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TOKYO, July 27 (Reuters) The dollar licked wounds on Thursday after falling sharply the previous session on a Federal Reserve survey that suggested the US economy may be slowing and interest rates could soon peak.

The Japanese currency was listless, hitting a record low against the euro in early Asian trade as the yen suffers from the still large yield gap between it and other major currencies.

By 2355 GMT the dollar was at 116.35 yen, up slightly from late US levels on Wednesday, when it fell 0.8 percent.

The euro was little changed at $1.2715, keeping the previous day's 1 percent gain.

The European currency briefly rose as high as 148.07 yen on electronic trading platform EBS before slipping back to around 147.95 yen. Some speculators likely tried for knock-out option triggers around 148 yen, traders said.

The Fed's beige book said U.S. economic activity grew overall between June and mid-July, but that there were many local reports of slowing.

That supported forecasts that the Fed may pause its interest rate tightening campaign at the next policy meeting on Aug. 8.

Futures markets pared back expectations of the central bank raising rates for an 18th straight time next month to a 46 percent chance from 54 percent just before the beige book landed.

''Given that talk of a U.S. slowdown is resurfacing, the dollar could fall further if upcoming U.S. data turn out weak,'' said Takehiko Jimbo, manager of forex trading at Mitsubishi Trust and Banking.

Figures on U.S. durable goods orders and new home sales are due on Thursday while second-quarter gross domestic product is slated for Friday.

REUTERS SK VC0610