* Commodity prices rise as U.S. dollar weakens
* Consumer confidence, CPI data on tap
* Futures: Dow up 16 pts, S&P up 2 pts, Nasdaq flat
* For up-to-the-minute market news see [STXNEWS/US] (Updates prices, adds comment, byline)
By Rodrigo Campos
NEW YORK, May 13 (Reuters) - U.S. stock index futures edged up on Friday ahead of key inflation and consumer confidence data that will give investors a chance to reassess recent volatility of the commodities market.
Declines in commodities, including crude oil and silver, have hurt risk appetite and prompted traders to brace for further unwinding of dollar-funded bets on risk assets.
The euro rose against the U.S. dollar, giving support to commodity prices on Friday, after strong growth data in France and Germany bolstered speculation that a healthy euro zone economy would keep interest rates there higher than in the United States.
Three-month copper
Silver bounced back about 2 percent after two days of
declines. The iShares Silver Trust
"There's probably some value to be had in equities given the selling that's been going on in the past weeks," said John Brady, senior vice president at MF Global in Chicago.
"The bloodletting in commodities has ceased, so there may be some stabilization trade or maybe bargain hunters out there."
The S&P 500 fell 1.7 percent last week and has risen 0.6 percent since Friday's close.
S&P 500 futures
The Labor Department releases its April Consumer Price Index at 8:30 a.m. (1230 GMT). Economists in a Reuters survey expect a 0.4 percent rise compared with a 0.5 percent increase in March.
The Thomson Reuters/University of Michigan preliminary consumer sentiment index for May is due at 9:55 a.m. (1355 GMT). Economists in a Reuters survey expect a reading of 70.0 compared with 69.8 in the final April report.
"The recent sell-off in commodities may give the consumer the sense food and energy prices may not be heading significantly higher from here," said MF Global's Brady.
He said the killing of Osama bin Laden and the higher prices at the pump would affect consumer confidence.
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Yahoo Inc
Defensive shares led a rebound in U.S. stocks on Thursday as investors weighed mixed economic signals and volatility in commodity prices. (Reporting by Rodrigo Campos; Editing by Padraic Cassidy)