TOKYO, Jan 10 The dollar rose to six-week highs against the euro on Wednesday as investor

TOKYO, Jan 10 (Reuters) The dollar rose to six-week highs against the euro on Wednesday as investors continued to buy back the currency on receding expectations that the Federal Reserve will lower interest rates in coming months.

The dollar resumed its climb against major currencies, particularly the euro, after last week's robust jobs data and other recent economic data strengthened views that the Fed was unlikely to cut rates any time soon.

A sharp drop in oil prices, which could help bolster U.S.

consumer spending, and selling in emerging equities markets triggered by a Venezuelan plan to nationalise the country's largest telecommunications firm and other major utilities also lent support to the dollar, traders said.

''Investors see that recent strong data has removed justifications for a rate cut and the dollar continues to be supported by investors buying back the currency which had been oversold on rate-cut speculation,'' said Yuichiro Harada, a senior trader at Mizuho Corporate Bank.

The euro fell to a low around $1.2960 its lowest level since Nov. 24, and was trading around $1.2970 as of 0030 GMT.

Traders said the euro's slide was likely to be limited for now, with the European Central Bank's policy meeting set for Thursday and traders expecting a rate hike next month.

The dollar's gain was stalled against the yen, with the pair trading around 119.35 compared with 119.40 yen in late U.S.

trade.

A recent unwinding of yen carry trades, in which investors borrow the low-yielding yen to buy higher-yielding currencies such as the New Zealand dollar, appears to have run its course for now.

But with the BOJ expected to raise interest rates as early as at its policy meeting next week, and volatility in emerging markets possibly hurting investments in high-yielding currencies, investors could resume the unwinding of the yen carry trades, Harada said.

''If the rise in such currencies against the yen is slow, that could cap the dollar's upside against the Japanese currency,'' he said.

The euro was down at 154.70 yen from 155.22 yen in late U.S.

trade.

Reuters DKS VP0630