EM ASIA FX-Asia FX weighed by global growth worries; baht gains ahead of poll results

* Thai baht strengthens to 1-month high against dlr

* U.S. recession risks to soon to judge

(Adds text, updates prices)

By Nikhil Nainan

March 25 (Reuters) - Worries over the health of the global

economy weighed on most Asian currencies on Monday, but the Thai

baht gained ahead of the results of the country's first election

since a 2014 coup.

The spread between 3-month U.S. Treasury bills

and 10-year note yields inverted on Friday for the

first time since 2007.

Historically, an inverted yield curve - where long-term

rates fall below short-term - has signalled an upcoming

recession.

The concerns manifested into sharp losses across equity

markets in Asia, but analysts were cautious.

"The market is probably still somewhat undecided on the

prospects for the global economy," said Julian Wee, Investment

Strategist at Credit Suisse based in Singapore.

"The curve inversion is nascent and might yet prove to be

brief, so we would not at this juncture base our projections too

heavily on that phenomenon."

Indonesia's rupiah and the Indian rupee fell

0.4 percent and 0.2 percent, respectively, with both countries

facing key general elections that start next month.

South Korea's won was the worst performer of the

day, 0.5 percent weaker against the dollar at 1,135.3.

Meanwhile, the Singapore dollar traded sideways for

much of the morning. Analysts are not expecting headline

inflation due later on Monday to result in policy changes by the

Monetary Authority of Singapore at its next meeting in April.

"Against a weaker global growth outlook, Asia's export-led

currencies – the South Korean won and the Singapore dollar –

should be trading on the soft side this week," DBS said in a

note.

While saying recession fears were warranted, DBS guarded

against the downside risks, citing the Fed's dovish pivot as a

sign that their priority will be to cushion the slowdown risks.

THAILAND'S LONG-AWAITED ELECTION

The Thai baht strengthened 0.3 percent to 31.58 per U.S.

dollar, its highest in nearly one month, after a peaceful

general election on Sunday. Partial results showed a pro-army

party was ahead of anti-junta parties hoping to make a

comeback.

Thailand has seen a large exodus of foreign investment in

the lead up to the election, which has seen the baht give up

some of its strong gains early this year. However, the unit

still remains the regions best performer so far in 2019, up over

3 percent.

A Thailand-based trader who did not wish to be identified

said there was an increase in capital inflows from offshore

players on Monday.

"With the election ending general drama-free and

violence-free, investors who had sat out on election concerns

are slowly returning to the market," analysts wrote in a Maybank

note.

However, Thai stocks dropped about 1 percent, with

analysts linking Monday's decline in global equities with the

benchmark's losses.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0451 GMT

Currency Latest bid Previous day Pct Move

Japan yen 109.950 109.91 -0.04

Sing dlr 1.352 1.3523 +0.04

Taiwan dlr 30.831 30.806 -0.08

Korean won 1135.300 1130.1 -0.46

Baht 31.580 31.68 +0.32

Peso 52.530 52.65 +0.23

Rupiah 14210.000 14160 -0.35

Rupee 69.078 68.95 -0.18

Ringgit 4.068 4.062 -0.15

Yuan 6.714 6.7180 +0.06

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 109.950 109.56 -0.35

Sing dlr 1.352 1.3627 +0.81

Taiwan dlr 30.831 30.733 -0.32

Korean won 1135.300 1115.70 -1.73

Baht 31.580 32.55 +3.07

Peso 52.530 52.47 -0.11

Rupiah 14210.000 14375 +1.16

Rupee 69.078 69.77 +1.00

Ringgit 4.068 4.1300 +1.52

Yuan 6.714 6.8730 +2.37

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Kim

Coghill)