SYDNEY, March 12 (Reuters) - The Australian and New Zealand dollars were subdued on Tuesday ahead of a key U.S. inflation report that has the potential to bring forward or delay the start of global rate cuts, while bonds were vulnerable after recent gains.

The Aussie was flat at $0.6615, having slipped 0.2% overnight to as low as $0.6597. It has failed to stand above $0.6625, which was the top multiple times in late January, and has support at the 200-day moving average of $0.6562.

The kiwi dollar was holding at $0.6173 after easing 0.1% overnight to a low of $0.6161. Resistance is around $0.6217, while support is around $0.6150.

For now, traders are squarely focused on the U.S. consumer inflation data for February due later in the day, which is all the more important after the January reading showed a blip in inflation, triggering a pare back of interest rate cut expectations.

Core inflation is seen rising 0.3% in February, which would nudge the annual pace down to the lowest since early 2021 at 3.7%. An in-line result would see the Federal Reserve still on track to start cutting rates in June.

Alan Ruskin, chief international strategist at Deutsche Bank, said a higher reading such as a 0.4% rise in the core measure - just as in January - would give the Fed real pause for caution.

"A 0.4% number would likely resuscitate a few thoughts that the Fed won't cut in '24 and may even hike this year, with notable USD-positive implications across the board."

The Australian dollar reacted little to another fall in iron ore prices to five-month lows and a local business survey that showed retail prices jumped, in a possible red flag for progress on slowing inflation.

Markets are still wagering the Reserve Bank of Australia is done tightening. Swaps are pricing in the first rate cut as soon as in August, but only a modest easing of just 50 basis points is expected this year.

Against the Japanese yen, the Antipodean currencies bounced off one-month lows hit a day earlier. The Aussie rose 0.3% to 97.46 yen, while the kiwi gained 0.4% to 90.95 yen.

Australian bonds were also on edge after recent gains. The three-year yield was flat at 3.604%, after falling 3 basis points overnight to the lowest since early February.

Ten-year yields held at 3.974%, having dropped 3 bps on Monday. ($1 = 7.1761 Chinese yuan renminbi) (Reporting by Stella Qiu; Editing by Jamie Freed)