* Euro in sight of Jan. 23 low, focus on $1.29 option barrier
* News of JPMorgan trading loss dents risky assets
* Aussie sags after China industrial output disappoints
* Dollar index hits two-month high as safety sought
By Nia Williams
LONDON, May 11 (Reuters) - The euro hovered near a 3-1/2-month low on Friday as Greek political parties made efforts to form a coalition government, and looked fragile as risk sentiment struggled on weak Chinese data and JPMorgan's shock trading losses.
The common currency was steady at $1.2936 after earlier hitting a trough of $1.2905, its lowest level since Jan. 23. Investors were heavily focused on Greece, where inconclusive election results on Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
The euro climbed to a session high of $1.2956 as Greek conservative leader Antonis Samaras said there were still hopes a government could be formed, but came further pressure when the leader of the moderate Democratic Left said the country was heading for a repeat poll.
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