* Dollar steadies after previous day's slide
* Euro, high-risk FX struggle, stock rally fizzles
* Market waits to see if post-GDP risk appetite holds
(Adds comment, details, updates throughout)
By Naomi Tajitsu
LONDON, Oct 30 (Reuters) - The dollar steadied on Friday, consolidating after broad selling on the back of data showing strong U.S. growth, while currencies seen as being higher-risk struggled to make headway as stocks posted limited gains.
The U.S. currency slipped against the yen, stung by month-end selling by Japanese firms.
The euro held above a 2-1/2-week low against the dollar after it rose on Thursday, when data showing the U.S. economy grew for the first time in more than a year had raised optimism about the global economic recovery and stoked risk appetite.
Asian shares rose on Friday, boosted by the U.S. GDP data, but European shares failed to add significantly to its rally from the previous day, suggesting that some of the initial euphoria from the U.S. figures may have fizzled.
U.S. stock futures fell 0.3 percent, indicating that U.S. share market would open lower.
"The market is waiting to see if the rise in risk appetite is durable," said Jeremy Stretch, strategist at Rabobank in London.
"The recovery is continuing, but there are enough question marks to keep the market worried," he said, adding that a comatose job market and the wind down of the "cash for clunkers" scheme raised questions about whether U.S. growth will continue.
A reading of U.S. manufacturing activity later is due in the day, as well as a final reading of consumer sentiment to better gauge whether the economy is emerging from recession.
By 1014 GMT, the euro was little changed on the day at $1.4845, pulling back from the day's low of $1.4806 hit in early Europe trade. The euro managed to tread above $1.4681 hit the previous day before the U.S. GDP data.
The single European currency offered little initial reaction to data showing euro zone consumer prices eased in October for the fifth straight month, as expected, while September unemployment hit a near 11-year high.
The euro is on track to end a volatile trading week down more than 1 percent, as a sell-off in global stock markets earlier in the week had put the single currency under downward pressure. It is poised to end the month 1.4 percent higher.
YEN RISES
Higher-risk currencies including the Australian and New Zealand dollars slipped slightly versus the dollar, but analysts said losses may be limited, particularly if more signs of U.S. recovery emerge.
"Higher-risk currencies are down slightly today, but yesterday's very positive GDP number has given support to the risk trade, and that should carry over today and into next week," said Sverre Holbek, currency strategist at Danske in Copenhagen.
The dollar fell half a percent to 90.92 yen.
Market participants waited to see if yen selling would materialise from Japanese investment trusts given that a new launch drew 189.6 billion yen ($2.1 billion) from Japanese retail investors on Friday, the year's biggest first-day launch for a single series of Japanese toushin mutual funds.
The yen offered little reaction to news on Friday that the Bank of Japan had began withdrawing some of its special credit measures from financial markets, ending buying of commercial paper and corporate bonds in December but then also extending a key loan scheme.
It also forecast three years of deflation, effectively pledging to keep interest rates near zero at least until 2011. (Editing by Chris Pizzey)