EMERGING MARKETS-Asian FX falter as markets wary ahead of US inflation data

* Philippine peso slips 0.6%, Indonesian rupiah dips 0.2% * Philippine, Taiwan stocks jump 1.1% and 0.8% respectively * BSP expected to hold rates on Thursday * US April CPI data due on Wednesday By Poonam Behura May 13 (Reuters) - Most Asian currencies lost ground against the dollar on Monday, as traders awaited U.S. inflation data to gauge the Federal Reserve's policy path for the rest of this year, especially on the prospects of rate cuts amid shifting market expectations. The Philippine peso slipped 0.4%, having retreated 4% so far this year. The Indonesian rupiah fell 0.2% to its lowest level in almost two weeks, but was hovering above the psychologically important 16,000-per-dollar level. The Bangko Sentral ng Pilipinas is slated to hold its monetary policy meeting on Thursday and is expected to keep rates steady at 6.5%. "The BSP had previously given comments of support for the PHP and we believe that the USDPHP can meet some limit near term around the 58.00 mark," Alan Lau Sie Ping, a senior FX Strategist at Maybank said. The Taiwanese dollar and Malaysian ringgit were down just over 1% each, with other regional currencies remaining subdued as the greenback consolidated against peers ahead of the U.S. consumer inflation data for April, due on Wednesday. The dollar index was last steady at 105.312. A low U.S. inflation figure could boost wagers the Federal Reserve will cut rates as soon as July, while a stronger outcome could push the prospect of an easing past September. Analysts at SMBC don't expect the dollar to strengthen too much against Asian currencies in the short term regardless of whether U.S. inflation data beats expectations or not due to continuous intervention by Asian central banks. In stock markets, the benchmark indexes in Philippines and Taiwan jumped 1.1% and 0.8%, respectively. Indian and South Korean stocks saw outflows, pushing down their markets by 0.5% and 0.4%, respectively. Chinese markets were choppy as investors pondered mixed economic data while trade tensions with the United States hurt sentiment. Shanghai stocks fell 0.1%, after reports stated that the U.S. was poised to announce tariffs on Chinese electric vehicle and other strategic sectors. Data over the weekend showed China's consumer prices rose for a third consecutive month, helping to soothe worries about a slide into prolonged deflation. But credit data came in soft for last month, with new bank lending falling more than expected. Market participants are keeping a watch for India's inflation data expected later in the day. Other key events to watch for this week are China's industrial production data and central bank policy decision and Indonesia's trade data. HIGHLIGHTS ** BOJ cuts JGB purchase amount in hawkish signal to market ** New Biden tariffs on China's EVs, solar, medical supplies due Tuesday - sources ** Citi upgrades India to "overweight" citing stable earnings, economic growth Asia stock indexes and currencies at 0408 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan -0.02 -9.43 <.N22 -0.37 14.42 5> China -0.10 -1.88 <.SSE -0.08 5.95 C> India -0.01 -0.36 <.NSE -0.51 0.97 I> Indonesia -0.22 -4.23 <.JKS -0.06 -2.58 E> Malaysia -0.15 -3.25 <.KLS 0.14 10.19 E> Philippines -0.55 -4.12 <.PSI 1.11 2.08 > S.Korea -0.07 -5.92 <.KS1 -0.36 2.35 1> Singapore +0.01 -2.58 <.STI 0.14 1.70 > Taiwan -0.10 -5.27 <.TWI 0.84 16.47 I> Thailand -0.10 -7.12 <.SET 0.09 -3.02 I> (Reporting by Poonam Behura in Bengaluru Editing by Shri Navaratnam)