* Dollar rises, pressuring stock futures
* Intel rises after stock raised to "buy"
* Futures dip: S&P 3.4 pts, Dow 33 pts, Nasdaq 6 pts
NEW YORK, Nov 8 (Reuters) - U.S. stock index futures fell on Monday as a rise in the U.S. dollar weighed on commodity prices and looked set to put pressure natural resource stocks.
* The dollar has traded in a strong inverse relationship to U.S. equities recently. An unwinding of dollar short positions that began after solid U.S. jobs data on Friday gathered pace on Monday, while concerns over euro zone debt hurt the euro.
* Metals prices slipped as the dollar rose, while oil prices fell toward $86 a barrel, easing back from two-year highs earlier in the session. Gold slipped for the first time in three sessions but remained near record highs.
* "The dollar weakness, which has been one of the driving forces in the recent rally, is rebounding, causing a rethink in the dollar trade," said Andre Bakhos, director of market analytics at Lek Securities in New York.
* "That coupled with calls by many for profit-taking has caused an early morning retreat."
* S&P 500 futures fell 3.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 33 points, and Nasdaq 100 futures lost 6 points.
* U.S. stocks rose for the fifth straight week last week and have passed levels not seen since before the bankruptcy of Lehman Brothers, helped by Republican gains in the U.S. midterm elections and on news of more cheap money from the U.S. Federal Reserve.
* Shares of Intel Corp rose nearly 1 percent to $21.43 before the bell after UBS raised the stock's rating to "buy" from "neutral." UBS estimates the global semiconductor industry will see another couple of quarters of inventory adjustments.
* Saudi Arabian Airlines ordered 12 Boeing Co 777-300 "Extended Range" planes for $3.3 billion, in addition to eight 787 Dreamliners, Boeing said Sunday.
* Japan's Nikkei average rose 1.1 percent to a three-month closing high on Monday, adding to gains last week as investors shifted toward global equities on improving prospects for the U.S. economy. European stocks were down slightly in early trade, with telecommunications shares such as Vodafone Plc among the biggest drags.
* Frontier Communications Corp, Priceline.com Inc, Progressive Corp and Sysco Corp are due to report quarterly results on Monday , while economic indicators on tap for Monday include the October employment trend number.