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EMERGING MARKETS-Asian FX in cautious mood with Fed meeting in sight

* Markets keenly await crucial Fed meeting * Philippine stocks up as much as 1.6%, hits week high * Singapore stocks hit 6-1/2-week high ahead of CPI data By Harish Sridharan July 25 (Reuters) - Asian currencies started the week in a cautious mood, with lingering concerns about a global economic slowdown ahead of a U.S. Federal Reserve meeting this week sapping risk sentiment. South Korea's won and Indonesia's rupiah edged up 0.3% and 0.2%, respectively, buoyed by a weaker dollar and relative yuan stability. Thailand's baht slipped 0.1% and the Singapore dollar was flat. Shares in Singapore rose as much as 0.9% to hit their highest since June 9, before key inflation data later in the day. The city-state's core consumer price index is expected to have jumped 4.2% in June, according to a Reuters estimate. The Fed's two-day meeting, that concludes on Wednesday, will be critical in determining the policy tightening path for regional central banks. Markets are priced for a 75-basis-point (bp) rate hike, with about a 9% chance of a 100 bp hike. Asian central banks have come under excessive pressure to normalise pandemic-era policy rates, stoked by heightened inflation and weakening local currencies. Widening rate differentials have also contributed to further capital outflows, thus exacerbating these concerns. "So long as the Fed maintains its aggressively hawkish path, financial turbulence in asset markets, especially for central banks that are deemed behind the curve, remains a risks," said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. Central banks in Indonesia and Thailand are among those in the region that have yet to begin their own hiking cycles. Bank of Thailand said on Friday they would gradually raise interest rates to curb higher inflation, while Bank Indonesia stood pat on rates at its meeting last week. On Monday, Philippine stocks dropped as much as 1.6% to hit its lowest in a week, after a conglomerate owned by a close associate of former President Rodrigo Duterte said it received a notice of declaration of default from lenders, sending shares in related companies sharply lower. Over the week, South Korea and Taiwan will both report their second quarter preliminary gross domestic product figures. Meanwhile, the Financial Times reported that China has issued stark private warnings to the Biden administration about a possible trip to Taiwan in August by U.S. House of Representatives Speaker Nancy Pelosi. Stocks were down 0.1%, while the Taiwan dollar traded largely unchanged. HIGHLIGHTS ** China Evergrande CEO, CFO step down after probe into property services unit ** China plans to set up real estate fund worth up to $44 billion - REDD ** Indonesia considering scrapping domestic sales rule for palm oil exports ** Thai PM survives 4th no-confidence vote, last big test before polls Asia stock indexes and currencies at 0350 GMT COUNTRY FX RIC FX FX YTD INDEX STOCK STOCKS DAILY % S YTD % % DAILY % Japan -0.11 -15.51 -0.75 -3.77 China -0.06 -5.94 -0.71 -10.80 India -0.01 -6.92 0.00 -3.66 Indonesia +0.17 -4.94 -0.25 4.38 Malaysia -0.09 -6.51 -0.03 -6.52 Philippines -0.20 -9.30 -1.39 -13.29 S.Korea +0.31 -9.18 0.52 -19.21 Singapore +0.01 -2.77 0.43 2.28 Taiwan +0.03 -7.42 -0.15 -18.07 Thailand -0.08 -9.09 0.17 -6.17 (Reporting by Harish Sridharan in Bengaluru; Editing by Jacqueline Wong)