflisio)