FOREX NEW YORK COMPANIES

* But traders wary before ECB policy meeting

* Aussie jumps as Q1 GDP well above forecasts

By Jessica Mortimer

LONDON, June 6 (Reuters) - The euro rose on Wednesday as investors cut hefty short positions, though concerns about Spain's troubled fiscal situation and the possibility of a rate cut by the European Central Bank could limit its rise.

The euro recouped losses suffered on Tuesday after a Spanish minister warned the country was losing access to credit markets, helped in part as unexpectedly strong Australian growth data lifted the Australian dollar and other riskier assets.

G7 finance ministers took no immediate steps to soothe fears over Europe's debt problems on Tuesday but did discuss policy responses, including "progress towards financial and fiscal union in Europe," the U.S. Treasury said.

Analysts said any move towards closer financial integration would boost the euro, but progress is likely to be very slow, leaving many traders looking to sell the euro on rallies.

However, the dollar also remained under pressure after weak U.S. jobs figures last week sparked talk that the Federal Reserve could resort to a fresh bout of quantitative easing.

"Euro/dollar is likely to squeeze higher but people will come in and sell rallies ... A one cent rally on the day would be a good opportunity to fade it," said Paul Robson, currency strategist at RBS.

Most in the market expect the ECB to keep interest rates at 1.0 percent, but there is a risk policymakers will opt to cut rates to boost the euro zone's fragile economy. A rate cut would probably weigh on the euro.

The euro was up 0.6 percent against the dollar at $1.2527, pulling away from a two-year low of $1.2288 plumbed last Friday. But traders said any gains in the currency were likely to run into offers up to $1.2540.

With recent data showing speculators holding record short euro and substantial long dollar positions, analysts saw room for the euro to gain as they trim their bearish euro trades.

But the euro could stall ahead of chart resistance at $1.2545, the 76.4 percent Fibonacci retracement of its decline last week, after it failed to breach that level on Tuesday.

SPAIN WORRIES

Concerns are growing that Spain could resort to requesting international aid to help restore health to its ailing banking sector. There is also a risk that Greek elections later this month could lead to Greece leaving the euro.

On Tuesday Spain's treasury minister Cristobal Montoro said the country was losing access to funding markets.

Sentiment was not helped as Moody's Investors Service cut the credit ratings of several German banks on Wednesday, citing the risk of further shocks from the debt crisis.

"Bleak as the euro area outlook is, it could easily get worse after the Greek election on 17 June and there may be an argument for the ECB keeping its powder dry," said James Nixon, chief European economist at Societe Generale.

"We believe the ECB is increasingly concerned by the moral hazard actions. Each time it intervenes it merely eases the pressure on Europe's political leaders."

Against the yen, the euro rose more than 1 percent to 99.14 yen, away from Friday's 11-year low of 95.59 yen.

The higher-yielding Australian dollar, which suffered a drop of over 6 percent against the U.S. dollar last month, jumped 1.3 percent to $0.9866 after data showed Australia grew well above expectations in the first quarter.

This took it well above Friday's 8-month trough of $0.9581.

The U.S. dollar rose by 0.5 percent against the safe-haven yen to 79.15 yen, helped after Japan warned it was ready to step in to curb the yen's appreciation.

By Chris Taylor

NEW YORK, June 6 (Reuters) - With a wedding coming up, you'd think Jay Buerck would be obsessing about the usual details: Writing vows, choosing appetizers, or figuring out seating charts to accommodate challenging relatives.

But what worries the 29-year-old St. Louis marketing professional isn't any of those things: It's money.

Not that he and his bride-to-be Liz Downey won't have enough; they earn comfortable salaries. What really freaks him out is the inherent challenge of joining two people's finances.

"Money is the reason why many people get divorced," says Buerck. "I have a buddy who got married and didn't tell his wife about the extent of his debt, and they had a rough go of it when he came clean. That's something I want to try and avoid."

The couple has already taken steps to prepare their finances. That's a smart strategy, according to financial experts, especially now that U.S. couples are waiting longer to marry, and many people have thousands of dollars in student loans and credit card debt by the time they take their vows.

Money causes more arguments than other typical flashpoints, according to a recent survey by the American Institute of Certified Public Accountants and Harris Interactive.

A full 27 percent of respondents said their spats started over money, more than problems with kids (16 percent) or chores (13 percent).

Couples who lock horns over finances at least once a week are 30 percent more likely to get divorced, according to a 2009 study by researchers at Utah State University,

"I probably spend 15 percent of my time with couples actually talking about money, and the other 85 percent talking about personal issues," says Chris Kimball, a certified financial planner in Lakewood, Washington, who also has a Masters of Divinity degree.

"It all ties into money. It's a very powerful thing that can do great things in people's lives, or can really mess them up."

Shockingly, nearly one-half of all people have lied to their significant other about money, according to an April poll by Self Magazine and Today.com. (For a graphic representation of our financial State of the Union, click (link.reuters.com/zyw58s)

And a survey conducted this spring by CreditCards.com revealed that 6 million Americans have hidden financial accounts from their spouses or live-in partners.

The deception isn't usually malicious. Often it's prompted by guilt and embarrassment about spending. Compounding the problem is that financial behavior is very deeply set, and can't be altered easily.

So where do couples go wrong, when it comes to money -- and how can they make it right?

HAVE THE MONEY TALK

Only 43 percent of couples talked about money before marriage, according to a May 2010 survey conducted for American Express.

But lack of disclosure about your financial issues -- maybe you're struggling with $100,000 in student debt, or maybe you filed for bankruptcy at some point -- isn't really any different from lying. Be up front about your financial situation, have the "money talk" long before the big day, and tackle any challenges as a couple.

"My significant other didn't tell me about the money problems we were having, and then one day we had no credit left and had lost pretty much everything," says Holli Rovenger, an author and speaker in Greenville, South Carolina. "If we'd worked together, maybe our finances wouldn't have spiraled out of control."

Minor money differences can be overcome as long as you have the basics covered: You have your daily needs met, you're bringing in more than you're paying out, and you're able to build a nest egg for the future. But once overspending and debt enter the picture, all bets are off.

"I was always a black-belt shopper, and hated to miss a sale," says Jenny Triplett, an entrepreneur in Powder Springs, Georgia, who's been married to husband Rufus Triplett for 22 years. "I'd have bags full of new clothes in the closet, and only bring them out one piece at a time. But eventually we came to a compromise, and I got my spending under control."

That's exactly the right template for resolving money disputes, planners advise. Even with differing money styles, if both partners take strides toward the middle and agree on broad outlines of a budget, it could prevent countless disputes.

HIDING FROM HELP

Money is such an emotional issue that it could be difficult for couples to untangle all the knots on their own. A trained third party can help you figure out the core issues, and mutually agree on a financial plan.

"I've had clients yelling at each other in the parking lot, who came into the conference room and then wouldn't say a word to each other for the first hour," says Kimball. "But eventually we were able to work through it. Talking to someone can help air these financial issues in a safe environment."

Check out the website of the Association for Financial Counseling and Planning Education (www.afcpe.org), which has a searchable database of trained financial counselors.

BEING ON SAME PAGE

It's helpful to have basic guidelines in place that will keep you on the same page. For instance, purchases under a certain dollar amount can be left to each spouse's discretion, while larger ones should to be cleared with your partner.

Some couples might be comfortable pooling all of their money, and others may not; neither is the "right" choice, but that should be decided explicitly.

"Understanding your partner's values on money is so very important," says Andi Wrenn, a financial counselor in Boston with a master's in marriage and family therapy. "Talk about how they learned money management, and what they plan to do in the future with the money they have and earn. Not often do people marry that are from exactly the same background."

That certainly applies to Jay Buerck and his bride-to-be. She's traditionally been more of a budgeter, and he's more laissez faire when it comes to counting pennies. But since they set up a joint account and moved in together, finances have "actually become less stressful," he says. "It's all about being open and honest." (Follow us @ReutersMoney or here; editing by Jilian Mincer, Linda Stern and Jeffrey Benkoe)