* Lower U.S. Q3 GDP lifts yen vs dollar
* Firmer Ifo helps euro reverse earlier losses
* U.S. consumer confidence higher than expected
* Focus on FOMC minutes, clues on exit strategy (Updates prices, adds comment, FOMC minutes outlook)
By Gertrude Chavez-Dreyfuss
NEW YORK, Nov 24 (Reuters) - The yen rose to six-week highs against the dollar on Tuesday, while the greenback firmed versus the euro after economic growth and consumer confidence data suggested a U.S. recovery could be slower and less robust than previously thought.
The reports rekindled the safe-haven allure of both the dollar and yen, reducing investor appetite for riskier assets like stocks and commodities, including higher-yielding currencies such as the Australian and New Zealand dollars.
GDP data from the U.S. Commerce Department on Tuesday indicated that the U.S. economy in the third quarter grew at a slower pace than the government's initial estimate, while the Conference Board's private consumer confidence report still pointed to weak labor market sentiment.
"The (consumer confidence) breakdown is less encouraging with the main components that broadly track PCE (in coincident fashion) generally weak," said Alan Ruskin, chief currency strategist at RBS Global Banking and Markets in Stamford, Connecticut.
"That includes the present situation numbers, and the labor market indicators that show jobs hard to get remaining at extraordinary high levels...This has...triggered profit-taking on short dollar exposure."
The dollar fell to session lows against the yen at 88.36, the lowest in about six weeks, according to Reuters data. By midday, the dollar was last at 88.54, down 0.5 percent on the day.
The euro, meanwhile, slipped 0.2 percent to $1.4934, in choppy trading. Earlier it had gained versus the greenback as firmer-than-expected German sentiment survey offset concerns about the country's banking sector.
The euro, which has become one of the proxies for risk appetite, also had slipped earlier after data showed the U.S. economy grew 2.8 percent, lower than the government's first estimate of a 3.5 percent growth rate a month ago.
"This (GDP) number is slightly negative for risk appetite because of the downgrade in the personal consumption number. But overall, this is an old number and it should have limited impact going forward," said Jacob Oubina, senior currency strategist at Forex.com in Bedminster, New Jersey.
In line with the market's diminished market appetite, the Australian dollar fell 0.9 percent to US$0.9156, while the New Zealand dollar slid 1.4 percent to US$0.7229.
Later in the session, the Federal Reserve will release minutes of its Nov. 3-4 meeting and markets will look for any hints on when and how the Fed will withdraw extraordinary economic support measures. The minutes also include economic projections.
"While the dovish spin in the actual FOMC (Federal Open Market Committee) statement suggests a similar tone will be evident in the minutes, the market will be especially attentive to any discussion on plans for MBS purchases, particularly if there are musings about extending the program," said HSBC in a research note.
"If so, that will be bullish for liquidity and the risk trade and bearish for the dollar." (Editing by Theodore d'Afflisio) ((gertrude.chavez@thomsonreuters.com; +1 646 223 6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com))