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* U.S. CPI leaps to near 13-year high of 5% y/y
* Seen as transitory due to one-off pressures; dollar slips
* "The market believes the Fed" - analyst
* Graphic: World FX rates tmsnrt.rs/2RBWI5E
By Tom Westbrook
SINGAPORE, June 11 (Reuters) - After a week of anxious
waiting, markets got the high U.S. inflation number they
dreaded, then shrugged it off and moved on - leaving the U.S.
dollar under pressure and most majors stuck in ranges.
Early in the Asia session the greenback nursed small losses,
as traders figured there were enough one-offs in last month"s
0.6% rise in consumer prices to support the Federal Reserve"s
insistence that inflation was likely to be transitory.
The dollar bought 109.44 yen and was headed for a
small weekly loss. It was also on track for modest weekly losses
on the Aussie dollar and British pound, last trading at $0.7752
per Aussie and $1.41825 per pound.
A dovish commitment from the European Central Bank to stick
with its elevated tempo of bond buying held the euro
in check at $1.2189.
"What we"re seeing is a market that believes in the Fed,"
said Chris Weston, head of research at broker Pepperstone in
Melbourne, as investors temper worries that the strong recovery
in the United States prompts early rate hikes.
"We"re going to get tapering," he said. "But it"s going to
get done a such a snail"s pace."
The data overnight showed U.S. consumer prices up 5%
year-on-year, the sharpest rise in more than a dozen years and
core inflation surging 0.7% in a month.
But hefty contributions from short-term rises in airline
ticket prices and used cars helped convince traders it was not
going to drive interest rates higher any time soon.
"It basically fit the Fed script, that we"d get a burst but
it"s going to be temporary," said Westpac currency analyst Imre
Speizer.
"This report is consistent with that, it doesn"t argue
against it. I think the market needed something that argued
against it to push the U.S. dollar higher."
The U.S. dollar index fell slightly after the
inflation figures were published and last sat at 89.974, down
very slightly for the week.
Benchmark 10-year U.S. Treasuries actually rallied to a
three-month high in the wake of CPI, as short sellers quit bets
on rising yields.
The 10-year yield was last at 1.4434% after dipping to a
three-month low of 1.4320% earlier Friday. It was as high as
1.6350% a week earlier.
Focus now turns to the Fed"s meeting next week, although
traders now say that there may not be much of a shift in
rhetoric which has played down the need to taper stimulus.
A plan for reducing bond buying is expected to be announced
in August or September a Reuters poll of economists found, but
it isn"t forecast to begin until next year.
The South Korean won firmed 0.2% to 1,110.08 per
dollar after the central bank governor hinted at normalising
policy, in an advance copy of a speech to be delivered later on
Friday.
Indonesia"s rupiah gained about 0.4% to 14,187 per dollar as
lower U.S. Treasury yields boosted the attraction of Indonesian
bonds.
Cryptocurrencies looked to close out the week on a stronger
footing, with bitcoin seemingly well supported above
$35,000 despite more talk of global regulatory scrutiny.
The digital token last traded at $37,163.52 and on track for
a 3.5% weekly advance.
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Currency bid prices at 551 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.2188 $1.2176 +0.10% -0.25% +1.2192 +1.2171
Dollar/Yen 109.4200 109.3150 +0.10% +5.94% +109.4450 +109.3900
Euro/Yen
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