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* The dollar bounced off two-week lows on Friday as investors awaited inflation data and the Federal Reserve's interest rate decision next week for any new clues on how high the U.S. central bank is likely to hike rates. The Fed is expected to hold rates steady at its June 13-14 meeting, but is likely to remain hawkish and indicate a probable hike in July as inflation stays above its 2% target.

* The end of the dominance of the U.S. dollar is nigh as the Chinese yuan rises and the rest of the world sees the peril of the West's failed attempt to bring Russia to its knees over Ukraine, one of Moscow's most powerful bankers told Reuters. Andrei Kostin, the CEO of state-controlled VTB, Russia's second largest bank, said the crisis was ushering in sweeping changes to the world economy, undermining globalisation just as China was taking on the mantle of a top global economic power

* The U.S. dollar edged higher in early European trade Friday, rebounding after the previous session’s sharp losses as traders sought out a safe haven after weak Chinese inflation data. At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.358, having lost more than 0.7% in the previous session, its largest daily decline in weeks.

* Most Asian currencies retreated on Friday as weak Chinese inflation data pushed up concerns over slowing growth in Asia’s largest economy, while the dollar steadied after steep overnight losses as a Federal Reserve meeting loomed. The Chinese yuan fell 0.1% and hovered around six-month lows after data showed that Chinese consumer inflation shrank in May from the prior month, while producer inflation fell at its sharpest pace in seven years - the tail end of the yuan devaluation shock.

Data inference

* No Major Event.

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