* Euro falls vs dollar on Weber comment; Sterling jumps
* Weber says ECB to announce non-standard measures in May
* Markets await U.S. inflation, NY Fed survey at 1230 GMT
(Adds quotes, updates prices, changes byline)
By Jessica Mortimer
LONDON, April 15 (Reuters) - The euro fell against the dollar on Wednesday after European Central Bank Governing Council member Axel Weber said the central bank will announce a package of "non-standard measures" in May.
Speaking in Hamburg, Weber said the measures will be valid for the rest of this year and into next year, though he noted that there was "no prominent deflation risk" in the region.
The comments caused the single currency to turn lower in very choppy trade.
Analysts said trade was edgy, with the market lacking direction as it awaited U.S. inflation data at 1230 GMT, as well as key corporate earnings news from the likes of Citigroup and JP Morgan later in the week.
The inflation figures are expected to show the U.S. headline year-on-year CPI rate turning negative, falling to -0.1 percent from +0.2 percent in February.
"Trade has been pretty edgy. People are trying to find a signal but stock futures have been up and down and the market has not got back into the full swing of things after the Easter break," State Street currency strategist Lee Ferridge said.
He said a U.S. deflation story may make the headlines, but it is unlikely to provide clear direction, adding that investors will also look to the New York Fed manufacturing survey at 1230 GMT for any hints of the economy recovering.
At 1200 GMT, the euro fell 0.5 percent against the dollar to $1.3179 and was flat against the yen at 131.05 yen. A 0.2 percent fall in European equities also helped push the euro lower.
The dollar rose against the yen meanwhile, gaining 0.7 percent to 99.45 yen.
With few other drivers at the moment, analysts said currencies are likely to continue to track developments in equity markets.
"It only takes a slight improvement in stocks to increase risk preference and for currencies like sterling and the euro to do better," said Neil Jones, head of European hedge fund sales at Mizuho Corporate Bank in London.
STERLING SHINES
Sterling was the standout performer, jumping to a high of $1.5037 against the dollar as it surpassed the $1.50 mark for the first time in three months, while the euro also hit a six-week low of 88.12 pence.
By 1200 GMT, it had trimmed gains against the dollar to $1.4953, though the euro was down 1 percent at 88.16 pence.
The boost came after the UK's Royal Institution of Chartered surveyors overnight reported that its house price balance rose to -73.1 in March from -78.1 in February. See.
Though still indicating sizeable house price falls, the pace of decline was the slowest in a year, providing some hope that the UK housing market may be over the worst.
"The strong RICS survey overnight has boosted sterling. It is higher than it was 12 months ago and people are seeing tentative signs of green shoots in the UK housing markets," State Street's Ferridge said.
(Reporting by Jessica Mortimer; additional reporting by Naomi Tajitsu; Editing by Andy Bruce)