GLOBAL MARKETS-US dollar rebounds, oil and commodity prices sag

* US dollar rebounds, euro hit by weak economic data

* Oil slips below $72 a barrel as dollar rises

* U.S. debt rallies after $65 bln in bonds sold this week

* Global stocks steady after week's rally (Updates with U.S. markets activity; changes dateline, previous LONDON)

By Herbert Lash

NEW YORK, June 12 (Reuters) - The U.S. dollar recovered some of Thursday's losses on Friday, pressuring oil and other commodity prices, while government bond yields eased.

U.S. and euro zone government debt rose in a relief rally after investors this week bought $65 billion of U.S. Treasury debt with relative ease this week, while weak eurozone economic data on Friday supported European debt prices.

Chinese industrial output data reported on Friday was encouraging for global economic prospects, but eurozone output data reminded investors that the recovery still has hurdles to overcome.

Investors had bet on an end to recession for most the week, spurring stock and commodity prices, before some profit taking on Friday.