BUZZ-COMMENT-Far more inflation to influence currencies in future

Jan 13 (Reuters) - There is far more inflation in the pipeline to influence currencies in the future with crude oil rising $10/bbl in the past month, and natural gas doubling since August.

These big increases favour the dollar, which is the currency of one of the largest producers, while undermining the currencies of big importers like euro, yen, yuan and Indian rupee.

Importantly, these are among the most high profile and highly traded currencies holding significant sway over other FX markets.

Although some of the dollar's surge in value since September could be attributed to the leap in energy prices, little can be attributed to oil which has boomed in the last few weeks.

The chance that central banks will cut interest rates is much diminished and without that support, the already struggling economies of China and the eurozone may weaken further, spurring risk aversion that fuels more demand for the dollar - the global reserve currency.

The yuan is on the cusp of a record low versus the dollar, India's currency has never been weaker, and the euro is within touching distance of parity. Few traders are likely well prepared for moves further into uncharted territory, or a drop below parity that could lead to a disorderly movement that intensifies risk aversion.

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(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)

((jeremy.boulton@thomsonreuters.com))