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* Markets anticipate Fed to keep rates unchanged * Russian rouble down 0.7% against the dollar * Chinese yuan flat after Tuesday sell-off By Rishav Chatterjee June 14 (Reuters) - The South Korean won and the Philippine peso led losses in Asian currencies on Wednesday, while equities were largely mixed, as caution set in ahead of a U.S. Federal Reserve policy decision due later in the day. The much-watched U.S. inflation report showed prices barely rose in May, bolstering chances of the Fed keeping its interest rates unchanged. Markets now see an around 92% chance of a pause in June, according to the CME FedWatch tool. "The Fed is nearing the peak of its tightening cycle, not on the cusp of an alarmed and sharp reversal of policy tightening," Vishnu Varathan, economics and strategy head at Mizuho Bank, said in a note. The U.S. dollar index, which measures the greenback against a basket of currencies, was flat to low, after falling to a more than three-week low overnight. "The main factor driving Asian currencies is the movement in the U.S. dollar after the CPI data turned out to follow what the market expectation was," said Poon Panichpibool, a markets strategist at Krung Thai Bank. If the Fed revises its forecasts and says high inflation is persisting and it still expects two or three more hikes, trading in Asian currencies might get very volatile, Poon added. In emerging markets, the Turkish lira was 0.2% weaker against the dollar, lingering near a record low hit on Monday, amid growing anticipation of further rate hikes after the appointment of a new central bank governor. The Russian rouble extended losses to a sixth session to hit a 14-month low as the country sees a shrinking liquidity market with limited foreign currency supply. In Asia, the South Korean won lost 0.6%, touching a more than three-month low, while the Philippine peso dropped 0.2%. The Thai baht weakened 0.4% after the country's central bank said the policy rate was not yet at a "neutral level" and that it would focus more on medium-term economic data. The Indonesian rupiah also lost steam, falling 0.4%. A Reuters poll indicated that the country's trade surplus for May might shrink to $3.02 billion. China's yuan was trading flat after hitting a six-month low on Tuesday following a rate cut by the central bank. Equity markets in the region remained mixed, with stocks in Indonesia and South Korea falling 0.5% and 0.7%, respectively. Stocks in the Philippines fell 1.2%, while shares in Kuala Lumpur and Singapore gained 0.2% and 0.7%, respectively. Japan's Nikkei share average closed at its highest in more than 33 years, tracking an upbeat session on Wall Street, with Toyota Motor surging as investors scooped up index heavyweights amid a weaker yen. HIGHLIGHTS: ** Indonesia's 10-year bond yields dropped to the lowest since Dec 2021 ** Bank of Thailand to focus on data, future outlook - official ** China central bank seen cutting medium-term policy rate - Reuters Poll Asia stock indexes and currencies at 0649 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.05 -6.44 <.N2 1.47 28.39 25> China EC> India +0.08 +0.50 <.NS 0.12 3.50 EI> Indones -0.40 +4.36 <.JK -0.54 -2.45 ia SE> Malaysi -0.09 -4.72 <.KL 0.24 -7.46 a SE> Philipp -0.23 -0.51 <.PS -1.23 -2.12 ines I> S.Korea 11> Singapo -0.07 -0.22 <.ST 0.66 -1.26 re I> Taiwan +0.02 -0.01 <.TW 0.13 21.93 II> Thailan -0.38 -0.19 <.SE 0.00 -6.37 d TI> (Reporting by Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu)