* Dollar pulls up from multi-month lows vs euro, Aussie
* Yen also gains after hitting multi-month lows last week
* Market awaits news on General Motors
TOKYO, June 1 (Reuters) - The dollar and yen rose from multi-month lows set last week as investors pocketed profits made on steep gains in the euro and commodity-related currencies.
On Friday the dollar hit a five-month low against a basket of currencies and the euro topped $1.41 for the first time this year as hopes for a global recovery got a boost from data showing the U.S. economy shrank less than expected in the first quarter.
The market is awaiting an expected bankruptcy protection filing by General Motors Corp later on Monday that is set to be the largest ever U.S. industrial bankruptcy.
Traders said this kept trade cautious, even though a GM bankruptcy has long been a possibility, with some profit-taking on higher-risk currencies such as the Australian and New Zealand dollars after both gained more than 2 percent on Friday.
"Traders are adjusting positions for now after having pushed them much higher, but buying of foreign currencies by Japanese investors will likely continue," said Tsutomu Soma, a senior manager in the foreign securities department at Okasan Securities.
The dollar was holding its own against the yen, steady on the day at 95.25 yen after dropping 1.8 percent on Friday and edging back towards May's two-month low of 93.85.
It edged up 0.2 percent against a basket of six major currencies after hitting a five-month low on Friday, and stood at $1.4111 per euro after hitting a five-month high of $1.4168 on Friday. (Editing by Michael Watson)